In the bid to boost the facilitation of payments between SME’s and retail customers in the digital space, Access Bank PLC has unveiled swiftpay.
Swiftpay is a digital payment service that facilitates the receipt of business payments by enabling customers to make quick, easy and secure digital payments on social media platforms to merchants.
Speaking to newsmen during the launch of the new service in Lagos, Group Head, Emerging Businesses, Access Bank PLC, Ayodele Oloyede, noted that the lockdown, experienced in 2020 as a result of the Covid-19 pandemic, resulted in less in-person interactions and less in-person payment options.
She revealed that statistics from a survey carried out post-lockdown showed that MSMEs were impacted by cash flow, revenue and sales while adding that the impact of the pandemic made more apparent the lack of infrastructure and access to digital resources for small businesses.
“This is why Access Bank introduced swiftpay to support the digital transition and growth of SME businesses,” Oloyede said.
The new service comes in form of a payment link that can be hosted on the merchant’s social media pages and sent to anyone to pay and conclude business transactions.
It is easy and takes less than five minutes for interested merchants to sign up as it is convenient and time saving for everyone.
Oloyede also revealed that the Bank is committed to providing practical solutions that support the growth of small business in Nigeria.
” Swiftpay is free and the processing charge is discounted up to 15 percent to ensure merchants keep most of their earnings. In recent times, e-commerce has been challenged with the rise in fraud on social media, we have ensured that every merchant registered on swiftpay carries a verified by Access stamp to authenticate the page giving customers confidence when they transact,” Oloyede said.
“We have been focused on providing solutions targeted at boosting the economy because we believe it is our responsibility to economic growth with the launch of swiftpay by Access, we are renewing our commitment to providing the much needed technological support to our SMEs,” Oloyede concluded.