In its efforts to enhance the facilitation of payments between SMEs and retail customers in the digital space, Access Bank Plc has unveiled SWIFTPAY, 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.
Speaking to newsmen during the launch of the new service in Lagos, Group, Head, Emerging Businesses, Access Bank plc, Ayodele Olojede, said that 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. She revealed that statistics from a survey carried out post-lockdown showed that MSMEs were impacted by cash flow, revenue and sales while adding that the impact of the pandemic made more apparent the lack of infrastructure and access to digital resources for small businesses.
“This is why Access Bank 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 5 minutes for interested merchants to sign up as it is convenient and time saving for everyone.
Ayodele also revealed that the 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.
“We have been focused on providing solutions targeted at boosting the economy because we believe it is our responsibility to contribute to the stimulation of economic growth. With the launch of “SwiftPay by Access”, we are renewing our commitment to providing the much-needed technological support to our SMEs.” Olojede concluded.
Access Bank Plc is recognized as one of the most innovative financial institutions in Africa. With over 40 million customers and 600 branches nationwide, it offers a range of products and services tailored to suit needs and lifestyle of its customers across multiple segments.