Interswitch signs N26bn deal with British firm to enhance transportation ticketing in Nigeria

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Interswitch Group, a Pan-African integrated digital payments and Commerce Company, has signed a £56 million (approximately N26billion) deal with Bekoz UK Ltd, a British transport ticketing company, to enhance transportation ticketing in Nigeria.

The deal will leverage technology to keep commuters in Nigeria on the move through the launch of three products developed exclusively for the Nigerian market – the BeCard, the BeVal and the BeReader, with scope to expand this offer throughout Africa.

The BeCard is a regular shaped card – like any bank card or the Oyster card in London. The BeVal is the device that is installed on the buses where the passenger taps on – just like on the London buses, while BeReader is the mechanism that makes all these work.

Commenting on the partnership, Akeem Lawal, divisional CEO for payment processing at Interswitch highlighted the tremendous potential the partnership offers for revolutionising the transportation system with attendant impact on millions of commuters in Nigeria.

“Interswitch believes that the transport system in Nigeria, Africa’s largest consumer market, is ready for innovation. This partnership is a key and timely milestone in our industry vertical markets’ focus. It is highly compatible with our vision for Interswitch Transport Solutions (Smartmove) which is essentially to progressively facilitate a multi-modal and multi-operator transportation system underpinned by best-in-class technology,” Lawal said.

“This not only optimises available infrastructural capacity, but also remarkably improves user experience for all parties in the transport and mobility ecosystem. Our partners, Bekoz, bring their expertise and experience to bear, and we are extremely optimistic about the multiplier effects that this initiative will ultimately have on economic activities across the nation,” he added.

Bekoz has co-created the technology with Interswitch and owns the intellectual property (IP) while the specifications and manufacturing is done by Delta … Read More...