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Tag: PoS

  • Driving seamless payments with new PoS, Moni App technologies

    Driving seamless payments with new PoS, Moni App technologies

    Nothing compares to achieving seamless payments at merchant locations using Point of Sale (PoS) and the new Moni App. The payment infrastructure, created by the United Bank for Africa (UBA), is making payment easy and boosting business output for merchant users.  Many Small and Medium Enterprises (SMES) across several markets in the country have narrated their experiences in using the bank’s new PoS and Moni App at merchant locations, and all the feedbacks are that payments are received instantly, leaving customers satisfied with the bank’s e-payment operations, writes Assistant Editor COLLINS NWEZE.

    The business environment is always filled with expectations from customers. They demand seamless services and when it is time to settle their obligations, they want the payment infrastructure to be smooth in performing that function.

    For Aminatu Bashiru, a fabrics trader at Balogun Market in central Lagos, success of her business relies seriously on the efficiency of her bank’s payment infrastructure. She narrated how her business thrives with the support of new Point of Sale (PoS) and Moni App payment infrastructure deployed to her store by the United Bank for Africa (UBA Plc). Bashiru narrated how,  over the years, she witnessed shifts in Nigeria’s financial landscape, where new players introduce products and services, middlemen promise quick fixes, but only a few deliver on their promises to customers.

    One of the banks that have consistently delivered on its promises to customers is UBA Plc. She narrated how her partnership with the bank has helped her business to grow. “UBA has continued to deliver cutting-edge technology, such as its newly introduced instant settlement feature on its PoS and revamped UBA Moni App. Both payment tools ensure speed and security, helping customers to settle their obligations effortlessly,” she said.

    According to UBA led by its Group MA, its payment solution has evolved into a vibrant hub for smooth digital transactions, now featuring a redesigned PoS terminal and an upgraded UBA MONI App. The enhanced PoS terminal offers exceptional performance, providing merchants with instant settlement, real-time tracking, pay-by-link options and a 100 per cent transaction success rate, enhancing speed, transparency and reliability for businesses of all sizes.

    On the other hand, the improved UBA MONI App enhances UBA’s agency banking services with new capabilities, including instant settlement, transfer-based payments, secret question verification and a user-friendly design.

    It also retains key features such as quick account creation, real-time money transfers, cash deposits and withdrawals, as well as discounted airtime and data. Together, these upgrades ensure a faster, more secure and smoother experience for merchants, agents and customers alike.

    UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola, emphasises the transformative impact of these new improvements and upgrades on SME. “The newly introduced real-time settlement provides the much-needed lifeline for businesses. By ensuring immediate access to funds, we’re empowering merchants to operate with confidence, reinvest quickly and focus on growth rather than worrying about cash flow delays. This is how we drive financial inclusion and strengthen Nigeria’s digital economy,” he said.

    This is particularly critical for small businesses operating on thin margins, where cash flow delays can disrupt restocking and payroll. With the elimination of settlement lag, UBA has improved convenience and trust, which is a major barrier to digital payment adoption in Nigeria and Africa.

    Fashola adds: “Our goal is to make digital payments smooth and reliable for every merchant, from market stalls to large retailers. When businesses thrive, the entire economy benefits and UBA is proud to lead that change and charge.”

    More so, trust is the cornerstone of UBA’s strategy. While fintech startups often struggle with credibility among older merchants and even younger ones, UBA leverages its over seven-decade reputation to reassure wary traders. “I don’t trust these new apps, but I know UBA. Immediately, I was informed about their new PoS and Moni app, I had to get it real quick. Their new PoS don’t fail, and their agents are always available to help; they are like children and family to me,” Aminatu said.

    This trust is further enhanced by real-time transaction monitoring, providing merchants with full visibility over payments. Unlike opaque third-party platforms, UBA’s system provides instant notifications and failsafe reconciliations, which are crucial for businesses keeping daily ledgers.

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    Fashola explains further: “Trust isn’t built overnight as it is earned through consistency, reliability, and transparency. UBA’s long-standing presence in Nigeria means merchants see us as more than a service provider, but as a partner they can depend on.

    “For many SMEs, especially in traditional markets, trust is just as important as functionality. That’s why we combine cutting-edge technology with the human touch, agents on the ground, responsive customer service, and complete transparency in every transaction. When a merchant knows their funds are secure and their issues will be resolved, they’re far more likely to embrace digital payments fully.”

