By OLUSHOLA BELLO |
Access Bank Plc has unveiled a digital platform known as SWIFTPAY, to facilitate payments between Small and Medium Enterprises (SMEs) and retail customers in the digital space. SWIFTPAY, according to the bank, is a digital payment service that facilitates the receipt of business payments by enabling customers make quick, easy and secure digital payments on social media platforms to merchants.
Speaking on this development in Lagos, group, head, emerging businesses, Access Bank, Ayodele Olojede, 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, adding that, the impact of the pandemic made more apparent the lack of infrastructure and access to digital resources for small businesses.
According to her, this is why Access Bank introduced SWIFTPAY to support the digital transition and growth of SME businesses.
“This product is part of the bank’s commitment to support SMEs to meet their business objectives despite the times. The new service comes in form of a payment link that can be hosted on merchants’ 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.”
Olojede also revealed that the bank is committed to providing very practical solutions that support the growth of small businesses in the country.
“We have been focused on providing solutions targeted at boosting the economy because we believe it is our responsibility to contribute to the stimulation of economic growth. With the launch of “SwiftPay by Access”, we are renewing our commitment to providing the much-needed technological support to our SMEs,” Olojede pointed out.
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