• Sat, Jan 19, 2019 06:30 AM
  • All times are UTC
  • Edition:
Link copied

Interswitch, Microsoft launch blockchain-based supply chain financing platform in Nigeria

Image: Interswitch (Twitter)

Nov 05, 2018 10:57 am UTC

Interswitch Group, a digital payments and commerce company headquartered in Nigeria, in collaboration with Microsoft, has announced the launch of its blockchain-based supply chain financing service, PM News Nigeria reported.

The Interswitch Blockchain Service (Supply Chain FinanceModule) is built and hosted using the Microsoft Azure Blockchain technology. It will bring together entrepreneurs, financial institutions and corporate organizations on a single platform and facilitate end-to-end visibility, ensuring fast and seamless trade financing in supply chain operations.
“…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,” Mitchell Elegbe, Group Managing Director and Chief Executive Officer at Interswitch said.

Elegbe said that the platform will allow anyone to build blockchain-based solutions in an easy and cost-effective manner. He explained that by using the blockchain service, small and mid-sized firms were able to access more funding in a shorter time (up to three weeks) from participating banks, including United Bank for Africa (UBA), Guaranty Trust Bank (GTB), and Zenith Bank and enjoyed increased sales cycles from participating corporations, such as the Dangote Group.

Importantly, the service does not deploy the use of cryptocurrency in its application. Elegbe explained that transaction enquiries and verifications would be handled by authorized officials from participating entities, without the incentives of a cryptocurrency.

Commenting on the launch, Michael Glaros, Principal Programme Manager, Microsoft Azure Blockchain at Microsoft Corporation, said:

“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 corporate 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.”

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
  • Bitcoin (BTC) $3,666.26 (-0.02%)
  • XRP (XRP) $0.326800 (-0.38%)
  • Ethereum (ETH) $121.59 (-1.11%)
  • Bitcoin Cash (BCH) $128.28 (-1.26%)
  • EOS (EOS) $2.47 (-1.34%)
  • Bitcoin (BTC) $3,666.26 (-0.02%)
Jan 18, 2019 (Friday)
Former Governor of Banque De France joins board of blockchain startup SETL
SAP launches blockchain solution to track pharmaceutical drugs
Crypto exchange Coinbase acquires Blockspring
ConsenSys co-founder Joseph Lubin joins crypto futures platform ErisX’s board
SEAT joins Spanish blockchain consortium Alastria
LG CNS joins Enterprise Ethereum Alliance
Grayscale launches investment trust for Stellar Lumens
Jan 17, 2019 (Thursday)
Wyoming lawmakers introduce bill to allow issuance of tokenized stock certificates
NGA Human Resources seeks to bring blockchain technology to HR & payroll processes
WWF unveils blockchain-based food provenance platform ‘OpenSC’
ABCC becomes first crypto exchange to add support for TRON’s TRC-10 tokens
South Korea’s Financial Services Commission to launch fintech sandbox in April
BitGo simplifies crypto trading for institutional clients via Genesis partnership
UPS’ venture arm invests in blockchain-based e-commerce startup Inxeption
Crypto exchange Binance enters European markets with new Jersey-based exchange
Blockchain firm R3 announces Corda Network and new governing foundation
Jan 16, 2019 (Wednesday)
Oil majors Chevron and Total join blockchain platform for energy commodity trading ‘Vakt’
Gibraltar Blockchain Exchange adds support for EOS on GBX-DAX
Blockchain startup Bitfury launches music division ‘Bitfury Surround’
Dubai telecom company du to develop blockchain solution for patient safety
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.