Global payment technology firm Visa has launched a Web-based reporting and expense management software called Visa IntelliLink Spend Management into the Nigerian market, which it describes as capable of helping Nigerian businesses monitor and control corporate spending patterns.
More than 35 Nigerian financial institutions currently offer the software.
Speaking at the launch event, Ade Ashaye, Country Manager of Visa West Africa, said that Visa IntelliLink Spend Management allows companies to monitor compliance to business spending policies, and enables them to manage organisational spending and exposes areas where they can cut expenditure.
He further stated that with the target demography majorly comprised of card programme managers, finance managers, procurement managers, travel managers, employee cardholders and auditors. The solution could serve as an effective tool for effective monitoring, regulation and management of costs incurred by employees on the account of their respective companies.
David Levey, a senior official at Visa, commented that the software is an effective tool that Nigerian companies can deploy to bring about corporate efficiency and cost effectiveness. With the solution, cardholders can now verify expenses, which could now be managed more easily.
On the ease of use and interconnectivity, the senior official said: “Visa IntelliLink Spend Management integrates with the suite of Visa B2B payment products and is provided by Visa and offered by financial institutions around the world. It is fully accessible on the web, which means that there is no additional hardware or software cost to implement the solution.”
Levey added that since the initiation of the CBN’s cashless initiative, especially in Lagos, Nigerian companies are now adopting global standards for reporting, accounting and expense management.
With the introduction of Visa IntelliLink Spend Management to Visa’s core commercial card payment offerings, Nigerian corporate enterprises, organizations and public institutions can now enjoy Visa’s wide range of flexible solutions that improve reporting and control, Levey noted.