Maxxium USA, SmartPay in Strategic Alliance
To deploy e-payment solutions
By Ayodele Aminu
Maxxium Inc. Incorporated to US has announced its entry into the already competitive Nigerian e-payment arena with the introduction of stored value cards that can be used worldwide.
Maxxium which is partnering with SmartPay Nigeria Limited for local infrastructure will soon unveil its e-Commerce solution to allow local merchants in Nigeria participate in international commerce in ways previously unimaginable.
Maxxium's Vice President for Africa and Europe, Mr. Essien-Obot who made these known in a chat with THISDAY said SmartPay will soon deploy Ingenico terminals from Chams Nigeria Limited and Thyron terminals, which accept both magnetic stripe and chip cards, thereby enabling SmartPay's hybrid Wincor ATMs to accept magnetic stripe cards for payroll cashing and cash disbursement. At the same time, SmartPay is preparing to deploy Point of Sale (POS) terminals and over 500 ATMs in Ghana and Cameroon for Maxxium.
"Our strategic alliance with SmartPay, an e-payment solution pioneer in Nigeria, will allow Maxxium to make giant strides very quickly as we launch our services across Africa, " he stressed.
He added that Maxxium's strategy is timely for the Nigerian market, as it comes at a time that banks already have tried to innovate and better understand the requirements of the e-marketplace.
He however noted that banks have unfortunately spent hundreds of millions on switching platforms and card management systems when their focus should have been on issuer and acquirer activities.
"With Maxxium, banks are not required to make extensive infrastructural investments to deliver solutions that customers need as Maxxium advantages exists to give banks and customers what they require," Essien- Obot explained.
Maxxium's initial strategy, he disclosed, will focus on the marketing of prepaid debit cards, and electronic processing of payroll via cards that will enable employees of private and public companies receive their paychecks via cards at ATMs instead of standing in line at banks.
This, the Maxxium boss further explained, will result in significant cost and timesavings for both employers and employees. In addition, the cards can be used at merchant point of sale (POS) terminals for purchases and online shopping worldwide, where the MasterCard, Cirrus or Maestro logos are displayed.
He maintained that because of the global acceptance of cards operating under the MasterCard, Cirrus and Maestro platforms, Maxxium's effort will enable travelers and other customers to use their cards at over 900,000 MasterCard ATMs worldwide, thus providing a cheaper and reliable option to the use of travelers cheques, wire transfer, and traditional money transfer services (Western Union and Moneygram).
"Switching of transactions will be done in the United States for real time global transaction processing eliminating major investments for banks.
"Banks will be given stock of cards to issue but can also issue their existing chip cards if it comes with magnetic stripe," he further explained.
Maxxium he stated, is currently deploying its technology in Europe, Australia and other parts of Africa.
Already, Maxxium Global Resources Limited (MGRL), Essien Obot stated, has been incorporated in Nigeria, as a subsidiary of Maxxium USA, Inc. The subsidiary (MGRL), according to him, will serve as the marketing outlet for Maxxium's range of products and services in the Nigerian market and serve as the regional headquarters for Maxxium operations in the African region. Maxxium operations in Nigeria will commence within the fourth quarter of 2004, he added.
Both Maxxium and SmartPay bring remarkable knowledge base to the alliance. Maxxium's Founder, President and CEO is Godwin Essien, an international attorney with extensive experience in international business transactions. Essien has assisted US companies in numerous oversea ventures; is a founding member of the African-American Chamber of Commerce, in Florida; has represented the Black Business Investment Fund (an organization funded by local banks, and the state of Florida); and has also represented several international firms seeking to do business in the USA.
Mr. Alexander C. Nwuba is the Founder, Managing Director of SmartPay Nigeria Limited; a founding member and a member of the Board of Trustees of the Smart Card Society of Nigeria.
The Maxxium /SmartPay alliance will utilize local talents in all phases of it operations.
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