Partnerships Beyond The Partners… Another Lesson From Interswitch

Partnerships have become an important business strategy for businesses to adopt in order to survive. As the trends in the marketplace change, increasingly, businesses have been driven to consolidate, collaborate, and build together. To this end, we have seen collaborations within industries, even between “competitors”, as they begin to see themselves more as collaborators than competitors –  each partner focused on growing the overall pie, rather than just a small piece of it.

Partnerships have also flourished across verticals, where complementary service providers come together to identify common needs and behaviours of their shared customers, to enable them adequately address these needs, leveraging on partnerships. These forms of collaborations have brought about disruptions, new opportunities, increased revenue for the businesses, and enhanced customer experiences.
 

The aforementioned partnerships have all been focused on increased financial returns for the businesses, leveraging their core capacities. However, in the wake of the coronavirus pandemic, we have seen an emerging trend in partnerships. Partnerships between businesses with little or no common grounds coming together to fight a common enemy – COVID-19.

In Nigeria, like in other parts of the world, businesses are partnering governments, health institutions, research institutes, and so on, to fight the pandemic. On Thursday, February 27, 2020, as the first case of the novel coronavirus was confirmed in Nigeria by the Federal Ministry of Health, a new wave of partnerships took hold in Nigeria. First, we had the CA-COVID platform initiated by the Central bank of Nigeria (CBN). Then came the Presidential Task Force constituted by the President. Afterwards, individuals and corporate organisations embarked on private initiatives to partner the government and relevant health institutions to fight the pandemic.





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