    Recognising that not everyone carries a bank card, UBA’s Moni App has introduced a new pay-by-transfer feature, enabling customers to easily make payments directly from their mobile banking apps. This move aligns with UBA Moni’s goal to bring more people, especially the financially excluded, into the banking system by working with local agents who understand and speak the language of their communities.

    “Many of my customers don’t own physical cards,” Chinedu Okeke, a UBA Moni agent, said, adding that “they just show me their transfer confirmation and I get the alert instantly. It’s fast, secure, and there are no more arguments about whether payment was made.”

    Fashola, UBA’s Head of Digital Banking, added that “financial inclusion is about meeting customers where they are. While cards are still relevant, we know that millions of Nigerians prefer to transfer directly from their bank accounts. With UBA Moni’s pay-by-transfer option, we’re streamlining the payment process while still delivering the trusted security UBA is known for.”

    Hidden charges and unclear pricing have long been a major pain point for merchants and small businesses. Many traders have complained about unexpected deductions and fluctuating charges from payment providers, which cut into already tight profit margins.

    UBA tackles this challenge head-on with clear, upfront pricing and zero hidden charges. Merchants know exactly which fee applies to each transaction type, whether it is card payments, transfers, or other methods.

    “We believe fairness is non-negotiable in digital payments. Our merchants deserve to know exactly what a transaction costs, no fine print, no last-minute surprises. This is how we empower businesses to grow sustainably,” Fashola added.

    Protecting customers against fraud

    The UBA has continued to protect its customers against fraud. According to the bank, fraud remains a top concern for Nigerian merchants.

    UBA’s upgraded terminals integrate advanced encryption and multi-factor authentication, while the MONI App adds secret question verification for high-value transactions.

    The bank has been at the forefront of combating fraud in Nigeria’s banking sector, thanks to its significant investments in security and its transparent approach to tackling the menace. The bank continually upgrades its services with advanced features designed to help merchants mitigate fraud, particularly incidents stemming from fake alerts and poor network connectivity.

    A Lagos-based UBA customer, Chinedu Okeke, said: “With UBA’s new security features, I can verify every transaction before the customer leaves my shop.”

    According to him, a system also flags suspicious activity in real-time, a critical safeguard in a market where chargeback scams cost businesses billions annually.

    “UBA’s newly upgraded PoS and MONI App is designed to offer solutions to the core issues that merchants contend with daily, such as instant settlements that eliminate cash flow stagnation or robust security features that combat fraud. UBA is at the forefront of establishing new benchmarks for dependability in digital payments.

    “With a blend of cutting-edge technology and a reputation spanning decades of being reliable and dependable, UBA is filling the gap between conventional banking and contemporary fintech to make it possible for even the most cautious merchants to adopt digital payments with ease,” he said.

    In a chat with reporters in Abuja, the Group Managing Director/CEO of UBA Plc, Oliver Alawuba said financial accessibility is an important factor for Nigeria to achieve $1 trillion economy target set by the Federal Government.

    He said: “We can’t get it right when the majority of our people are not in the financial system. We can’t operate at full capacity. So, financial inclusivity must be driven to the extent that we are bringing everyone, every bankable citizen, into the financial system.”

    Alawuba further explained that Nigeria’s transformation depends on how effectively the financial sector mobilises capital, supports infrastructure, treats the real sector and invests in digital innovation because strong economies are built on the foundation of strong banks.

    CBN on payment modes in Nigeria

    According to the Central Bank of Nigeria (CBN), as of June 30, 2024, the payment landscape in Nigeria has undergone significant changes.

    This was revealed by CBN Governor, Olayemi Cardoso. While cash remains relevant, the adoption of non-cash payment channels has surged.

    Electronic transactions, facilitated by platforms such as the NIBSS Instant Payment (NIP) have become increasingly popular. Nigerians now prefer digital methods for making payments, reflecting a shift away from traditional cash-based transactions.

    Available data on non-cash retail payment channels at the end of June 2024 indicated that Internet (Web) Transfer remained the most patronised channel, accounting for 51.91 per cent of the total e-payment transactions, while NEFT was the least, with 0.20 per cent. A detailed breakdown of some of the e-payment channels is as follows:

    The apex bank said cash has historically been the most prevalent form of payment in Nigeria. However, the landscape has evolved. In 2011, the CBN introduced the cashless policy. The goal was not to eliminate cash but to reduce its circulation in the economy. The policy encourages more electronic-based transactions, including payments for goods, services, and electronic transfers.

