Squad, a fintech arm of Guaranty Trust Holding Company Plc (GTCO), has joined forces with OmniPay, a subsidiary of OmniRetail Inc., to empower African traders with cutting-edge payment solutions tailored for the digital age.
This strategic partnership has already benefited over 65,000 stakeholders, including retailers, distributors, and manufacturers, by offering improved payment and collection methods through Squad’s Virtual Bank Account, all without incurring any charges.
Moreover, participants have gained easier access to affordable working capital, facilitating credit-based procurement of goods for their businesses. This collaboration has propelled the daily transaction volume to surpass N3 billion, with further growth anticipated.
Adeyemi Atanda, Chief Marketing Officer for Squad, emphasized the company’s commitment to simplifying payment processes for African businesses, recognizing their crucial role in the economy. Through strategic alliances like this, Squad aims to provide merchants with rapid, user-friendly, and reliable payment solutions to optimize business operations and revenue generation.
Deepankar Rustagi, CEO of OmniRetail, highlighted the shared vision of transforming the digital payment landscape for African businesses. With OmniPay, businesses will enjoy enhanced payment methods with zero transfer fees, while retailers and distributors will benefit from easier access to OmniPay’s BNPL (Buy Now Pay Later) solution.
The partnership aims to streamline payment processes, empower businesses, and improve record-keeping accuracy through automated order reconciliation. This collaboration underscores OmniRetail’s dedication to innovation and financial inclusion, furthering their commitment to supporting African businesses on their digital journey.
