Business a.m
Chams Switch, a Fintech subsidiary of Chams Holdco, PLC, has received a license from UnionPay International, the world’s largest card network, to facilitate international payments for UnionPay cards issued by Nigerian banks.
The company in a statement obtained by Business a.m, emphasised that the development will reinforce collaboration among businesses and traders engaged in global commerce. It is also expected to provide a cost-effective alternative for international trade, particularly in transactions involving China and the Southeast Asia region.
Mayowa Olaniyan, Group CEO of Chams HoldCo, expressed optimism about the company’s future, stating that the UnionPay partnership is a testament to its commitment to innovation and value creation for clients. He added that the $2.5 million investment validates the company’s vision and positions it for continued growth and impact.
UnionPay International’s platform is designed to facilitate international trade between China and the rest of the world, and it is fully optimised to make the process as efficient and cost-effective as possible. The affordability of UnionPay cards compared to other options for international trade is quickly drawing the attention of Nigerian banks.
According to Chams Switch, two financial institutions have already integrated UnionPay cards into their services, with more in the pipeline. The strategic move has been described as a significant step forward for Chams Switch, positioning the company as a key player in facilitating cross-border transactions that are both efficient and cost-effective.
Chams Switch has secured a $2.5 million investment, which will propel the company into a phase of rapid growth. The investment is a testament to the confidence of investors in the company’s strategic vision and capabilities as an emerging leader in the fintech sector.
Chams Switch stated that the ChamsPay payment gateway has gained significant momentum in processing online payments for merchants. The company is looking to build on this success by forging strategic partnerships and alliances that will accelerate its growth.