    The volume and value of NIP rose to 5,626,762,540.00 and N476.89 trillion in the first half of 2024, up from 4,848,535,512 and N343.94 trillion in the second half of 2023, respectively, indicating increases of 16 per cent and 39 per cent.

    This significant growth in the use of the channel was attributed to the cash scarcity experienced in March 2023, which compelled many Nigerians to switch to electronic channels for their transactions. Additionally, the Central Bank of Nigeria’s revised cashless policy, which further limited the amount of cash that could be withdrawn from banks, played a crucial role in promoting the growth of e-payments.

    The number of PoS terminals deployed stood at 2,935,765 in the first half of 2024, representing a 20 per cent increase from 2,448,805 in the second half of 2023.

    Furthermore, the volume and value of payments via PoS terminals rose to 6,395,670,571 and N85.914 trillion by the end of the first half of 2024, up from 4,974,979,119 and N61.902 trillion in the second half of 2023, representing increases of 29 per cent and 39 per cent in volume and value, respectively.

    This growth can be attributed to the shift towards cashless transactions, as the Nigerian populace increasingly embraces digital payment methods over traditional cash transactions. The convenience and speed offered by PoS terminals have made them a preferred choice for everyday purchases, including groceries, utilities and services.

  • How POS platforms are transforming digital payments in rural Nigeria

    How POS platforms are transforming digital payments in rural Nigeria

    In many rural areas across Nigeria, poor network connectivity and the lack of bank services are hindering efficient financial transactions.  These have forced people to often depend on Point-of-Sale (POS) platforms to meet their financial needs. In this report, Justina Asishana explores the impact of such a payment system in some communities in Niger and Sokoto states.

    Limited access to banks

    In the Lavun Local Government Area of Niger State, there is only one bank, the United Bank for Africa (UBA), which is located at the local government headquarters, Kutigi.

    The local government, which has about 13 communities, rely on POS services for their financial transactions.

    They are able to send and receive money from different parts of the country, buy mobile data and transact business.

    Travelling to the bank incurs significant transportation costs, making banking often unattractive.

    Haruna Mohammed from Danchitagi community, however, said POS payment systems have come in handy. 

    “We appreciate the POS a lot because they help us. We are too far from the bank. If you want to go to the UBA, it is about 75 km and we pay about N3,000 to N4,000 for transportation.

    “Without POS, we would not have been able to survive financially in this community. Our relatives outside the community can send us money and we receive it from the POS.”

    In Sokoto State, several of the banks are in the centre of the town, which is between 50 to 75 kilometers from several communities in Sokoto’s main town.

    Usman Alerio from Gagi community said when it comes to financial transactions, going to the POS is easier for them in the community than going to the banks. “It is close to us and it serves us. It is easier than going to the bank. It reduces the cost of transportation. It favours me. In this community, there are no banks nearby. Most of the banks are in the centre of the city, POS is better than going to the banks.”

    72-year-old Yusuf Muhammad in Tamadi community in Sokoto State said his three children live outside Sokoto. Yet he said he had yet to step into banks since his account was opened, as he receives money his children sent to him through the POS.

    “I don’t bother to go to the bank. As far as my ATM card is still valid and I know my PIN, I can withdraw my money from the POS people. It is easy and better for me.”

    Denis Felix in Tamadi community said that services from the POS are fast and easy because there is no bank in his community: “To access a bank, you may have to transport yourself from Tamade to the town which will cost like N2,000. I prefer to go to the POS because it is preferable; I go to the bank once in a while.”

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    Impact on daily lives

    POS services are integral to the economic activities of these communities. In areas like Rigi Sambo and Tudun Wada, they support business transactions and personal financial needs, including receiving money from relatives. Without POS service, many residents say they would face significant hardship.

    POS helps in bridging the financial digital divide, as they connect remote communities to digital payment ecosystems, fostering financial inclusion and economic growth. POS technology streamlines transactions and boosts local enterprises.

    POS is working to close the financial exclusion gap in communities that might have been left behind in the digital revolution.

    Challenges with POS systems

    Despite their reliance on POS machines, residents highlighted the need to improve network connectivity and reduce failed cash transactions and cash availability.

    Residents and POS operators alike face challenges. Poor network connectivity often disrupts transactions, leaving customers with debits that do not reflect on one of the parties’ systems.

