Author: Chams Access

The payments group Visa is paying $200m for a 20% stake in Interswitch ahead of a potential London IPO next year Visa and Interswitch are in advanced talks about a transaction that could be announced as soon as this week. Sponsored link Sources said on Sunday that the US-based multinational would invest $200m in Interswitch in return for a 20% stake. The deal will see Visa becoming a cornerstone investor in the Nigerian-headquartered company ahead of a prospective initial public offering in London during the first half of 2020. Interswitch is one of the largest Africa-focused electronic payments and infrastructure companies, with point-of-sale terminals, online consumer payment platforms and its own card, Verve. The latter is the biggest domestic debit card scheme in Africa, with more than 19 million cards active on its network. An investment by Visa will facilitate the formation of a strategic partnership to target the fast-growing African digital payment market. ...

Muster point solution is designed to help organizations with headcounts in cases of emergencies, it could also assist the organization to know where staff or visitors are trapped. place or an area where all employees, guests or visitors to the worksite or a large crowd can assemble in case of an emergency. ...

Instant issuance enables new and existing customers to walk into a branch and, within seconds, receive a fully-functioning, active payment card. For banks, this creates opportunities to increase activation rates and interchange revenue. We print these cards as a service and also sell the printers to banks. ...

Nigeria Inter-Bank Settlement System Plc (NIBSS). was incorporated in 1993 and is owned by all licensed banks including the Central Bank of Nigeria (CBN). It commenced operations in June 1994. NIBSS has put in place modern world-class infrastructures for handling inter-bank payments in order to remove potential bottlenecks associated with inter-bank funds transfer and settlement. The company also operates the Nigeria Automated Clearing System (NACS) which facilitates the electronic clearing of cheques and other paper-based instruments, electronic funds transfer, Automated Direct Credits, and Automated Direct Debits. NIBSS at the instance of the Bankers’ committee has acquired cutting edge technologies for the operation of the Nigeria Central Switch (NCS). ...

Google is reportedly interested in purchasing US-based social video app Firework that lets users share short videos like Chinese player TikTok. According to a report in The Wall Street Journal, Chinese micro-blogging platform Weibo had also shown interest in acquiring Firework but "talks with Google are further along". Based in Redwood City, California, Firework that entered India last month was valued at more than $100 million in a fundraising round earlier this year. TikTok's parent, Beijing-based ByteDance, is valued at around $75 billion. Firework is part of a suite of apps created by Loop Now Technologies, a startup that focuses on next-generation consumer mobile applications. Similar to TikTok that allows users to post 15-second short videos, Firework allows users to create 30-second videos and with "Reveal", its patent-pending technology, will allow creators to take both horizontal and vertical video in one shot from their mobile device. The app is currently available on both Android and iOS smartphones with over a million registered users. Firework has appointed Sunil Nair as CEO and MD for its India operations. My vision for Firework in India is to become more relevant and give our users every opportunity to stay meaningful and seamlessly experience a new view from their lens," Nair said in a statement. In November last year, Facebook also quietly released a standalone app called Lasso to compete with TikTok. On Lasso, which is currently available in the US, users can record themselves dancing and lip-syncing to music, similar to what they can do on TikTok. In addition, Facebook recently roped in former Google employee Jason Toff for a key portfolio...