Home Technology Nigeria’s Interswitch receives £56 million boost from UK’s Bekoz to provide card...

Nigeria’s Interswitch receives £56 million boost from UK’s Bekoz to provide card technology for commuters


WED, MAY 01 2019-theG&BJournal- Interswitch, Africa-focused integrated digital payments and commerce company has signed a transport payment technology agreement worth £56 million with UK based tech company Bekoz.

Bekoz, in collaboration with pan-African firm Interswitch, will be providing the contactless card technology that allows people to travel around Nigeria’s travel infrastructure, similar to London’s Oyster system. Much of the manufacturing will be done in Wales, and the deal is expected to create jobs in the UK also.

The agreement comes a day after the UK Foreign Office business delegation signed deals worth £82m with British companies in Nigeria and Ghana. The business delegation travelling with the foreign secretary include Aqua Africa, Bechtel, BHM Construction, Biwater, BP, CDC, London Stock Exchange, Ordnance Survey, OSTC and Plexus Cotton.

“We are establishing a major research hub in Lagos this year in order to bring together entrepreneurs and innovators; these are long term initiatives with benefits to both Nigeria and the UK,” the UK Foreign Secretary, Mr Jeremy Hunt said Tuesday during the signing of the agreement.

Mr Akeem Lawal, Divisional Chief Executive Officer, Interswitch, told newsmen shortly after the agreement was signed that the card technology system would be built on existing technologies over the years.

“We will combine the payment technology with those unique technologies that we have done in partnership with a UK company and we create a solution that will work on Danfo buses, blue buses, in ferries and in trains,’’ he said.

Lawal said the technology will be available across the country and expect Interswitch to start proof of concept with some select partners in Lagos and Abuja.

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