    Abdullahi Musa from the Jima community said using POS becomes frustrating when transactions fail. “There are times when you want to withdraw money and your account will be debited, but on the POS, it will show as unsuccessful. That has happened to me. Sometimes they tell me to wait for 24 or 28 hours; that it would be reverted; but after waiting without it being reverted, I would have to go to the bank to file a complaint, so that it can be reimbursed.”

    Adejo Joseph, a POS Operator in the Tudun Wada community in Sokoto noted that these days, there is cash scarcity and a lack of adequate network connectivity, which sometimes makes it difficult for him to conduct transactions.

    “These days, even in banks, you cannot withdraw a certain amount; but from us, the withdrawal limit is addressed as the people can get more money from the POS. Another challenge we face includes declined transactions, where the customer is debited but we are not credited. Sometimes, it becomes very rowdy. Telling them that they will need to make a complaint at the bank is challenging. Then also network problems from network providers and from the banks are often frustrating.”

    The Central Bank of Nigeria (CBN) in 2018 directed all banks to refund all failed electronic transactions within 24 hours, but several people who spoke to the reporter said their monies were not refunded until they went to the banks to make complaints.

    Solutions

    Ubanjin Ahmed, a financial expert in Minna, said POS has increased financial inclusion down to the last mile customer, regardless of geographical location; adding that the coming of POS to communities has helped in fostering digital financial inclusion and that the POS terminals enhance seamless cashless transactions, boosting digital public goods (DPG) adoption.

    The Head of Digital Skills and Services in the Nigeria Communications Commission (NCC), Hauwa Wakili, while speaking to MFWA DPI Journalism Fellows during its training in Abuja, said that broadband penetration is still at, as of October 2024, 42 per cent, saying that the NCC is working to achieve a national broadband plan of 70 per cent by 2025.

    She said sometimes lack of connectivity is caused by vandalisation, which is a big menace in the telecom sector.

    “Sometimes, when we experience this lack of connectivity, quite often, it is as a result of vandalisation activities. The vandalisation is not only to fibre cuts, but also to base stations, and to towers. That is how bad it is.

    “It is so rampant. We experience about 24,000 fibre cuts in one year, which makes it 65 fibre cuts in a day. One fibre cut in a state could affect another or even regions. It could have a ripple effect in regions. And so, you have that downtime.

    She stated that the fibre cuts also affect the quality of service, lamenting that it has been increasing over the years and it is a very big challenge for the telecoms industry and consumers who use telecoms services, as several of them would not be able to transfer or receive money or engage in any financial transactions when this giver cuts occur.

    This report is produced under the DPI Africa Journalism Fellowship Programme of the Media Foundation for West Africa and Co-Develop.

  • PoS operators raise charges, banks ration cash

    PoS operators raise charges, banks ration cash

    Banks have commenced the rationing of cash to customers.

    The lenders have been contending with scarcity of naira notes as they ration available cash in their vaults, The Nation has learnt.

    The cash rationing through Automated Teller Machines (ATMs) and over-the-counter transactions worsened in the last few days with customers finding it difficult to access the volume of cash they need for their daily expenditure.

    The situation shows that the cash scarcity that crumbled the economy early this year is resurfacing across many states of the federation.

    Customers of some commercial banks on Ajose Adeogun Street, on Victoria Island, Lagos branches of banks complained that the lenders were not meeting their cash needs.

    Checks at some commercial banks’ branches showed that customers can only make N5, 000 cash withdrawals from other banks’ ATMs, and  N20,000 across the counter.

    Lagos-based entrepreneur and Managing Director, Countryside Markets, Steven Okon, said commercial banks in Akowonjo, Lagos is restricting daily cash withdrawal on ATMs to between N15,000.00 and N20,000 while many ATMs are not dispensing cash.

    He said: “Many of the banks are paying N20, 000 for over-the-counter transactions per day. It is really difficult to get cash from banks these days.

    “Many banks now set their ATMs at N5,000 and N10,000 per transaction and it is very difficult to withdraw enough cash for one’s daily use.”

    Another bank customer, Mr. Lucas Ajanaku said he went to the branch of a new tier-1 bank in Ayobo, a Lagos suburb, to make N50, 000 cash withdrawal over-the-counter. “I completed a bank teller for N50, 000 cash withdrawal, but was only allowed to withdraw N20,000.

