CoralPay Nigeria employs ‘ C’Gate’ solution, (CoralPay Payment Gateway and Processing) Platform, a payment processing engine to enable customers using bank USSD code to pay directly from their bank account for their goods and services. It is reported to be the first inter-operable USSD and mobile payment processing platform which ensures a safe and easy transaction process.
The C’Gate is equipped for card processing, telephony processing, and transfers from account to account, and other forms of payments. Such transactions are allowed on point-of-sale (POS) terminals, Automated Teller Machine (ATMs), Smart and on e-Commerce websites.
In an interview with the Chief Executive Officer, he stated that the C’Gate platform could be seen as a payment processing engine fashioned with global payment designs and standards into one processing platform, to sell varying consumer experiences for varying reasons all over the world.
According to reports, some deposits and commercial banks, insurance companies, Health sector operators, Mobile Money Operators, Other Financial Institutions (OFI, PSB, MFBs) and Insurance Companies, have adopted the payment solution.
The chief executive officer further said:
“For the insurance companies, the ease of collection of premiums from their customers across urban and rural locations has been a huge concern; it comes with a lot of difficulties due to logistics challenges and non-availability of sufficient secure payment points, which has now been solved with the C’Gate solution.
“Also with the C’Gate, you are able to remotely and securely pay your premiums to the designated Insurance Company account for onward remittance to your specific purpose account. For our several partnerships in the health sector (Private and Public Sector alike), payment and remittance of health insurance premiums, has been made more secure and simplified.”
“the one key feature of the C’Gate platform, that has been most interesting and novel, to be considered as the flagship product, is the ability to use your USSD payment code from any bank or OFI (Other Financial Institutions) to pay remotely on any point of sale (PoS) terminal that has been deployed in the market today and a receipt”.
He described the solution as one that was intentionally designed to fill identified gaps in the e-payment system.
“Typically today, though some of payment processing institutions have tried to develop solutions for financial inclusion, these have largely operated in silos that have not allowed for full integration of all partners and upcoming startups in the ecosystem.
“Our objective as Coral pay is to create a Gold Standard for Payment and Transaction Processing in Africa”. When we describe gold standard, it is not just to say you are redefining standards, but you are taking the best of practices across various payment schemes and their stakeholder communities alongside regulatory partners and bringing it into a common standard to create a Gold Standard for Africa promoting our uniqueness.
“Existing today are USSD codes, cards, telephones, accounts. Also you have other tools and devices that exist, but one thing that has remained a problem is that they have all operated in silos, because the channel on which they can transact are limited to their design.
“But with the C’Gate platform, all of these different tools can all work from one base platform which is the Coral Payment Gateway and Processing Platform”
According to the Chief Executive Officer, the striking benefits of the C’Gate USSD solution include; Convenience, cost effectiveness, speed and Security which allow for payment for goods and services easily with and without being physically present.
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