Interswitch Inks £56Mn Deal for transportation ticketing
Nigeria Pan-African integrated digital payments and commerce company, Interswitch Group, has signed a multi-billion Naira deal with Bekoz UK Ltd, a British transport ticketing company to enhance transportation ticketing in Nigeria.
The deal, which is worth £56 million, will leverage British technology to keep Nigeria’s commuters on the move through the launch of three products developed exclusively for the Nigerian market – the BeCard, the BeVal and the BeReader, with scope to expand this offer throughout Africa.
The management source said that the BeCard is a regular shaped card – like any bank card or the Oyster card in London. The BeVal is the device that is installed on the buses where the passenger taps on – just like on the London buses, while BeReader is the mechanism that makes all these work.
Commenting on the partnership, Divisional CEO for Payment Processing, Interswitch, Akeem Lawal, highlighted the tremendous potential the partnership offers for revolutionizing the transportation system with attendant impact on millions of commuters in Nigeria. Lawal said that Interswitch believes that the transport system in Nigeria, Africa’s largest consumer market, is ready for innovation.
Speaking in Abuja, at the signing ceremony, the British Foreign Secretary, Jeremy Hunt, explained that Bekoz will be providing the contactless transit token technology and associated electronic equipment that allows people to travel around Nigeria’s large and varied transport infrastructure, similar to London’s Oyster system. Toyota, Mandilas GM, others win Nigeria Transport Awards.
In addition, CEO, Bekoz, Jack Dangoor, said, “We are delighted to collaborate with Interswitch to deliver a British-made fully custom transport ticketing system for Nigeria and other parts of Africa”.