    He said the bank teller could not give reasons for reducing the amount to N20, 000.

    In many banks’ branches on Victoria Island, Lagos Island and Mushin on Lagos mainland, the machines at the ATM galleries were not dispensing cash.

    Many of the customers who patronised the galleries are making transfers through the ATMs, when they were not dispensing cash.

    Many cardholders kept moving from one ATM point to the other, to see if things had changed, but none of the ATMs dispensed cash till the close of business yesterday.

    Kareem Adigun, one of the cardholders said he had checked at all the banks’ ATMs and none of the machines dispensed cash.

    “I have checked all the ATMs in Matori to make cash withdrawal, but none of them is dispensing cash,” he said.

    Another customer however counter Adigun’s claim, saying he always get cash from the ATM of a third generation bank located near Ladipo.

    Read Also: Lagos set to distribute PoS machines

    Michael Ade lamented having an emergency issue to deal with, which he could not easily solve because no ATM machine dispensed cash.

    He stated: “I had an emergency on Saturday, so I rushed to the nearest bank to use their ATM. To my surprise, none of the ATMs was dispensing cash.

    “I am aware that the banks have capped daily withdrawal again, but the problem is, why are the ATMs not dispensing? I found it hard to understand why I have to carry about an ATM card and yet I can’t use it when I want to.”

    In the face of the ongoing cash crunch, the Central Bank of Nigeria (CBN) has continued to assure the banking public that there are enough cash to meet people’s spending needs.

    CBN Governor Olayemi Cardoso also threatened to impose fines on banks not loading their ATMs with cash or hoarding cash.

    Speaking at the 2024 Chartered Institute of Bankers of Nigeria (CIBN) Bankers’ Dinner, in Lagos, Cardoso stated: “We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians.”

    He promised that the apex bank team will be conducting spot checks across banks, and imposing penalties on the underperforming institutions.

    The CBN boss said: “Effective December 1, 2024, customers are encouraged to report any difficulties with joint cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states.

    “Guidelines will be distributed widely to raise public awareness. We will also urge full regulative compliance by all stakeholders, including mobile money operators and PoS agents, to promote digital transaction channels and improve service delivery.”

    In the highly populated areas of Lagos, Ogun and Abuja, Point of Sales (PoS) operators’ charges are moderate. The operators, who rely on turnover for profits, charge N100 on N5, 000 and N200 on N10, 000 transactions.

    The charges have gone up by between 50% and 100% in recent days.

    Also, in outskirts  like Olambe, Akute, area of Ogun State for instance, customers pay as much as N300 for a N5,000 withdrawal and N500 for N10,000. However, in high-brow areas like Ikoyi and Victoria Garden City, people sometimes pay up to N500 for N5,000 and N1,000 for N10,000.

    This thriving business is dominated by top three Fintech players – Moniepoint, Palmpay and O’Pay.

    At the LIBRA Motor, God is Good, Intercity Travels, motor parks in Ajah, Ibeju-Lekki Lagos, PoS operators were seen at all corners making cash available to travelers to pay for their trips.

    Michael Obinna, a Port Harcourt-bound passenger from Lagos, lamented his experience and how he was forced to patronise PoS operators.

    Obinna said: “Despite having major banks’ branches-FirstBank, Zenith Bank, FCMB, Access Bank, Fidelity Bank among others within the vicinity, none of the banks’ ATMs were dispensing cash.

    “My only option was to use the PoS machine. I paid N700 for N35, 000 cash needed for my trip from Lagos to Port Harcourt.”

    “This same challenge is everywhere whether it is from Lagos to Port Harcourt, Lagos to Abuja and Enugu to Jos among others. I will still pay another N700 or even more to get cash for my return trip to Lagos.”

    E-payment transactions rose by 86.44 per cent to N566.39 trillion in the first half of 2024 from N303.60 trillion in the same period of last year, Nigeria Inter-Bank Settlement System (NIBSS) data has shown.

    The CBN and banks have continued to urge bank customers to embrace alternative banking channels that include bank transfer, Unstructured Supplementary Service Data (USSD), mobile money, among others.

  • Why POS, and not banks, have cash

    Why POS, and not banks, have cash

    SIR: Nigerians have a way of making a mess of a good system.  I walked from my hotel located next to a bank to withdraw some cash.  Every bank I stopped at to withdraw money from the ATM had no cash.  From Sterling Bank, UBA, Access Bank, First Bank, Fidelity Bank to my bank, Ecobank, customers were walking around looking despondent.  No ATM was dispensing cash.

