Gemsbok Technologies Unveils Cross-Border Payment Platform to Tackle Fraud, Support African Trade

 

By Atlantic Reports

The company's Chief Executive Officer, Dr Charles Awuzie, announced the launch of the platform, known as Gemsbok Transfer, at a news conference on Wednesday in Lagos.

He said the platform was designed to provide businesses with a secure and trusted channel for international transactions while helping Nigerian enterprises access payment and collection facilities in other African countries.

Awuzie explained that the innovation was developed in response to recurring cases of fraudulent transactions, delayed payments and financial losses suffered by businesses dealing with suppliers and customers across international borders.

He said the company's experience in blockchain forensics and investigations involving lost digital assets had exposed vulnerabilities associated with informal cross-border payment arrangements.

According to him, Gemsbok Technologies traced approximately $300 million in assets linked to a suspected Chinese fraudster, with relevant reports submitted to law enforcement agencies, including the Economic and Financial Crimes Commission (EFCC) and INTERPOL.

He said such experiences reinforced the need for payment infrastructure capable of restoring security, transparency and control to international transactions.

Platform Connects Multiple Payment Systems

Awuzie explained that Gemsbok Transfer operated as a payment orchestrator, connecting different payment channels through partnerships with licensed financial institutions.

He disclosed that the company had partnered with Zenith Bank and Interswitch to facilitate the platform's operations.

According to him, the platform would enable Nigerian businesses to conduct multicurrency transactions and access local payment collection facilities in other African markets.

He noted that the African Continental Free Trade Area (AfCFTA) offered significant opportunities for Nigerian businesses to expand beyond domestic markets, but efficient payment infrastructure remained essential to translating those opportunities into actual commercial activities.

Awuzie said businesses could use the platform to access collection facilities in countries such as Cameroon and Kenya without necessarily establishing physical offices in those markets.

He added that the arrangement could particularly benefit small and medium-sized enterprises (SMEs) seeking to expand internationally without incurring the substantial costs associated with setting up operations in other countries.

Insurance Protection and Transparency Measures

The chief executive said transactions conducted through the platform would be insured to provide additional protection against fraudulent activities.

He explained that customers who experienced fraudulent transactions could qualify for compensation, subject to the conditions and requirements stipulated in the insurance policy.

Awuzie also disclosed that the company had established a Gemsbok Transfer Transparency Board to strengthen accountability and build public confidence in the platform.

However, the effectiveness of the proposed protection will depend on the insurance coverage, exclusions, claims procedures and the practical ability of customers to recover eligible losses.

Stakeholders Highlight Cross-Border Payment Challenges

A member of the Gemsbok Transfer team, Dr Mayor Chikwe, described the platform as a timely response to financial risks associated with international business transactions.

Chikwe, who said he had personally experienced the difficulties of cross-border payments, noted that the absence of reliable payment channels could expose businesses to substantial financial losses.

He explained that a single unsuccessful transaction could wipe out profits accumulated over several months of business operations.

Also speaking, a representative of Zenith Bank, Dr Chibuzor Onwuzurike, said the bank was supporting the initiative through its banking infrastructure and payment systems.

Onwuzurike explained that the bank's involvement followed the necessary management approvals, adding that its technology, personnel and electronic payment infrastructure would support the platform's operations.

He expressed confidence in the bank's ability to provide the infrastructure and technical assistance required for the initiative.

Regulatory Compliance and Consumer Protection Remain Important

The introduction of additional payment channels comes amid growing demand for reliable financial infrastructure to support trade between African countries.

For Nigerian businesses, particularly smaller enterprises, the ability to collect payments locally in other markets could reduce some of the difficulties associated with international transactions.

However, the platform's long-term value will depend on the reliability of its banking partnerships, regulatory compliance across participating countries, transparent transaction charges and the effectiveness of its insurance arrangements.

Clear information about participating markets, exchange rates, settlement timelines and procedures for resolving disputed transactions will also be important in determining its appeal to businesses.

Atlantic Reports: Voices. People. Facts.