Pan-African company Interswitch will partner with software giant’s Microsoft to roll out a blockchain-based solution in Nigeria called “Supply Chain Financing Module”.
Entrepreneurs, financial institutions and corporate organisations will enjoy fast and seamless trade financial with the new innovative solution unveiled by the partners.
The platform is reportedly built by Interswitch and then hosted on Microsoft’s Azure-based blockchain platform which provides a secure cloud-based storage and scaling power for decentralized applications (DApps).
The focus of the DApp will be making trade financing in the supply chain both fast and glitch free for all the parties involved. According to a tweet by Microsoft, the solution will introduce end-to-end transparency and let business owners make better decisions.
Mitchell Elegbe, Group Managing Director and Chief Executive Officer at Interswitch, said at the launch event.
In our 15 years of operation, we have experienced the bottlenecks associated with the existing corporate-based financing infrastructure in Nigeria
This is why we are happy to partner with Microsoft, by leveraging the advanced technology of the Microsoft Azure Blockchain, to prove the possibility of building a distributed ledger that is practical, viable and has the propensity to solve some of Nigeria’s most difficult financial and logistic problems.
It was disclosed that the platform would not be using crypto tokens as many blockchain startups do. Instead, the project will exist as an enterprise-grade blockchain-based solution and one of the first in Nigeria.
Easy Financing For Nigerian Businesses Through Blockchain
One of the major benefits that the new solution launched by Microsoft and Interswitch is that it will make it easier for small and medium-sized enterprises to get access to finance for their business.
The funding system is expected to be completed within three weeks and will be made possible by United Bank for Africa Plc, Guaranty Trust Bank Plc and Zenith Bank Plc who are also partnering with the new project.
We earlier reported that Nigeria is secretly working towards blockchain technology adoption and it seems the results are finally going to show off for everyone to see.