One name that keeps popping up in Nigeria's digital payment space is Interswitch.
Earlier this month, we reported that the firm partnered with Interstellar to develop blockchain-powered infrastructure services and solutions. Interswitch is not slowing down anytime soon with its plan to improve financial Inclusion in Africa as it links up with OkHI, a smart addressing startup.
Interswitch partnership with OkHi implies two things. First, this is the company's third partnership in the last three months. Secondly, Interswitch's payments and wallet service, Quickteller, is the first Nigerian business to use this OkHi address verification service.
In terms of capability, the new partnership allows Interswitch to provide all customers with an OkHi address enabling them to access larger wallets, faster loans while improving last-mile delivery through Quickteller's Citimart and Global Mall. Quickteller customers use an OkHi address which can also be used for other personal purposes such as by delivery services.
Why is this important
Poor addressing and verification systems have remained critical barriers to the growth of inclusive financial services and e-commerce in Africa. It is estimated that the lack of a proper addressing system costs the Nigerian economy $3 billion a year in efficiency.
OkHi technology can increase the speed of verification by 4x while reducing costs by up to 52 percent.
What they are saying
OkHi CEO/Founder Timbo Drayson said, “To have Interswitch launching us to millions of people, via Quickteller, gives us an incredible platform to tackle financial inclusion in Nigeria.”
Chinyere Don-Okhuofu from Interswitch Group said, “This partnership with OkHi is built on the need to digitize and simplify the existing address verification system”
OkHi was founded in 2014 in Kenya. The company provides digital address verification of financial services, tackling a problematic space holding back growth and stifling credit access to millions of Nigerians. The innovative addressing technology eases the verification of customer addresses, replacing the need for utility bills and physical visits.
OkHi’s technology presents a smart alternative to the existing KYC and paper-reliant processes. This digital service is seamless, fast, and cost-effective..