FERRATUM OYJ: Ferratum Group enters strategic partnership with Interswitch in Nigeria
(Thomson Reuters ONE) -
Ferratum Group enters strategic partnership with Interswitch in Nigeria
Helsinki, 6 October, 2017 - Ferratum Oyj (ISIN: FI4000106299, WKN: A1W9NS)
("Ferratum"), is pleased to announce the launch of Microloan in Nigeria in
partnership with Interswitch Limited ("Interswitch").
Nigeria is the largest economy in Africa with the largest population of around
180 million people. It is projected to have 128 million households with
discretionary income and a consumer-spending base rising to EUR 1.2 trillion by
2020.
The Nigerian economy has traditionally been cash driven but is now experiencing
exponential growth in mobile money transactions, from an average monthly
transaction value of USD 5 million in 2011 to USD 142.8 million in 2016. This
can be attributed to a surge in e-commerce and smart phone penetration. Smart
phone penetration in Nigeria was estimated to be 28% in 2016 with 76% of all
internet traffic routed through mobile phones. This makes Nigeria one of the
world's most mobile connected countries.
Interswitch, based in Lagos, builds and manages transaction infrastructure and
provides secure electronic payment solutions. All Nigerian banks are connected
to Interswitch, making the company the most accessible e-payment network in
Nigeria.
Introducing a new Interswitch Lending Services Platform, Interswitch has
partnered with five leading banks and three innovative credit providers,
including Ferratum. The platform offers proprietary credit analysis, risk
scoring and management technology that members of the partnership can use to
access customers who do transactions on the Interswitch network.
Ferratum brings its strengths in predictive big data analytics and automated
credit risk scoring to this partnership, while Interswitch will handle customer
support and marketing of Ferratum Microloans through its various sales channels
and platforms.
Ferratum will initially offer Microloan amounts of between NGN 1,000 and NGN
10,000 (approximately EUR 2.70 to EUR 27.00) to customers of Interswitch who are
resident in Lagos. The National Population Commission of Nigeria estimated the
population of Lagos to be 21 million in 2016, which makes it the largest city in
Africa. A testament to Nigeria's potential was its selection by Goldman Sachs
as one of the "Next 11" countries, which will have an impact on the global
economy.
Ferratum Group founder and CEO, Jorma Jokela, commented:
"Entering the African market is an important milestone in our international
growth strategy. Interswitch is an established and well respected financial
company, leading the way in creating innovative ways to transact using digital
technologies in Africa. This partnership is a further step towards Ferratum
providing accessible credit globally for any individuals or businesses who are
underserved by traditional banks and mainstream finance.
For the expansion of Ferratum into the African continent, the shared commitment
of Ferratum and Interswitch to promote financial inclusion makes this
partnership all the more compelling."
About Ferratum Group:
Ferratum Group is an international provider of consumer and small business
loans, distributed and managed by mobile devices. Founded in 2005 and
headquartered in Helsinki, Finland, Ferratum has expanded rapidly to operate in
25 countries. Ferratum's customers utilize digital media to apply for consumer
credit in amounts up to EUR 20,000 and small businesses instalment loans up to
EUR 100,000 with a term of six to twelve months.
As a pioneer in digital lending and mobile financial services technology,
Ferratum is at the forefront of the digital banking revolution. Ferratum Mobile
Bank, launched in 2016, is an innovative mobile banking platform offering a
range of banking services, including real time digital payments and transfers,
within a single app. It is currently available in five European markets. Led
by its founder, Jorma Jokela, Ferratum has more than 1.7 million active and
former customers who have been granted one or more loans in the past (as at June
30, 2017).
Ferratum Group is listed on the Prime Standard of Frankfurt Stock Exchange under
symbol 'FRU.' For more information, visit www.ferratumgroup.com.
About Interswitch Limited:
Interswitch is an Africa-focused integrated digital payments and commerce
company that facilitates the electronic circulation of money as well as the
exchange of value between individuals and organisations on a timely and
consistent basis.
Interswitch is the owner of Verve, Nigeria's most used payment card, accounting
for 18 million of the 25 million cards in circulation in the country.
Interswitch also recently acquired VANSO, a mobile-focused technology provider
to banks. This new acquisition will result in VANSO's mobile banking, SMS and
security businesses being fully integrated into Interswitch's digital commerce
and technology operations in Nigeria, and across Africa.
Interswitch currently operates in Nigeria, Gambia, Kenya and Uganda with plans
to expand into more markets in the Eastern part of the African continent. For
more information, visit: www.interswitchgroup.com.
Contacts:
Ferratum Group European media enquiries:
Dr. Clemens Krause, CFO Edelman.ergo, A Daniel J Edelman Company
T: +49 30 88715308 Alexander Schmidt | Andreas Martin
F: +49 30 88715309 T: +49 69 27 13 89 26
E: clemens.krause(at)ferratum.com E: Alexander.Schmidt(at)edelmanergo.com
E: Andreas.Martin(at)edelmanergo.com
Ferratum Group UK media enquiries:
Paul Wasastjerna Smithfield, A Daniel J Edelman Company
Head of Investor Relations Alex Simmons | Brett Jacobs
T: +358 40 7248247 T: +44 20 3047 2543 | +44 20 3047 2537
F: +358 20 741 1614 E: asimmons(at)smithfieldgroup.com
E:paul.wasastjerna(at)ferratum.com E: bjacobs(at)smithfieldgroup.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: FERRATUM OYJ via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 06.10.2017 - 07:30 Uhr
Sprache: Deutsch
News-ID 562697
Anzahl Zeichen: 7269
contact information:
Town:
Helsinki
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 356 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"FERRATUM OYJ: Ferratum Group enters strategic partnership with Interswitch in Nigeria"
steht unter der journalistisch-redaktionellen Verantwortung von
FERRATUM OYJ (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
