An African technology company, Gemsbok Technologies, has unveiled a secure, multi-rail cross-border payment platform designed to reduce fraud, protect businesses against financial losses and facilitate international trade.
The company’s Chief Executive Officer (CEO), Dr Charles Awuzie, made this known at a news conference on Wednesday in Lagos.
He said that the platform, known as Gemsbok Transfer, was designed to provide a trusted channel for international transactions.
He said also that the platform helped Nigerian businesses access payment and collection facilities in other African markets.
Awuzie said that the innovation was developed in response to recurring cases of fraudulent transactions, delayed payments and financial losses experienced by businesses dealing with suppliers and customers across international borders.
He said that the company’s experience in blockchain forensics and investigations into lost digital assets exposed the vulnerabilities associated with informal cross-border payment arrangements.
“The company traced about 300 million dollars in assets linked to one suspected Chinese fraudster, with relevant reports submitted to law enforcement agencies.
‘’The agencies include the Economic and Financial Crimes Commission (EFCC) and INTERPOL.
‘’Such experiences reinforce the need for a payment system that restored control, security and transparency to international transactions, ‘’ he said.
He explained that Gemsbok Transfer operated as a payment orchestrator, connecting different payment rails through partnerships with licensed financial institutions.
He said that the company had partnered with Zenith Bank and Interswitch to facilitate its operations.
The CEO said that the platform also offered opportunities for Nigerian businesses to expand into other African markets through multicurrency transactions and local payment collection facilities.
He noted that the African Continental Free Trade Area presented opportunities for Nigerian businesses to explore new markets.
He said, however, efficient payment infrastructure remained essential to translating those opportunities into actual trade.
“Businesses can use the platform to access collection facilities in countries such as Cameroon and Kenya without necessarily establishing physical offices there.
“This could particularly benefit small and medium-sized enterprises with limited resources to establish operations in other African countries,” he said.
Awuzie added that transactions conducted through the platform would be insured to provide additional protection against fraud.
He explained that customers who experienced fraudulent transactions would be eligible for compensation where their claims met the conditions stipulated in the insurance policy.
He revealed that the company had establish Gemsbok Transfer Transparency Board to strengthen accountability and promote confidence in the platform.
Also, a member of the Gemsbok Transfer team, Dr Mayor Chikwe, said that the platform was a timely response to the financial risks associated with international transactions.
Chikwe, who said he had personally experienced the challenges of cross-border payments, noted that the absence of trusted payment channels could expose businesses to significant financial losses.
He said that a single unsuccessful transaction could wipe out the gains accumulated over several months of business operations.
On his part, a representative of Zenith Bank, Dr Chibuzor Onwuzurike, said that the bank was supporting the initiative through its banking infrastructure and payment systems.
Onwuzurike said that the bank’s involvement followed the necessary management approvals, adding that its technology, personnel and electronic payment infrastructure would support the platform’s operations.
He expressed confidence in the bank’s capacity to provide the required infrastructure and technical support for the initiative.
