Interswitch, Microsoft, partner to Pioneer Blockchain technology in Nigeria

INTERSWITCH Group, a Pan-African integrated digital payments and
commerce company, in partnership with Microsoft, has announced the
launch of its innovative blockchain-based supply chain financing
service. This novel initiative brings together entrepreneurs, major
financial institutions and corporates organisations, all on a
single platform to provide end-to-end visibility that will ensure
fast and seamless trade financing in supply chain operations.

The Interswitch Blockchain Service (Supply Chain Financing
Module), built and hosted using the Microsoft Azure Blockchain
technology, provides a proven security, compliance and scalable
cloud platform that accelerates and supports the next generation of
blockchain applications.

Mitchell Elegbe, Group Managing Director and Chief Executive
Officer at Interswitch said: “In our 15 years of operation, we have
experienced the bottlenecks associated with the existing
corporate-based financing infrastructure in Nigeria. This is why we
are happy to partner with Microsoft, by leveraging the advanced
technology of the Microsoft Azure Blockchain, to prove the
possibility of building a distributed ledger that is practical,
viable and has the propensity to solve some of Nigeria’s most
difficult financial and logistic problems.”

With the launch of the Interswitch Blockchain Service (Supply
Chain Financing 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 (UBA),
Guaranty Trust Bank Plc (GTB) 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 authorized officials from
participating entities, without the incentives of a
cryptocurrency.

Michael Glaros, Principal Program Manager, Microsoft Azure
Blockchain at Microsoft Corporation, said: “We are excited about
this partnership with Interswitch. This will be the first
enterprise-grade blockchain service in Nigeria, and one of only a
handful of production blockchain applications in use by banks and
corporates globally. The blockchain technology is still in its
infancy in Nigeria and we are happy to pioneer its deployment in
partnership with Interswitch, an innovative and forward-thinking
company which has evolved its business around financial
technology.”

The Interswitch Blockchain Service, armed with a single version
of the truth across the supply chain, allows Nigerian lenders and
suppliers to identify and build relationships with high performing
entrepreneurs. This will help empower people to create more jobs,
more wealth, and a more prosperous Africa.

“Interswitch, in collaboration with Microsoft, has built a
platform that will allow anyone to build blockchain-based solutions
easily and more cost-effectively. It is truly blockchain for
everyone with lower costs and shorter time,” Mitchell
concluded.