Interswitch, Microsoft, partner to boost blockchain tech in Nigeria

Monday 5 November 2018 10:53 CET | News

Microsoft and pan-African digital payments company Interswitch Group have announced the launch of its blockchain-based supply chain financing service.

This initiative brings together entrepreneurs, financial institutions and corporates organisations, all on a single platform to provide end-to-end visibility that will ensure trade financing in supply chain operations. Interswitch is leveraging the technology of the Microsoft Azure Blockchain, to prove the possibility of building a viable distributed ledger with the propensity to solve some of Nigeria’s most difficult financial and logistic problems.

With the launch of the Interswitch Blockchain Service (Supply Chain Finance Module), small to middle-sized businesses can access more funding in a shorter time (up to three weeks) from participating banks such as United Bank for Africa Plc, Guaranty Trust Bank Plc and Zenith Bank Plc and enjoy increased sales cycles from participating corporations such as the Dangote Group.

While the application of blockchain is usually associated with cryptocurrency, the Interswitch Blockchain service does not deploy the use of cryptocurrency in its application. Transaction enquiries and verifications will be handled by authorised officials from participating entities without the incentives of a cryptocurrency.

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Keywords: InterSwitch, Microsoft, Nigeria, blockchain, trade finance, supply chain finance, Interswitch Group, Microsoft Azure Blockchain, United Bank for Africa Plc, Guaranty Trust Bank Plc, Zenith Bank Plc
Countries: World

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