Africa’s Leading Enterprise Blockchain Infrastructure Services Organization Signs Long-Term Strategic Partnership Agreement with Africa’s First Fintech Unicorn to develop blockchain-based infrastructure services and solutions.
Lagos, Nigeria, 04 Oct 2021 (GLOBE NEWSWIRE) – Interstellar and Interswitch have been working together for two years to conduct research on blockchain technology. As part of the partnership, Interstellar’s Blockchain technology stack called STAR GATE will be integrated with cutting-edge payments and digital commerce technology from Interswitch. This will advance the shared vision of business to foster greater financial inclusion and greater prosperity across the continent.
Both companies have prepared for the blockchain revolution in the African market with several initiatives underway, including a Pan-African Payment Ecosystem (IPO) powered by an authorized private blockchain network that includes a consortium of banks and fintech players. .
Ernest Mbenkum, founder and CEO of Interstellar, commented: “We are delighted to have established this strategic partnership with Interswitch, one of Africa’s most valuable fintech companies. This marks the genesis of an innovative and collaborative partnership aimed at delivering impact-driven, blockchain-based services across the African continent.
Interswitch has been at the forefront of major steps in payments innovation in Nigeria over the past 20 years, becoming one of the fastest growing technology companies in Africa (Deloitte Fast-Growth 50 ) and becoming the first local African Fintech Unicorn company following a minority investment by Visa at the end of 2019. Today, Interswitch’s current business footprint covers more than 26 countries in Africa.
Akeem Lawal, Managing Director of the Transaction Switching and Payment Processing Division at Interswitch, said: “We are delighted to partner with Interstellar on this journey and look forward to the incredible things we will achieve together in the African market. This new alliance underlines the directional evolution of our blockchain innovation strategy which is based on 3 main pillars:
Strategically develop a native and proprietary enterprise-grade distributed ledger technology stack that is virtually tailored to the African context.
Gradual digitization of several industrial value chains in African markets
Support the updating of the Pan-African Payment Ecosystem (IPO), taking advantage of the wave of opportunities created by initiatives such as the AfCFTA (African Continental Free Trade Area).“
The adoption of distributed ledger technology applications in Africa offers significant potential for advancing socio-economic growth, community empowerment, digitalization of industries, reduction of costs of local and cross-border payments, localization of emerging technologies and the development of African technological talents.
Looking at recent trends, it has been found that the African continent is gradually embracing contemporary innovation in digital currency, with central banks and other payment service providers actively championing some of these interventions. These trends present multiple benefits and opportunities for deepening payment systems across the continent, and this timely partnership between Interswitch and Interstellar represents another milestone in the journey.
Founded in 2017, Interstellar ™ is a technology company that powers critical blockchain infrastructure for digital payments and financial institutions across Africa. He was instrumental in the development and deployment of the Bantu blockchain, the first blockchain infrastructure and protocol led by Africa.
Interstellar works with startups, companies and public sector institutions to build and manage the best decentralized finance (DeFi), cross-border and peer-to-peer applications.
As more organizations continue to embrace Blockchain technology, Interstellar has developed a simple yet robust transition and service delivery model. This allowed Interstellar customers to seamlessly transition from their existing systems with minimal business disruption. The Interstellar team is currently spread across Cameroon, Canada and Nigeria.
Founded in 2002, Interswitch’s vast network and strong payments platform have been instrumental in the development of the Nigerian payments ecosystem and give Interswitch the credibility to grow across Africa.
It operates as an integrated technology company with digital payment, transaction processing and e-commerce capabilities and provides technology integration, advisory support, digital payments, digital commerce, financial inclusion, payment and health technology services across Africa.
Interswitch remains a leading player with critical mass in Africa’s rapidly developing financial ecosystem and is active across the payments value chain, providing a comprehensive suite of omnichannel payments solutions.
Company: Interstellar Inc.
Email: [email protected]
Company: Interswitch Group
Email: [email protected]