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Interswitch Group Unveils Coordinated Interventions Against COVID-19

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Interswitch Group, one of Africa’s leading integrated payment & digital commerce players has announced a series of intervention measures as part of a coordinated effort to complement ongoing efforts from public and private sector perspectives to address the spread and mitigate the negative impact of the novel coronavirus pandemic in Nigeria.

Inspired to make a difference as far as playing their part in fighting the scourge, employees of the company have rallied together to voluntarily contribute various amounts from their compensation, raising a total of 75 million Naira in an employee-led effort, which the company has supplemented with the sum of N230 million, thereby bringing the funds raised towards the organization’s COVID-19 response effort to a grand total of N305 million Naira.

This is coming on the heels of concerted efforts by good-spirited individuals and corporate organisations to support the Federal and State governments in combating the COVID-19 pandemic.

This intervention fund from the Interswitch Group and its employees is being deployed to provide support to Federal & State Governments, as well as some selected private sector-led initiatives.

The primary focus of the fund is supporting the creation and equipment of isolation centres, purchasing COVID-19 Test kits, providing personal protective gear and related support to frontline heath workers and to setting up foodbanks to cater to under-privileged communities in Lagos.

Execution has commenced with Interswitch’s Verve Brand, which has sealed a partnership with the Lagos State Feeding Program to provide raw material food items for poor & vulnerable communities in Lagos.  Interswitch also supported The Young President’s Association (YPO) and the Lagos State government in setting up the already functional Eti-Osa isolation centre in Lagos.

The fund has also supported the Delta State Government by providing tropicalized ultra-low temperature (ULT) laboratory refrigerators that will be used for the storage of reagents and other laboratory consumables and COVID-19 test samples pending when they will be transported to the designated COVID-19 Testing Laboratory in Irrua, Edo State.

The company is finalizing discussions with states including Edo, Enugu, Kaduna, Ogun and Oyo with a view to providing test kits and personal protective equipment (PPE) for frontline health workers in these states.

Furthermore, by way of providing free technology for the use of governments and healthcare authorities, Interswitch has leveraged its core capabilities as a technology company and systems integrator, manifested through the initiative of eClat Healthcare, Interswitch’s health-tech subsidiary company, in building out a user-friendly, locally-nuanced software application which is useful for members of the public as a first-line intervention for the assessment of risk and pre-disposition to the novel Coronavirus infection.

The software platform analyses users’ information provided from answers to a series of questions around risk factors, recent exposure, observed symptoms, health and travel history.

From an epidemiological mapping perspective, the application also offers insight-based analytics, based on its capabilities to track and aggregate insights into geographical heat-maps which highlight areas in which pre-disposition is deemed to be higher, to optimize decisioning and ultimately enable prioritization of interventions, a key value proposition to public healthcare authorities.

This initiative essentially serves to provide guided and up-to-date information on COVID-19, reduce panic, lower gross footfall to medical facilities, being a first-line checkpoint and ultimately reduce risk of exposure to health workers on the frontlines of fighting the pandemic.

Designed with an interactive interface, the solution facilitates further virtual consultation for infected persons, meaning infected persons can stay in their homes and access consultation as to whether their symptoms give cause for alarm or not.

The eClat Health-tech solution supporting State Governments’ response to COVID-19 has been implemented in 20 states across the country.

It is currently in use in Lagos State’s Eti-Osa isolation centre, and in Edo, Ogun and Oyo States, while it has been implemented and is set to go live in Delta, Kaduna, Bayelsa, Yobe and Jigawa States, where healthcare personnel have also been trained in readiness to go-live.  The system has been primed for the other states which are at various stages of implementation, training and approval to go live.  These are Kano, Katsina, Rivers, Abia, Enugu, Anambra, Ebonyi, Akwa Ibom and Imo States.

Also by way of exploring collaborative private-sector led initiatives to complement the drive of Federal & State Governments as well as public health authorities to mitigate the spread of the pandemic, Interswitch will leverage its existing partnership with players such as PAX Technology  (a leading international provider of Point-of-Sale payment terminals) to provide essential medical consumables and supplies such as N95 facial masks and thermometers as part of the quest to contain the COVID-19 pandemic in Nigeria.

Interswitch has also expressed a commitment to leveraging its creative capabilities, social and digital media assets to roll out awareness and sensitization campaigns to propagate WHO-approved messaging & information on COVID-19, under the umbrella platform of #FlattenTheCov.

Commenting on the essence of these interventions, Mitchell Elegbe, Founder and Group Chief Executive Officer at Interswitch opined that;

“These interventions sit well within the context of our corporate mission; to create transaction solutions that enable individuals and communities prosper across Africa.

“Our efforts are underpinned by the realization that this pandemic, if left unchecked is a potent threat to interactions which facilitate entrepreneurship and commerce, without which inclusive prosperity will remain a pipe dream.

It is our desire and earnest hope that these initiatives, aggregated with the goodwill and committed efforts of many other like-minded corporate entities and well-meaning individuals who have rallied to this noble cause would significantly contribute to the flattening of the COVID-19 infection curve in Nigeria, which remains one of Africa’s most important economic hubs”.

By virtue of the alliance with technology providers such as PAX, Interswitch has also underscored commitment by the partners to promote the adoption of contactless point-of-sale payment solutions across the West Africa market.

Contactless payment solutions include payments with contactless-enabled credit and debit cards, as well as QR codes, underscored by the realization that the widespread adoption of contactless payment solutions have greater propensity to better mitigate the spread of COVID-19.


