Local Fintech Firm Gets License to Help Nigerians With International Payment
- Chams Switch, a fintech subsidiary of Chams Holdco Plc, has secured a licence for international payment
- It is expected that the move will enhance international trade through the provision of reasonably priced option
- The company said the partnership shows its commitment to innovation and creating value for clients
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
Union Pay International has granted Chams Switch, a fintech subsidiary of Chams Holdco Plc, a licence to handle international payments for UnionPay cards issued by Nigerian banks.
Source: Getty Images
According to a statement by the Nigerian-based company, the alliance would strengthen cooperation between companies and merchants in international trade.
The collaboration is also expected to provide a reasonably priced option for international trade, with a particular emphasis on deals involving China and Southeast Asia, BusinessDay reported.
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Chams Holdings continues to innovate
Mayowa Olaniyan, the group CEO of Chams HoldCo, said the partnership is a testament to its commitment to innovation and creating value for clients.
She said the fact that the company recently secured $2.5 million investment validates its vision and positions it for sustained growth and impact.
With a robust platform that is completely optimized, UnionPay International helps to facilitate international trade between China and the rest of the globe.
The affordability of UnionPay cards draws Nigerian banks in quickly compared to other foreign trading options.
The company stated that two institutions have already integrated UnionPay cards into their services, adding that there are more plans in the pipeline for more to adopt the channel.
It added that the move positions Chams Switch as a critical player facilitating efficient and cost-effective cross-border transactions.
The firm said:
“In tandem with this exciting development, Chams Switch has secured a $2.5 million investment in early 2023, propelling the company into accelerated growth. The infusion of capital underscores investor confidence in Chams Switch’s strategic vision and capabilities as an emerging leader in the fintech sector.
“Chams Switch’s ChamsPay payment gateway is also experiencing good traction in processing online payments for merchants and is set to accelerate this growth as it forms strategic partnerships and alliances."
The firm claimed it is going through a rebirth and trying to establish itself as a force at a time when a new wave of financial technology innovation is resetting the landscape.
Notably, it recently fully transitioned into a Holdco and reformed its management.
After CBN's action, Nigerian banks, fintech firms partner to develop new crypto
Legit.ng earlier reported that Nigerian banks and financial technology firms are working together to create and run cNGN, a new stablecoin intended to help token holders and the country's economy.
When the new cNGN is introduced in 2024, it will be formally proclaimed and will have a 1:1 peg to the Naira.
Like well-known stablecoins like USDT and USDC, the soon-to-be-released cNGN will function on many blockchains, making cross-border transactions simple and increasing its use worldwide.
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