When it comes to internet penetration and adoption of mobile payments, most African countries are still very much below the global average. Even where the internet penetration is improving, the mobile payments adoption rate is still low, meaning an overall lag. For instance, in Kenya where mobile payment adoption is most on the continent, only about 23.1% of the internet users actually use mobile payment methods.
So, even though the internet infrastructure allows business owners access a wide market, mostly outside their location, sending and receiving payments with ease still remains a struggle for many. But this is only for businesses that are not taking advantage of Squad – the newly launched Integrated Payment Solution that is set to revolutionise digital payments in Africa.
Squad is a payment service that is set to drive the future of mobile payments in the African Continent. If you have imagined an Africa where every payment is digital, it is an Africa where every business uses Squad. The features show that this might be the most online and offline payments option for merchants.
Squad will be empowering businesses by taking care of their payment problems and helping to make every payment digital whether it is made online or offline. It features offline as well as online payment acquisition channels like the Payment Gateway and the Soft POS. If you are worried about getting or handling a POS, the software Point of Sale (Soft POS) allows merchants and vendors to accept payments directly on their phone or device without the need for any additional software. And isn’t this what every merchant needs?
Also, there are several value-added services like the bulk payment collection, automated reconciliation of offline and online payments, fraud prevention tools and instant settlement among others.
There is a need to get on board the use of Squad considering the need to adopt more cashless based transactions in Africa, growing cases of transmittable diseases, tightened cash liquidity, insecurity amongst others.
The best way to sum it is that Squad is the one-stop payment solution for every business in Africa. Squad is that single product that brings technology and user experience and satisfaction for a meet-and-greet. The features are designed for and targeted at micro and small business owners like Kiosk owners and petty traders, medium business owners like digital sellers, online vendors; Tech talents; and even big enterprises.
It is interesting to note that the adoption of cashless based transaction help businesses especially small and medium scale enterprises to increase their top line (revenue). According to a survey by Khatabook, about 45% of SMEs report a boost in sales after adopting mobile or digital payment services.
Therefore, with Squad bringing in a solution that features ease, convenience, and security from fraud, businesses can jump on this train and improve their chances of success.
It makes so much sense that such a product is coming from Guaranty Trust Holding Company Plc (GTCO). Indeed, if any brand has the relevant pieces to define new frontiers in payment and dominate the payments landscape in Africa, it is GTCO.
The GTCO Squad behind Squad
Guaranty Trust Holding Company Plc is a fully fledged financial services group, on a mission to make financial services accessible to all Africans. GTCO Plc metamorphosed from Guaranty Trust Bank Ltd which has really been around since the 1990s, and now present in several African countries including Uganda, Ghana, Gambia, Sierra Leone, Rwanda and Kenya.
In June 2011, Segun Agbaje took over as Chief Executive of the Bank and since then led the team to blaze a trail in innovation and efficiency. Within the space of a decade, Agbaje raised the Bank’s profit by N1.3 trillion and expanded the balance sheet by 12.07% on average annual growth. The assessment indices show positive growth for the financial institution not just in Nigeria, but in every African country where GTCO is present.
Shareholder’s wealth has also seen a major boost during the period with total equity rising from N230.393 billion in 2011 to N814.395 billion in 2021, an average 13.46% growth per annum. Earnings per share also grew 15.45% on the cumulative average growth rate, from N1.69 per share outstanding in 2011 to N7.11 in 2020. Total assets grew by at least by 12.07% annually in the decade, from N1.598 billion in 2011 to N4.944 trillion in 2020.
What we can all attest to is that the numbers don’t lie, and GTCO has a track record filled with numbers that demonstrate efficiency and profitability, even in the face of the harsh and challenging economy which crumbled several other businesses. Only a formidable leadership could have sustained such records.
GTCO has always had a digital-first, customer-centric strategy that builds digital products and to help individuals and businesses thrive. Expectedly, the bank was recipient of several awards at the Electronic Payment Incentive Scheme (EPIS) Efficiency Awards organized by the Central Bank of Nigeria (CBN) in conjunction with the Nigeria Inter Bank Settlement System (NIBSS). The bank clinched 8 out of the 13 awards available for the banking industry at the 2019 EPIS Efficiency Awards including Best Customer Experience Award; Cashless Driver, Point of Sale (POS) Transactions; Real-Time Payments Transaction Efficiency; Cashless Driver, USSD Channel Champion among others.
The Holding company is now home to several trusted brands that are driving innovation and creating viral product adoption, ensuring great experiences and growing valuable customer engagement. Squad is only the latest addition to this list.
BUA Chairman, Abdul Samad Rabiu Donates 10bn Naira Security Support Fund For Various Interventions Through ASR Africa
Leading Nigerian Businessman, Industrialist and Philanthropist, Abdul Samad Rabiu, paid a visit to President Muhammadu Buhari today in Abuja, to update him and to thank him for creating an enabling environment for business to thrive, and also brief him on the strides BUA Group has made in the past few years.
Thereafter, Rabiu briefed the President on the activities of his foundation, The Abdul Samad Rabiu Africa Initiative (ASR Africa) during which he also announced the donation of a N10billion Nigeria Security Support Fund from ASR Africa towards the provision of some security equipment, medical and other supplies, upgrade of health facilities and other infrastructure for families of those on the frontlines.
According to Rabiu, the visit was in order to identify with President Muhammadu Buhari, during whose tenure BUA has built over 10 factories with two of the Group’s subsidiaries now amongst the top 10 largest publicly listed companies in Africa, and to further support the efforts of his administration in business as well as in the security space.
In his response, President Buhari said it was heartwarming to see and hear of Nigerian companies doing so much within Nigeria, and Africa especially in the area of production using locally available raw materials. He also expressed his elation at the achievements of BUA which had led to phenomenal growth within such a short time. “As a Government, we know we have done a lot in this regard, and we will continue to do more to support the aspirations of serious businesses, big and small, by providing an enabling environment as well as supporting value creation within Nigeria.
ECOBANK Staff Connives With Fraudsters To Steal Customer”s N3.2m
A staff of Ecobank PLC, by name Joshua has been reminded in prison custody following the alleged fraudulent role he played in withdrawing a customer’s N3.2million from the vaults of the bank in connivance with some persons now at large.
The arrest of Joshua followed the eagle eye of the Bank’s management that discovered that the customer’s money was missing from the account and when Joshua, who had direct access to the account was asked to explain the circumstances that led to the missing money, he feigned ignorance and denied knowledge of it.
Not satisfied with his explanation, the bank situated at the Ile-ewe, Ejigbo branch quickly moved and reported the matter to the Ejigbo Division of the Nigeria Police which immediately dispatched its detectives from the Division of the Command in Lagos State to the bank.
The police after carrying out preliminary investigation into the case, arrested 28years old Joshua, a staff of the bank alleged to have connived with criminals and withdrew the customer’s N3.2m lodged with the bank.
It was gathered that the alleged fraud took place in May this year at Ejigbo branch of the bank where the suspect, Joshua, was employed and served as a staff.
The police after its investigation, alleged that sometime in May 2022, the suspect, Joshua, conspired with others now at large to steal by fraudulently diverting the customer’s money kept in the bank with the intention that it will not be discovered by the bank management.
Joshua was accordingly charged before the Ejigbo Magistrate Court for the alleged conspiracy and theft.
Joshua however pleaded not guilty to the charges brought against him by the police when he appeared before the Chief Magistrate O.A. Dosumu.
Following his not guilty submission, the police prosecutor, Inspector Simeon Njue, asked the Court to give a date for hearing to enable the prosecution to prove that he actually committed the alleged offence.
Magistrate Dosumu however, granted Joshua bail in the sum of N500,000 with two sureties in like sum, who the court ruled must show evidence of means of livelihood.
Joshua was however remanded at the Kirikiri Correctional Centre, Lagos, pending when he will be able to perfect his bail conditions.
The matter was adjourned till October 6, 2022, for mention.
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