Barbadian companies Global Integrated Fintech Solutions (GIFTS) and iPay Anywhere have partnered with Nigerian digitial transformation company Telnet Nigeria Limited to expand their global reach.
The multimillion-dollar agreement was formalised during a recent international press conference and virtual signing ceremony.
GIFTS offers a range of services including core banking, card processing, mobile-commerce and cybersecurity, and iPay Anywhere is a mobile payment platform. In Nigeria, Telnet provides technology and enabled business solution to the Government, several small and medium-sized commercial banks, and major private sector entities across the West African nation.
“We believe that we have found the right partner…who also has the knowledge of the local market, understands the culture, and has served the Nigerian market for the last three decades with pride and distinction, and integrity”— Founder and executive chairman of Global Integrated Fintech Solutions and iPay Dave Sahadath
Founder and executive chairman of GIFTS and iPay Dave Sahadath explained that the decision to form a partnership with Telnet was influenced by its reputation of quality products and services to the marketplace.
“It was important to us to form a partnership with an organisation whose core values mirrored ours, and whose operating ethos did the same,” he explained.
“We believe that we have found the right partner…who also has the knowledge of the local market, understands the culture, and has served the Nigerian market for the last three decades with pride and distinction, and integrity,” Sahadath said.
According to him, some of the products and services being provided under the new partnership will include an anti-money laundering and know your customer product; a full suite of payment processing services; as well as ‘Fred’ — an artificial intelligence product to monitor and reduce fraud with early detection.
Chairman of Telnet Chief Samaila Aleyideino indicated that there are an abundance of business opportunities in Nigeria due to the growth in the fintech industry.
He said that due to the novel coronavirus pandemic, governments and businesses had to adopt and integrate technology into their operations.
“We at Telnet are excited that this historic event is taking place at this time. I’m also confident that this international partnership will drive a new wave of world-class developments in fintech solutions,” Aleyideino said, adding that for over three decades Telnet and its subsidiary companies have been at the forefront of digital transformation in Nigeria.
Also speaking at the event was Barbados Minister of Foreign Affairs and Foreign Trade Jerome Walcott, who described the partnership among the three companies as a “win-win”.
“It allows GIFTS to have access to an initial market of over 200 million people by utilising Telnet’s large database of customers, and permits Telnet to extend its operation’s competencies into the Nigerian fintech space. This initiative also presents GIFTS with an opportunity to expand the operation of Barbadian home-grown technologies in the near future, as part of Government’s strategy of economic diversification,” Walcott said.
He emphasised that the Government’s commitment to building and deepening commercial diplomacy with countries in Africa can be seen through the imminent establishment of Barbados’ High Commission in Ghana.
He added that the Government will also continue to utilise technology to enhance the ease of doing business in Barbados by becoming more transparent, predictable and competitive.