Itex Targets 30% Market Share on Payment Solutions, Expands Services

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By Emma Okonji

Itex has said it will surpass 30 per cent market share of the country’s payment solutions, given its new business model for service expansion.

This followed its successful partnership with the Central Bank of Nigeria (CBN) and the Nigerian Interbank Settlement System (NIBSS), on the initial implementation of an interoperability platform for the successful cashless Nigeria rollout that resulted in the digital connection of over 220,000 Point of Sales (PoS) machines across the country.

Announcing its expansion plan and and its new brand identity in Lagos recently, its Managing Director and CEO, Mr. Ernest Uduje,  listed some of its expanded service offerings from payment channels to include PayVice, TAMS, Internet Payment Gateway, Afrimart and other bespoke services for its clients.

According to him, “The Itex POS terminal application software is highly robust, with extreme flexibilities that allows for customised transactions (both traditional and digital) required by merchants or acquirers. Itex has an extensive client portfolio spanning 19 African countries, with more than 67,000 POS terminals deployed to merchants, commercial banks, agent network, transnational corporations and governments across Africa.

“The PayVice is a value-added service, which includes an electronic wallet system that enables funds transfers, utility, transport and logistics bill payments. PayVice also enables QR Code payments.

“Itex’s Terminal Application Management System (TAMS) platform, is ahighly robust and multifunctional e-commerce platform with features including EMV cards switching and processing capabilities, as well as digital payment channels with features like QR code payment, reporting and automated fraud prevention systems, while Itex Internet Payment Gateway is a platform for processing online payments for online retailers, omni channels or traditional brick and mortar stores.

“Afrimart is a platform designed to create new business opportunities for African SMEs and general merchants on the quest for growth and expansion by creating visibility and accessibility to African buyers and suppliers.”

According to Uduje, “As the Fintech sector continues to grow, Itex is well positioned to provide innovative solutions to clients across Africa. The new brand further demonstrates our commitments to transform our sector to offer more digital products and services. During this growth phase, the company will continue to expand its client base and technology partners.”