    I chose to end my walk at Ecobank where I have an account.  I noticed that the crowd sitting inside the banking hall was waiting patiently for what service I do know.  It informed my judgment that my hope may be futile.

    A lady stopped the bank manager who was assisting an elderly customer on the banking floor. I could overhear her saying that she needed cash to go to the airport. The manager had a hollow smile and gestured with the shake of her head and was about to walk away.  I mentioned to her that maybe she has answered my question.  That I was about to tell her that there is no cash in the ATM and I would like to withdraw money from my account via POS with the cashier.  She meekly said that the bank has no cash.

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    I decided to probe her on why a bank would not have cash.  She said that cash is diverted to POS operators on the street. She suggested that I use the POS operators on the street.  I quipped that that is why the banks supply cash to the POS operators instead of dispensing it at their ATM.  She responded no, that cash is supplied to the POS operators.  The logical question becomes: who supplies the POS operators with cash?  The manager answered that the fuel stations and big retailers do not patronize the banks as they used to.

    My accidental discovery that banks are not having money in the ATMs may turn out to be a shift in the economic system.  POS operators are located in every small corner.  They make cash accessible to their customers at the instant of their desire.  They have removed the distance of commuting to the banks to withdraw cash.  The innovation in the banking system of extending POS to street operators has opened an avalanche of employment for the youths.  They say that the only thing that is constant is change.  I can console myself knowing that a young girl is making a genuine living by collecting change from customers through operating a POS business.

    • Pius Okaneme, Umuoji, Anambra State.
  • CAC: POS registration will checkmate kidnapping, criminals

    CAC: POS registration will checkmate kidnapping, criminals

    The Registrar General of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, revealed on Wednesday, May 8, that the Nigerian government has tasked Fintech companies, commonly known as Point of Sale (POS) providers, to register with the commission.

    He said that criminals are increasingly using POS machines to extort money from their victims.

    The registration is to enable the government to track kidnappers, criminals, and one-chance operators causing pain for Nigerians at the moment.

    The RG disclosed this at the formal launch of CAC registration agents and merchants of Fintech in Abuja, stating that the commission is presently training staff to work twenty-four hours round the clock to meet the demand of the people.

    Magaji said: “This training is to equip the trainers to work round the clock, not just office hours, which means they can work from home since they have all the facilities they need. The registration for POS operators is still ongoing, it will close by the 7th of July 2024. No matter what business you operate in Nigeria today, you are under the law of Nigeria to ensure your business is registered with the CAC.

    “We assume that in that 60 days, all POS operators must have registered their businesses. This must be done in the interest of their interest, again if a business or an individual has been using a POS machine without registration, just know that from the day you acquired that POS you are being charged N200, and every day counts, so the day you come for registration your payment for the machine will be backdated to the day you started using it.

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    “In most banks presently, there are POS machines which are not registered and not attracting any charges, even though they are in the bank, they should be registered and charges met like any other POS on the street. After the deadline of 60 days without registration, they will be termed as criminals.”

    The RG said most criminals now move around with POS machines, if registered and documented, when anything happens and the commission is involved the POS can be traced through its registered number, and the criminals caught.

    He said with the registration, “these groups of people can get loans from the bank, knowing the legitimacy of their businesses.”

  • Firm introduces smart POS terminal

    Firm introduces smart POS terminal

    HPN Technology Limited has unveiled the K11 Pro Smart POS Terminal, a groundbreaking innovation that promises to empower in-store merchants with a range of cutting-edge technologies for unparalleled performance.

    Director of Operations Adeleke Adetula, emphasised that the K11 Pro leverages a state-of-the-art processor that ensures frictionless and swift transaction processing, enabling merchants to cater to their customers with unprecedented speed and efficiency.

    He said: “We all know that time is of the essence in the world of commerce, and this terminal is here to provide that competitive edge that businesses deserve. With the K11 Pro, you can serve your customers with unmatched efficiency and precision. We believe in not only delivering unmatched functionality, but also enhancing the overall look and feel of your storefront. It’s a marriage of form and function, creating a beautiful synergy that is immediately noticeable.”

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    Another remarkable aspect of the K11 Pro Smart POS Terminal is its 6-inch display, providing a clear and immersive user interface that simplifies transaction management, report viewing, and customer interaction, thus enhancing the operational experience.

