Nigeria and Barbados are hopeful of improved ties by leveraging the partnership between TelNet Nigeria Limited and Barbados companies, Global Integrated Fintech Solutions (GIFTS) and IPayAnywhere (iPAY).
The move by the organisations was to transform seamless electronic payment in Africa through anti-money laundering payment processing services, fraud reduction, as well as iPayAnywhere solution, an end-to-end mobile-based payment solution that services the government, private sector and consumers.
The partnership was sealed at a signing ceremony between the companies, hosted by Barbados High Commission, Ghana, and Caribbean Export, in collaboration with Export Barbados/BIDC and CBC TV Channel 8.
Minister of Foreign Affairs and Foreign Trade, Barbados, Dr. Jerome Walcott, who emphasised his government’s commitment to building and deepening commercial diplomacy with countries in Africa, stated that he looks towards enhanced bilateral trade relations between Barbados and Nigeria.
While commending the partnership with TelNet, the Nigerian-based tech company, he said that government’s exploration of a new and dynamic ethos of national development through the stimulation and encouragement of private sector partnerships, was evidenced through the signing ceremony.
According to him, “It allows GIFTS to have access to an initial market of over 200 million people by utilising TelNet’s large database of customers, and permits TelNet to extend its operation’s competencies into the Nigerian fintech space.
This initiative also presents GIFTS with an opportunity to expand the operation of Barbadian homegrown technologies in the near future, as part of the government’s strategy of economic diversification.”
Group Managing Director, TelNet Nigeria Limited, Folorunsho Aliu, said with the partnership, it was sure of expanding anti-money laundering and card services portfolio of products in the financial services.
He said as the fintech space is growing in Nigeria, there was the need to ensure that transactions, consumers, and the financial systems are protected for sustainability and integrity.
He mentioned that Telnet and its subsidiary companies had been at the forefront of technology-enabled business innovation in Nigeria with key projects that had transformed the Nigeria economy.
Founder and Executive Chairman of GIFTS and iPay, Dave Sahadath, who expressed confidence on the decision to go into business and form a partnership with TelNet, said the firm has the knowledge of the local market with the reputation of delivering great products and services to the marketplace.
Chairman of TelNet Nigeria Limited, Samaila Aleyodeino, described the signing as a significant milestone for closer collaboration between Barbados and Nigeria.
“Business opportunities abound in Nigeria, and the fintech sector is growing. I am confident that this international partnership will drive a new wave of world-class developments in fintech solutions,” he said.
Executive Director, Caribbean Export Development Agency, Deodat Maharaj, described the partnership as a clear indication of the opportunities for commercial relationships between the Caribbean and Africa.
Noting that rising Africa represented a bright new frontier for Caribbean business, he expressed the Caribbean Export’s commitment to help deepen business relationships between the Caribbean and Africa.
Chief Executive Officer, Export Barbados/BIDC, Mark Hill, who said the partnership opened up an export market opportunity for Barbados in West Africa, added “Our support for this initiative is aligned with our strategy for the African market which represents a priority market for Export Barbados/BIDC.”