Nigeria Pan-African integrated digital payments and commerce platform, Interswitch, has signed a twenty six billion naira deal with British transport ticketing firm Bekoz UK ltd to create a transportation ticketing system in Nigeria.
Worth £56 million (about N26 billion), the deal will enable the use of British technology to give commuters in Nigeria a seamless transportation system with the use of three products specifically created to suit the Nigerian transportation system. These products include: the BeVal, BeCard, and BeReader.
The BeCard looks like a regular bank card in Nigeria. The BeVal is the electronic instrument to be installed on the buses passengers will tap the card on, as it is done on London buses, and the BeReader is the system that keeps the whole process running.
The deal is estimated to be worth 26 billion naira
Speaking on the partnership between the two organizations, Divisional CEO for Payment Processing at Interswitch, Akeem Lawal, acknowledged the immense growth and development the partnership will bring about in the Nigerian transportation system.
“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 (Smart move) 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,” Lawal said.
The deal will help to provide seamless ticketing process on Nigerian transport
Bekoz owns right to the intellectually property of the technology but co-created it in collaboration with Interswitch. The manufacturing and specifications are done by Delta Microelectronics, an international engineering company with a track-record of excellence.
Speaking at the signing ceremony in Abuja, CEO of 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. 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.”