By Stanley Onyeka, Lagos
Squad, a fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), offering comprehensive payment and e-commerce solutions for businesses, has entered a partnership with OmniPay, a subsidiary of OmniRetail Inc.
This is in a strategic move aimed at furthering its mission to empower African traders with the necessary payment solutions for thriving in the digital era, the fintech said in a statement yesterday.
Squad is a complete payment solution that supports online payments for SMEs, micro-merchants, large corporations, and other fintechs.
OmniPay, on the other hand, provides an API-based wallet built to simplify trade payments.
This collaboration has currently benefited more than 65,000 stakeholders, which include retailers, distributors, and manufacturers through improved payment and collection methods using Squad’s Virtual Bank Account without incurring any charges.
Additionally, they have gained more accessible and affordable working capital to procure goods on credit for their businesses, contributing to the daily transaction volume exceeding N3 billion, and this figure continues to grow.
Through strategic alliances like this, we aim to empower even more merchants by granting them access to rapid, user-friendly, and dependable payment solutions that optimize their business operations and, in turn, boost their revenue.
Speaking on the significance of the partnership, the Chief Marketing Officer, Squad, Adeyemi Atanda, was quoted as saying: “At Squad, our mission revolves around providing African businesses with the right solutions for effortless payment processes, available at their convenience. We understand the pivotal role small businesses play in our economy.
“Through strategic alliances like this, we aim to empower even more merchants by granting them access to rapid, user-friendly, and dependable payment solutions that optimize their business operations and, in turn, boost their revenue.”
Similarly, the CEO of OmniRetail, Deepankar Rustagi, said: “As we join forces with Squad, we are driven by our shared vision of transforming the digital payment landscape for African businesses. With OmniPay, businesses will gain improved payment methods with zero transfer fees, while retailers and distributors will have easier access to OmniPay’s BNPL (Buy Now Pay Later) solution.
“This partnership aims to empower businesses, streamline payment processes, and enhance record-keeping accuracy through automated reconciliation for orders. This partnership reinforces OmniRetail’s commitment to innovation and financial inclusion.
