Etisalat refutes copyright infringement allegations by V-Exchange

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Etisalat Nigeria has denied the claim of patent infringement by V-Exchange Ltd. which was reported recently in the media.

An Etisalat Office
An Etisalat Office

The management of V-Exchange claimed that it sent a business proposal dated October 27, 2016 to Etisalat and subsequently met with Etisalat’s representatives on November 23, 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 N2 billion 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.

Ms. 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 April 20, 2016, while the pilot launch of KwikCash service held on July 18, 2016.

She questioned how the product could have been copied from V-Exchange when KwikCash service was already in existence and operational long before October 27, 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,” Ms. Osunsedo declared.

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