One of the leading financial institutions in Nigeria, Access Bank Plc. in its bid to facilitate payments between SMEs and their retail customers, has unveiled SWIFTPAY.
For those who don’t know, SWIFTPAY 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.
In a statement by the Bank, the Group Head, Emerging Businesses, Ms. Ayodele Olojede said: “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.
“Statistics from a survey carried out in post-lockdown shows that MSMEs were impacted by cash flow, revenue and sales. The impact of the pandemic made more apparent the lack of infrastructure and access to digital resources for small businesses.
“Access Bank has 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.
“Access Bank is committed to providing very practical solutions that support the growth of small business in Nigeria.
“SWIFTPAY is free and the processing charge is discounted up to 15 per cent to ensure merchants keep most of their earnings.
“In recent times, e-Commerce has been challenged with the rise in fraud on social media, we have ensured that every merchant registered on SWIFTPAY carries a ‘verified by access ‘stamp to authenticate the page giving customers confidence when they transact.”