  • POS leads e-payment transactions with 286m deals

    Point of Sale (POS) transactions is leading other e-payment channels, rising from nine million transactions in 2013 to 285.89 million last year, the Central Bank of Nigeria (CBN) has said.

    CBN Deputy Governor (Financial System Stability), Mrs. Aishah Ahmad, who broke the news at the weekend, said that Automated Teller Machine (ATM) transactions rose by over 196 per cent (295 million in 2013 compared with 875 million in 2018.

    However, electronic transfers, via web, rose 2,440 per cent (from two million in 2013 to 50.8 million in 2018 while  paper-based payments transactions using cheques declined from 14 million transactions conducted using cheques in 2013 to nine million transactions in 2018. Mrs. Ahmad spoke at the Electronic payments Incentive Scheme Efficiency Awards held in Lagos at the weekend.

    Mrs. Ahmad said the Nigerian payment system has changed significantly and continues to evolve.

    She said: “New technologies and a growing number of Financial Technology companies in the markets are supporting faster payments and settlements. Technological advancements and the Adoption of mobile as the primary channel have also made it easier and cheaper to conduct electronic transactions.”

    Adding that the developments have been validated by the astronomical increases in transaction volumes in virtually all electronic payment platforms, she said the categories of the awards reflect CBN’s aspirations for the payment system, recognising leaders in bank and non-bank categories in the critical areas of driving cashless, platform efficiency, innovation and customer experience.

    “Despite the progress recorded we are not yet at the goal. Electronic transactions are not yet at desired levels, increasing digitization heightens cyber security threats while policy makers are faced with the twin but often conflicting objectives of fostering technological innovation whilst managing the risks to financial stability,” Mrs. Ahmad said.

    She said the CBN was undertaking a review of the PSV 2020 (created to provide a sound regulatory framework that supports innovation, protects consumers and promotes financial stability) the proposed refreshed strategy is tagged PSV 2030.

    Also, the Shared Agent Network Expansion Facility was established in March 2018 by the body of deposit money banks, mobile money operators and super agents, to expand the number of agent outlets by 500k to support the National Financial Inclusion strategy objectives. With The Shared Agent Network Expansion Facility (SANEF), the number of agents per 10,000 individuals will increase from four agents to 65 agents by 2020.

  • Police deny video of officer carrying POS

    A video of a policeman who allegedly used a Point of Sale (POS) machine to extort money from motorists went viral yesterday.

    The policeman, whose identity could not be ascertained, was seen at Olowora Street, Mafoluku in Oshodi, questioning a motorcyclist with a POS machine in his hands.

    But the command’s spokesman, Olarinde Famous-Cole, an Assistant Superintendent of Police (ASP) defended the policeman, saying the POS belonged to the motorcyclist’s passenger.

    Famous-Cole said the POS was brought out of a bag carried by the passenger, adding that when the policeman was convinced by the explanation and documents presented by the owner, he handed it back to him.

    Famous-Cole said: “The policeman stopped a motorcyclist for routine check and the rider had a passenger carrying a bag. He then asked about the bag and its contents. The passenger said a POS machine and some documents were in it. The policeman asked how he got the machine and the passenger said it belonged to the company he works with and he had documents to back it. After that interaction, he returned the POS, the bag and the documents to the owner and they left.”

    In the 30 seconds video, the policeman was seen standing with two persons, identified as a bike rider and his passenger. The policeman held the POS machine.

    The passenger was in green and yellow traditional attire with a brown and white cap; the motorcyclist wore a yellow and white T-shirt.

    Bemused passersby, especially school children watched them.

  • Banks set limits on PoS, online transactions abroad

    Banks set limits on PoS, online transactions abroad

    Banks have set limits on overseas Point of Sale (PoS) and online card transactions, The Nation has learnt.

    Many of the lenders, which are battling a tough dollar scarcity, have pegged monthly transactions on PoS and online transactions using cards at $100, British Pounds Sterling 90, Euro 130 and Canadian Dollars 360.

    The ban on cash withdrawals with Automated Teller Machine (ATM) cards while abroad still stands. Travellers are now finding it difficult to pay their hotel bills, make reservations and other transactions using their debit cards after the policy took effect.

    Industry sources said had the lenders not restricted the use of ATM cards abroad, some of them would have been facing hitches meeting the dollar demands of their overseas’ customers. Such would have exposed the lenders to huge liabilities’ shocks and operational challenges as dollar scarcity persists.

