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Business News

Interswitch expands operations, acquires majority stake in eClat Healthcare 

Interswitch Group announced yesterday via LinkedIn that it had acquired majority stakeholding in eClat Healthcare Limited.

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Interswitch expands operations, acquires majority stake in eClat Healthcare 

Interswitch Group said it is on a mission to redefine the Nigerian healthcare system. This comes as the company claims that it has revolutionised the country’s financial services sector.

The company announced yesterday via LinkedIn that it had acquired majority stakeholding in eClat Healthcare Limited, a company that primarily provides resource tools to hospitals in Lagos State and elsewhere.

[READ MORE: Access Bank to acquire Kenyan bank seven months after merger with Diamond Bank]

Nairametrics understands that the deal, which was signed recently in Lagos, saw Interswitch acquiring a 60% stake in eClat Healthcare “through the purchase of shares from current shareholders and subscription to new shares issued by the company.”

Apparently, eClat Healthcare is a good fit for Interswitch’s expansion drive because both companies’ operational models are somewhat aligned. As a healthcare company, eClat focuses on using technology to accelerate healthcare provision, thereby ensuring efficiency whilst improving on patient’s outcomes.

In the meantime, Interswitch plans to leverage digital technology to transform Nigeria’s healthcare delivery system, just as it did in the financial services sector. The acquisition of eClat Healthcare will now position Interswitch as both payments solutions provider and a healthcare solutions provider.

“Now, we’ve got our sights set on more transformational sectors of society and economy, and our recent acquisition of majority shareholding in eClat Healthcare is a milestone that exemplifies our resolve to revolutionise the healthcare system in Nigeria, leveraging digital technology, just as we did in financial services.“

Commenting on this development, Interswitch Group’s Founder and Chief Executive Officer, Mitchel Elegbe, said the company is constantly innovating in order to deliver value across critical sectors of the Nigerian economy. This has informed the company’s acquisition of the e-health company, Elegbe said.

[READ ALSO: UPDATE: Seplat Petroleum acquires Eland Oil & Gas]

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A necessary move: Interswitch’s decision to expand its operation is necessary at this point, bearing in mind the fact that the Nigerian payments ecosystem is gradually becoming saturated with competitors. Note that the likes of Paystack and Flutterwave are currently playing in this field.

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Appointments

Standard Bank Group appoints Yinka Sanni as new Chief Executive of Africa Regions

Yinka Sanni has been appointed as Standard Bank Group’s Chief Executive of Africa Regions.

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Stanbic IBTC declares N10.4 billion interim dividend

The Standard Bank Group has announced the appointment of Yinka Sanni as the new Chief Executive of Africa Regions.

This announcement was made by the Group in a post shared via its official LinkedIn account. The bank revealed that Sanni will be replacing Sola David-Borha who is retiring after 31 years of distinguished service to the group.

His appointment will play an integral role in driving the growth of the Standard Bank Group in Africa further in the years ahead.

He is expected to build on the work of David-Borha, a renowned professional who played a key role in growing the Group’s Africa Regions portfolio in terms of capacity, market share and contribution to the group’s headline earnings.

What you should know

  • Yinka Sanni is a Fellow of the Chartered Institute of Stockbrokers of Nigeria.
  • He has served in key positions within the Stanbic Group, as the Chief Executive of Stanbic IBTC Holdings PLC, Chief Executive of Stanbic IBTC Bank PLC, Deputy Chief Executive of the Bank and Executive Director, Corporate & Investment Banking of the Bank.
  • He was also the pioneer Chief Executive, Stanbic IBTC Pension Managers Limited and the pioneer Chief Executive, Stanbic IBTC Asset Management Limited.

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Corporate Press Releases

P2P crypto marketplace, Bitzlato (BZ) partners with Lemonade Finance to ease money transfers across Africa

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

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Bitzlato (BZ), the latest P2P Crypto Exchange to enter the African market, has added Lemonade.Finance, a borderless payment platform for Africa, as a payment method to its platform.

Lemonade Finance provides 100% digital payment experience for Africans to seamlessly participate in the global economy from anywhere in the world without any hassle or regardless of where they are from.

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

Users in Nigeria will now be able to send Nigerian Naira (NGN) to MPESA at 0% transaction fee.

Speaking about this partnership, Ridwan Olarere, CEO, Lemonade Finance, said:

“We are excited to partner with such an innovative company like Bitzlato to connect more Africans through payment. Many Africans living on the continent face many difficulties when making payments as remittance companies charge high fees and are time-consuming. We are now providing our users with a cost-effective way of sending money to Ghana, Kenya, Uk and Europe.”

Commenting on the opportunities this provides to crypto traders on the BZ platform, Mike Lunov, CEO, BZ, said:

“This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrencies trading. The innovation exhibited by the Lemonade platform, and the brilliance of its team assures users of top-notch, secure and reliable transfers going forward.”

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According to BZ, during the first month, BZ will refund commissions in manual mode while using Lemonade Finance, but this will be automated at the end of this period.

Following this partnership, BZ is now looking to partner with merchants in the crypto space especially in Nigeria, Ghana, South Africa that have a steady flow of Nigerian Naira (NGN) to increase liquidity on the platform.

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Take advantage of the new Lemonade Finance payment method on BZ, which offers zero transactional fees for money transfers from Nigeria into Kenya. Sign up on BZ and start trading crypto easily today.

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