UnionPay has announced that it is partnering with ChamsSwitch to drive financial technology in Nigeria and beyond.
Under this new partnership, ChamsSwitch will expand UnionPay’s issuing, processing and acquiring solutions to a wider market in Africa.
The Head of UnionPay International Africa, Mr. Asad Burney, expressed praise for the energy, dedication, professionalism and speed with which ChamsSwitch operated in order to obtain the certification.
A subsidiary of China UnionPay, UnionPay International is focused on the growth and support of UnionPay’s global business.
UnionPay International provides cost- effective and secure cross-border payment services to a growing number of global UnionPay cardholders and merchants.
Moreover, the Shanghai- based financial firm has partnerships with over 2500 institutions worldwide and has enabled card acceptance in 181 countries and regions.
Steady Trade Boom
UnionPay’s cards are issued in seventy- five countries outside mainland China including thirteen countries in Africa such as Kenya, Tanzania, Ghana, South Africa and Uganda.
Businesses and individuals who carry out regular transactions in China and Asia will have less to worry about in terms of payment processing as this partnership offers a seamless transaction process for trade activities.
There has been a steady boom in trade between Nigeria and China and this partnership could not be better timed.
Earlier this year, Allen Znang, an official from the China Trade Office/ Embassy in Nigeria, announced that trade between Nigeria and China increased to about $26 billion in 2022 and this figure is expected to rise subsequently.
This is three times the trade between China and Ghana, four times the trade between China and Kenya and six times the trade volume between China and Cameroon.
Moreover, the Chinese Ambassador to Nigeria announced earlier in the year that China is Nigeria’s largest source of import.
A subsidiary of Chams Holdco, ChamsSwitch joins other prominent global fintech organizations and financial institutions with this UnionPay International partnership.
Also, the Chief Operating Officer of ChamsSwitch, Yinka Aboyade, expressed his excitement and optimism about the partnership and reaffirmed ChamsSwitch’s commitment to driving financial technology in Nigeria.
ChamsSwitch provides multi- channel electronic payment solutions; its flagship product is a payment gateway called Pelpay.