Interswitch Signs N26Bn Naira Deal with British Firm to Enhance Transportation Ticketing

Interswitch Group, the Nigeria Pan-African integrated digital payments and commerce company, has signed a multi-billion Naira deal with Bekoz UK Ltd, a British transport ticketingcompany, to enhance transportation ticketing in Nigeria.  

The deal, which is worth £56 million (approx. N26billion), 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 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, Akeem Lawal, Divisional CEO for Payment Processing at Interswitch highlighted the tremendous potential the partnership offers for revolutionizing the transportation system with attendant impact on millions of commuters in Nigeria. 

He said: “Interswitch believes that the transport system in Nigeria, Africa’s largest consumer market, is ready for innovation. This partnership is a key and timely milestone in our industry vertical markets’ focus. It is highly compatible with our vision for Interswitch Transport Solutions (Smartmove) which is essentially to progressively facilitate a multi-modal and multi-operator transportation system underpinned by best-in-class technology”.  

“This not only optimizes available infrastructural capacity, but also remarkably improves user experience for all parties in the transport and mobility ecosystem. Our partners, Bekoz, bring their expertise and experience to bear, and we are extremely optimistic about the multiplier effects that this initiative will ultimately have on economic activities across the nation,” he added.

Bekoz has co-created the technology with Interswitch and owns the intellectual property (IP) while the specifications and manufacturing is done by Delta Microelectronics, a global engineering company with a long and proud history of demonstrated excellence.

Speaking in Abuja, at the signing ceremony Jeremy Hunt, the British Foreign Secretary announced 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. However this will be tailored to Nigeria’s unique needs. 

Hunt said: “This is a great example of British and Nigerian companies working side by side to deliver a better, more prosperous future for us all.  Africa’s success really matters to the UK, and this deal proves that we have a huge amount of expertise that we can share to contribute to that success. As we leave the European Union, now is the time to redouble our efforts, and commit to the partnerships we have with our African friends.”

Also commenting, Jack Dangoor, CEO of Bekoz 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. Our technology offers an efficient and cost-effective solution for commuters and transport operators that satisfies local needs and utilizes the existing infrastructure provided by Interswitch. The ecosystem of the Bekoz solution will provide significant retail business and job opportunities in Nigeria and beyond.”

In the UK, topping up an Oyster card is quite easy. However, factors like limited network connectivity and little or no electricity might make topping the BeCard in Nigeria more difficult.  That is why the BeReader is solar powered and does not require network connection all the time. It is a low-cost device and can transform anyone into an entrepreneur as every BeReader creates a business opportunity for the operator. 

Much of the manufacturing will be done in UK, and the deal is expected to create jobs in the Nigerian business and transportation environment.

11 thoughts on “Interswitch Signs N26Bn Naira Deal with British Firm to Enhance Transportation Ticketing

  • April 13, 2021 at 3:53 am
    Permalink

    Heya! I’m at work browsing your blog from my new iphone 3gs!
    Just wanted to say I love reading through your
    blog and look forward to all your posts! Carry on the great work!
    0mniartist asmr

  • April 27, 2021 at 11:15 pm
    Permalink

    I do not know whether it’s just me or if everybody else
    encountering issues with your blog. It looks like some of the written text within your posts
    are running off the screen. Can somebody else please provide feedback and
    let me know if this is happening to them too? This may be a
    issue with my internet browser because I’ve
    had this happen before. Cheers

  • April 29, 2021 at 10:42 am
    Permalink

    Hi to all, it’s truly a nice for me to pay a quick visit this web page, it consists of important Information.

  • April 29, 2021 at 10:44 am
    Permalink

    Hmm it appears like your blog ate my first comment (it was super long) so I guess I’ll just sum it up
    what I submitted and say, I’m thoroughly enjoying your blog.
    I as well am an aspiring blog writer but I’m still new to everything.
    Do you have any points for beginner blog writers?
    I’d certainly appreciate it.

  • April 29, 2021 at 4:05 pm
    Permalink

    Magnificent beat ! I wish to apprentice while you amend your site, how can i subscribe for a blog web site?
    The account aided me a acceptable deal. I had been a little bit acquainted of this your broadcast offered bright clear concept

  • May 4, 2021 at 12:39 am
    Permalink

    Wonderful, what a webpage it is! This website gives valuable
    information to us, keep it up.

  • May 4, 2021 at 9:28 am
    Permalink

    Hey There. I discovered your weblog using msn. This is
    a very smartly written article. I’ll make sure to bookmark it and
    return to learn extra of your helpful information. Thanks for the post.
    I’ll certainly comeback.

  • May 7, 2021 at 1:38 pm
    Permalink

    Terrific work! That is the type of information that
    are meant to be shared across the net. Shame on Google for not
    positioning this post upper! Come on over and talk over with my site .

    Thanks =)

  • May 8, 2021 at 5:14 am
    Permalink

    Thank you for sharing your info. I really appreciate your efforts and I
    will be waiting for your further post thank you once again.

  • May 9, 2021 at 4:18 pm
    Permalink

    I simply couldn’t go away your site before suggesting
    that I really enjoyed the standard information a person provide on your visitors?

    Is gonna be again continuously in order to check up on new posts

Leave a Reply

Your email address will not be published.

%d bloggers like this: