SWIFTPAY: Access Bank unveils digital payment service for SMEs

In its bid to facilitate easy facilitation  of payments between SME and retail customers via digital space, Access Bank Plc has unveiled SWIFTPAY, a digital payment service
The service is initiated to enhance the  receipt of business payments so that  customers make quick, easy and secure digital payments on social media platforms.
In her address to journalists in Lagos, Head, Emerging Businesses, Access Bank plc, Ayodele Olojede, said that the 2020 lockdown caused less in-person interactions and less in-person payment options.
Acccording to him,  statistics from a survey carried out post-lockdown revealed that MSMEs were impacted by cash flow, revenue and sales.
“This is why Access Bank introduced SWIFTPAY to support the digital transition and growth of SME businesses. This product is part of the bank’s commitment to support SMEs to meet their business objectives despite the times. The new service comes in form of a payment link that can be hosted on merchants’ social media pages and sent to anyone to pay and conclude business transactions. It is easy and takes less than 5 minutes for interested merchants to sign up as it is convenient and time saving for everyone.
He added that Access Bank would not relent in providing real solutions that support the growth of small business in Nigeria.
“SWIFTPAY is free and the processing charge is discounted up to 15 per cent to ensure merchants keep most of their earnings. In recent times, e-commerce has been challenged with the rise in fraud on social media, we have ensured that every merchant registered on SWIFTPAY carries a ‘verified by access ‘stamp to authenticate the page giving customers confidence when they transact.
“We have been focused on providing solutions targeted at boosting the economy because we believe it is our responsibility to contribute to the stimulation of economic growth. With the launch of “SWIFTPAY by Access”, we are renewing our commitment to providing the much-needed technological support to our SMEs.” Olojede concluded.