As part of its mission to empower African traders with the necessary payment solutions for thriving in the digital era, Squad, a fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), offering comprehensive payment and e-commerce solutions for businesses, on Monday said it is partnering OmniPay, a subsidiary of OmniRetail Inc.

A statement by the parties said the collaboration has so far benefited over 65,000 stakeholders, including retailers, distributors, and manufacturers through improved payment and collection methods using Squad’s Virtual Bank Account without incurring any charges. Also, the beneficiaries have gained more accessible and affordable working capital to procure goods on credit for their businesses, contributing to the daily transaction volume exceeding N3bn.

Giving an insight on the significance of the partnership, Adeyemi Atanda, Chief Marketing Officer, Squad, stressed: “At Squad, our mission revolves around providing African businesses with the right solutions for effortless payment processes, available at their convenience. We understand the pivotal role small businesses play in our economy. Through strategic alliances like this, we aim to empower even more merchants by granting them access to rapid, user-friendly, and dependable payment solutions that optimize their business operations and, in turn, boost their revenue.”

For Deepankar Rustagi, Chief Executive of OmniRetail, “as we join forces with Squad, we are driven by our shared vision of transforming the digital payment landscape for African businesses. With OmniPay, businesses will gain improved payment methods with zero transfer fees, while retailers and distributors will have easier access to OmniPay’s BNPL (Buy Now Pay Later) solution. This partnership aims to empower businesses, streamline payment processes, and enhance record-keeping accuracy through automated reconciliation for orders. This partnership reinforces OmniRetail’s commitment to innovation and financial inclusion.”