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Interstellar Inc. Enters Strategic Partnership with Interswitch Group to Develop Blockchain-powered Infrastructure Services and Solutions

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interswitch limited

Interstellar Inc.(“Interstellar”), an Enterprise Blockchain Infrastructure Services Company and Interswitch Group (“Interswitch”), Africa’s leading Integrated Payments and Digital Commerce Solutions company, have announced a long-term strategic partnership agreement to jointly develop blockchain-powered infrastructure services and solutions.

Interswitch and Interstellar have been working together over the last two years, carrying out blockchain technology research. As part of the partnership, Interstellar’s Blockchain technology stack (STARGATE) will be integrated with Interswitch’s industry-leading payments and digital commerce technology. This will further enhance the shared vision of the businesses to drive greater financial inclusion and prosperity across the continent.

Both companies have been preparing for the blockchain revolution in the African market with several ongoing initiatives including a Pan-African Payment Ecosystem (PAPE) powered by a private permissioned blockchain network which includes a consortium of Banks and Fintech players.

Ernest Mbenkum, Founder and CEO at Interstellar, commented, “We are delighted to have established this strategic partnership with Interswitch, one of Africa’s most valuable fintech businesses. This marks the genesis of an innovative and collaborative partnership aimed at delivering impact-focused and enterprise-grade blockchain-powered services across the African continent.”

Interswitch has been at the forefront of major innovation milestones in payments in Nigeria for the last 20 years, garnering recognition along the line as one of the fastest-growing technology companies in Africa (Deloitte Fast-Growth 50) and gaining acclaim as the first homegrown African Fintech Unicorn following a minority investment by Visa in late 2019. Today, Interswitch’s current business footprint covers more than 26 countries in Africa.

Akeem Lawal, Divisional Chief Executive Officer for Transaction Switching and Payment Processing at Interswitch commented, “We are excited to partner with Interstellar on this journey and we look forward to the amazing things we will achieve together in the African market. This new alliance underscores the directional evolution of our blockchain innovation strategy which is premised on our strategic intent of developing a native, proprietary enterprise-grade distributed ledger technology stack that is practically tailored to the African context. This enables us to progressively digitize multiple industry value-chains across African markets whilst also supporting the actualization of the Pan African Payment Ecosystem, riding the wave of opportunities created by such initiatives as the AfCFTA.”

The adoption of distributed ledger technology applications in Africa offers significant potential for advancing socio-economic growth, empowerment of communities, digitization of industries, lowering the costs of local and cross border payments, localization of emerging technology and the development of African tech talent.

Looking at recent trends, the African continent has been seen to be progressively embracing contemporary innovation in digital currency, with Central Banks and other payment service providers actively championing some of these interventions. These present multiple advantages and opportunities for deepening payment systems across the continent, and this timely partnership between Interswitch and Interstellar represents another significant milestone in the journey.

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Company News

Cadbury Nigeria Recognised For Human Resource Management

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Cadbury Nigeria

Cadbury Nigeria Plc announced that it had been recognised as a top employer by the Netherlands-based Top Employers Institute, even as it stressed the importance of employee well-being.

Cadbury Nigeria, a subsidiary of Mondelēz International, made the announcement in a statement released on Wednesday as part of the celebration of its third annual purpose day.

The consumer goods manufacturer said it held a webinar for its employees anchored by experts in healthcare management.

The Managing Director, Cadbury Nigeria, Mrs. Oyeyimika Adeboye, said the company takes the well-being of its employees seriously, adding that they would give their best if they had the right mental attitude.

“That is the reason we organised the webinar by bringing in experts from Helen Keller International to speak to us on well-being, as part of our Purpose Day,” she said.

Adeboye added that the growing importance of holistic well-being made the company focus its annual Purpose Day activities this year exclusively on well-being in the areas of mind, body and connection.

The Country Director, Helen Keller International, Ms. Philomena Orji, was quoted as saying during her presentation, “Helen Keller is dedicated to scaling up evidence-based, cost-effective solutions to improve care practices and ensure that basic health interventions reach vulnerable people, with a focus on women, youth, and children.”

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CSCS Reappoints Haruna Jalo-Waziri As CEO

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CSCS-Investors King

The board of the Central Securities Clearing System has approved the re-appointment of the Chief Executive Officer, Mr. Haruna Jalo-Waziri, for another five-year term.

CSCS disclosed this in a statement on Tuesday, saying the company had seen a major boost in its revenue base and had also built strong strategic alliances with other financial market entities across Africa during Jalo-Waziri’s tenure.

It said Jalo-Waziri led the company’s profit growth by 18 percent compound annual growth rate and delivered a 20 percent return on average equity in the 2020 financial year amidst the pandemic.

The Chairman, CSCS, Mr. Oscar Onyema, said the board was impressed with the CEO’s performance and that the foundation built by the team had positioned the firm for its next growth phase.

Onyema said, “That is why we are aiming to consolidate on our gains and diversify the business for sustainable growth.

“On behalf of the board, I congratulate Mr. Jalo-Waziri on this reappointment, which reflects our vote of confidence and greater expectations from him in creating value for shareholders and broader stakeholders of CSCS.”

Jalo-Waziri appreciated the board for the reappointment.

“I am tremendously proud of the talent pool we have built here at CSCS. As we set out to diligently execute our next growth strategy, I am super excited at the future of this great institution and look forward to deepening our partnership with different stakeholders for mutual prosperity,” he said.

He added that he would continue to count on the support of the Securities and Exchange Commission, the board, participants and other stakeholders in deepening the Nigerian capital market.

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Company News

BOC Gases Nigeria Plc Rebrands to Industrial and Medical Gases Nigeria Plc Following Acquisition

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BOC Gases Nigeria Plc - Investors King

BOC Gases Nigeria Plc, Nigeria’s leading manufacturer of industrial and medical gases, has changed its name to Industrial and Medical Gases Nigeria Plc following an additional 60 percent acquisition by TY Holdings Limited in August.

TY Holdings Limited acquired a 60 percent stake owned by BOC Holdings UK to take its total stake in the company to 72 percent.

The company disclosed in a statement signed by Ayodeji Oseni, the Company’s Managing Director.

The statement reads, “The change of name is sequel to the purchase of 60% of BOC Gases Nigeria Plc, which was formerly controlled by BOC Holdings UK (a member of the Linde Group) by TY Holdings Limited. This has also resulted in the change of the Company’s logo and trademark.

“The Company has obtained a new certificate of incorporation from the Corporate Affairs Commission.”

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