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E-Financial

ClaimBuddy Bags $5m to Streamline Insurance Claims for Hospitals, Patients

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ClaimBuddy, insurancetech startup has raised $5 million in its Series A funding round led by Bharat Innovation Fund (BIF), with participation from Japanese VC firm CAC Capital, Chiratae Ventures, and Rebright Partners.

ClaimBuddy Bags $5m to Streamline Insurance Claims for Hospitals, Patients

Khet Singh Rajpurohit and Ajit Patel

The Delhi NCR-based startup plans to utilize the capital to enhance its tech infrastructure, onboard skilled talent, and diversify its product offerings.

Founded in 2020 by Khet Singh Rajpurohit and Ajit Patel, ClaimBuddy aims to streamline the insurance claims process for both patients and partner hospitals through its digital platform.

ClaimBuddy has already assisted over 35,000 patients and collaborated with more than 250 hospitals nationwide, establishing itself as a comprehensive solution for medical insurance claims.

CEO Rajpurohit expressed confidence in leveraging the investment to introduce innovative financial tools and further improve healthcare experiences. ClaimBuddy’s focus aligns with addressing fundamental issues in insurance claim settlements and patient experiences, as highlighted by BIF’s Ashwin Raguraman.

ClaimBuddy faces competition from other insurtech startups but aims to disrupt the Indian insurtech sector, which is witnessing a surge in digital-first solutions and increased investor interest.

The Indian insurtech space is projected to be a significant segment within the larger fintech opportunity by 2030.

 

 

 


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Recapitalisation: UBA Seeks Shareholders’ Nod to Raise Capital

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United Bank for Africa (UBA) has said that it will seek shareholders’ approval at the company’s 62nd annual general meeting (AGM) to raise capital.

Recapitalisation: UBA Seeks Shareholders’ Nod to Raise Capital

The AGM is scheduled to be held on May 24.

UBA disclosed this in a statement filed on the Nigerian Exchange Limited (NGX) on Monday.

The development is coming after the Central Bank of Nigeria  (CBN), on March 28, directed commercial banks with international licences to raise their capital base to N500 billion, while national and regional financial institutions’ capital bases were pegged at N200 billion and N50 billion, respectively.

UBA said the board will propose the capital be raised in the Nigerian or international capital markets by way of public offerings, private placements, rights issue or other transaction modes.

The bank said the decision to raise the capital is subject to regulatory approval after consent from shareholders.

According to UBA, the instruments “can either be as a standalone issue(s) or by the establishment of capital raising programmes, whether by way of public offerings, private placements, rights issues and/or other transaction modes, at prices, coupon or interest rates determined through book building or any other acceptable valuation method or combination of methods, in such tranches, series or proportions, within such maturity periods and at such dates and upon such terms and conditions as may be determined by the board of directors of the company subject to obtaining the requisite approvals of the relevant regulatory authorities”.

The company said the board would also propose increasing its issued share capital, from N17,099,710,683 to N22,500,000,000.

UBA, with a capital base of N115.82 billion, needs to raise N384.19 billion to meet the minimum capital requirement for international licence holders.

 

 

 


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Wema Bank Launches Anti-Fraud Campaign to Protect Customers

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Wema Bank has launched an anti-fraud campaign to protect its customers and other Nigerians against fraudulent activities perpetrated by some wallet accounts and fintech partners.

Wema Bank Launches Anti-Fraud Campaign to Protect Customers

The Anti-Fraud Campaign targeted at creating awareness, educating, and equipping customers with the necessary information needed to mitigate, detect and handle fraudulent activities on their bank accounts further underscores the bank’s commitment to safeguarding customers’ finances and personal data.

Oluwole Esomojumi, chief audit executive of the bank, disclosed that the anti-fraud campaign is designed to protect customers from fraudulent activities and provide them with the necessary information for detecting the evolving tactics of fraudsters and to also solidify our position as the bank that stands fully against fraud.

He said: “The antics of fraudsters are constantly evolving. To stay steps ahead, it is imperative that consumers have a good understanding of what interaction or engagement are telltale signs of fraud and how they can handle suspicious fraudulent engagements, hence the launch of the Wema Bank Anti-Fraud Campaign.

“We are steps ahead on our end which is why we have taken time to investigate our fintech partners and those found culpable have been disengaged from our payment gateway platform.

“As a bank that is resolute in our stance against fraud, we cannot compromise the safety of our beloved Nigerians, especially when these threats of fraud are emanating from Fintech who use our platforms.

“Rest assured, there is no room for fraudsters here. We have multiplied the frequency of our security checks and are committed to rooting them out one by one.

“No fraudster is safe with Wema Bank because at Wema Bank, customer safety is our priority and empowering the lives and businesses of every customer is our mission.”

The fight against fraud is one that is clearly personal to Wema Bank and with the sturdy layers of security measures initiated and executed by the bank to sustain consumer protection beyond the direct responsibilities of the bank, Wema Bank is making its entire ecosystem conducive to fraudsters.

As the bank at the forefront of digital innovation and a top enabler in the FinTech landscape, Wema Bank powers a plethora of FinTech across Nigeria, allowing them to operate seamlessly through Wema Bank’s 3rd Party Wallet Accounts.

Due to the recent hike in fraudulent inflows into these wallet accounts, the bank has taken firm action against fintech partners whose account activities have been found guilty of fraud.

Through the anti-fraud campaign launched recently, Wema Bank has successfully investigated, identified, and disengaged 3 FINTECHs partners for Fraud and suspended 4 FINTECHs partners from its platform in its ongoing efforts to ensure responsible partnership, adherence to regulatory procedures and conformance to CBN KYC guidelines.

There are ongoing audits and reviews of FINTECH partners’ processes as part of the grand plan to ensure that we get the anticipated/desired results.


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