    Stanbic IBTC Bank, United Bank for Africa, Access Bank, Stanbic IBTC Bank, Standard Chartered Bank Nigeria (StanChart) and GTBank last week announced the suspension of their overseas ATM card services. Also suspended by the banks were all foreign currency-denominated transactions, including those conducted on PoS machines and online.

    But in a move to ease the pains of customers, some of the lenders are now allowing transactions on PoS and online deals, under a marginally set limit.

    In an emailed note to customers, GTBank said it had reviewed international spending limit on ATM cards downwards but restricted such transactions to cards used on PoS and online transactions.

    As a way out of the crisis, banks are now encouraging travellers to open dollar accounts, which have no spending limit. Such cards are issued by the banks on domiciliary accounts funded directly by customers, but the ongoing dollar scarcity and pains of sourcing the greenback makes funding such accounts a herculean task and at cut-throat rates.

    The naira closed last week at 310 to dollar in the official market and 450 to dollar in the parallel market.

    Chief Economist at Renaissance Capital (RenCap) Charles Robertson, predicted that the naira would end the year at N390 to dollar in the official market, even though it has become undervalued, according to the Forex rate implied by this economist’s 13-year average real effective exchange rate (REER) of N286/ to dollar.

    RenCap is a leading frontier market research and investment firm, based in many countries, including Nigeria.

    “We expect the interbank forex rate to fall further, despite the naira being undervalued, partly due to low market confidence. The widening gap between the parallel forex rate of N450 to dollar and the interbank rate of N310 to dollar implies the market thinks the interbank rate should be lower. However, we do not think the ‘market-clearing rate’ is as low as the parallel rate suggests, because that market is illiquid,” he said.

    “Moreover, the improvement in the current account (CA) to a surplus of 0.3 per cent of Gross Domestic Product (GDP) in June this year against a deficit of 1.6 per cent in June last year, on our estimates, suggests the fall in the parallel forex rate may be overdone. We see the authorities succumbing to mounting pressure – possibly as soon as the November 22 meeting of the Monetary Policy Committee (MPC) – and moving towards a transparent, liquidity-enhancing forex market. Until then, we expect the policy rate to be flat at 14 per cent,” Robertson said in an emailed report.

    Naira forwards have soared to records, suggesting foreign investors see another devaluation coming. Contracts maturing in six months trade at N384 per dollar, their highest-ever level. Those due in a year have climbed to N422 from N325 since the end of June. The naira’s spot price climbed 1.7 per cent to about N310 to dollar.

    The Central Bank of Nigeria (CBN) started tightening capital controls in late 2014 to defend the naira as crashing crude prices crimped export revenues. It then imposed a 16-month peg of N197 to N199 per dollar from February 2015 until June 20 when the flexible foreign exchange policy was unveiled to allow naira float freely in the market.

  • UBA introduces mobile PoS

    United Bank for Africa (UBA) Plc has introduced mobile Point of Sale (mPoS) terminals to boost its e-banking transactions.

    The mPoS terminal is about the size of Blackberry Curve phone, but works like the traditional PoS now used in many stores and cash collecting business outlets. mPoS terminals are portable, low cost and extremely secure.

    Many stores and cash collecting outlets that have already operated the new UBA mPoS have discovered it to be a good strategy to increasing sales and expand their customer base. Existing large retailers are also adopting Mobile PoS solutions and integrating them into their current point-of-sale environment to enhance the retail and payment experience.

    mPoS allows even the smallest business to track and analyse sales and trends as all sales are automatically and instantly captured on the retailer’s system thereby enthroning accountability. It is also suitable for firms that have agents on the field collecting cash on their behalf as an option to the less secure pay on delivery system.

    UBA’s Deputy Managing Director/CEO Africa Kennedy Uzoka: “mPoS is just one of our many e-banking innovations.We have driven other initiatives, such as the acceptance of international cards on our PoS terminals.

    “Our PoS terminals are also enabled for Dynamic Currency Conversion (DCC), which means customers and non-customers using foreign payment cards on our PoS, can see their transaction value in the currency of their card or home country,” adding, that this aids transaction tracking and personal account reconciliation.

    Last year, the lender  introduced bill payments, such as airtime top up, utility bills payment and Cable TV subscription on its PoS terminals in designated locations.