Gemsbok Technologies has partnered with Zenith Bank to launch Gemsbok Transfer, a cross-border payment platform designed to simplify local and international transactions, and provide businesses with a more secure channel for paying overseas customers and suppliers.
Gemsbok Transfer was unveiled in Lagos on Wednesday, amid concerns of financial losses suffered by local and international business owners who rely on informal agents and intermediaries to facilitate international payments.
The founder and Chief Executive Officer (CEO), Charles Awuzie, said that the fintech solution was developed in response to recurring cases of fraud, failed transactions, and businesses losing substantial amounts of money through informal and weak cross-border payment arrangements.
Awuzie cited two cases involving individuals who had sought the company’s assistance after losing money in international transactions.
“Every fraud, every scam, and every failed transaction represents a loss of control. That is one of the problems Gemsbok Transfer was established to address,” Awuzie said.
He said such losses had forced some businesses out of operation, particularly those dependent on overseas suppliers and international trade to sustain their activities.
Awuzie explained that although other international payment systems exist, businesses still encounter difficulties arising from multiple intermediaries, processing inefficiencies, and human errors.
The Gemsbok CEO warned that fraudsters sometimes target previous victims with promises of recovering their money in exchange for additional payments, urging businesses to exercise caution when seeking assistance after financial losses.
He said Gemsbok Transfer was designed to reduce these challenges by providing a structured payment system that combines local collections with international transfers.
“We use sophisticated technology with security as a critical component of our system. Our integration with other payment providers is also an important part of our solution. We understand the challenges businesses face, and our community remains our first priority,” he said.
A major component of the launch is the partnership with Zenith Bank, which will provide infrustratural support for Gemsbok Transfer sevices.
Dr Chibuzor Onwuzuruike, representing Zenith Bank, “I am representing an institution whose management has approved the support needed to make this happen. We are committed to providing the necessary systems and infrastructure to support this initiative,” he said.
He added that the bank had assessed the technology and security systems behind the Gemsbok Transfer and is confident in the resources available to support its operations.
“Customers should expect a reliable and secure platform for conducting business. Having assessed the technology and security systems behind Gemsbok Transfer, we believe it is dependable and suitable for business transactions,” he said.
Dr Mayo Chikwe raised concerns about the increasing cases of fraudulent transactions involving businesses that source materials from overseas suppliers.
Chikwe said such incidents tend to increase towards the end of the year as businesses prepare for the festive trading period, with importers making more international payments.
“As we approach November and December, the number of these incidents increases significantly. This is also one of the reasons cross-border trade with China remains such a major business,” he said.
He added that the company’s work in cybersecurity and blockchain forensics had also involved helping some victims recover funds lost through financial fraud.
Beyond international transfers, Gemsbok Transfer’s services include local collections and payouts, multi-currency transfer wallets, USD virtual and physical debit cards, among others.
The company’s stated operational markets include Nigeria, South Africa, China, Cameroon, the United States, the United Kingdom, and many other countries.
