The management of V-Exchange claimed that it sent a business proposal dated 27th October, 2016 to Etisalat and subsequently met with Etisalat’s representatives on 23rd, November 2016, where it informed Etisalat of some of its products with a view to partnering with Etisalat and launching the products on Etisalat’s platform, but that Etisalat proceeded to unilaterally launch the products as ‘KwikCash’ without V-Exchange’s authorization. V-Exchange demanded for over N2billion from Etisalat as compensation.
In reaction to the allegation, Head, Environment Compliance and Public Relations, Etisalat Nigeria, Oluseyi Osunsedo, dismissed the allegation by V-Exchange Ltd as baseless and unfounded, while affirming Etisalat’s commitment to strict adherence to existing laws, industry regulations and best practice.
Osunsedo said that KwikCash loan service, the product which according to V-Exchange was allegedly copied by Etisalat from its proposal, is owned and operated by a licensed financial institution, which was granted NCC approval to run the service on Etisalat’s network. The NCC approval is dated 20th April 2016, while the pilot launch of KwikCash service held on 18th July 2016.
She questioned how the product could have been copied from V-Exchange when KwikCash service was already in existence and operational long before 27th October, 2016 when V-Exchange sent its proposal to Etisalat.
In view of the above, Etisalat Nigeria urges the general public to disregard the claim by V-Exchange Ltd. as the allegation is frivolous and lacking any merit.
“In keeping with our vision of being an enabler, we re-affirm that Etisalat is a law abiding and responsible corporate organization and we remain committed to delighting our customers and stakeholders with innovative products and superior customer experience”, Osunsedo declared.