V-Exchange, a mobile finance technology company, has demanded for #2billion from etisalat as repayment for an alleged infringement on its product’s copyright.
V-Exchange, which specialises in imparting immediately finance solutions to people and company entities via smart records driven platform, claimed that the ‘kwik cash’ loan service which etisalat offers to its customers is a stolen product.
The co-founder of V-Exchange, Samuel Ajiboyede, told treporters in Lagos, that on november 23, 2016, he met with representatives of etisalat concerning his business enterprise’s product and for the reason of partnering with them for mutual business benefits.
Ajiboyede stated that at the meeting, the loan service product was showcased to etisalat officials, who upon being impressed through the demonstration asked to be supplied with extra information.
He, in addition said the etisalat officers, recommended that he obtain the Nigeria Communications Commission, (NCC) short code being the last issue for a deal to be sealed among the two entities.
He said, he eventually asked for a MOU from etisalat to permit his corporation obtain a Value Added Service (VAS) licence to get the short code approval from Nigeria Communication Commission, however that the request was by no means accented to.
The V-Exchange co-founder said he was shocked when he heard that etisalat had long gone in advance to launch the instantaneous loan service with out his consent.
Additionally, while speaking at the media briefing, the Chief executive officer, V-Exchange, Mrs Kemi Ayinde, mentioned that well-wishers had been sending her congratulatory messages at the a hit release of the product not knowing that her firm was not even involved with the launch.