NIGERIA GOVERNMENT MULLS FRESH E-PAYMENT SCHEME.

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NIGERIA GOVERNMENT MULLS FRESH E-PAYMENT SCHEME.

Due to the connectivity problems to drive its cash lite economy initiative, the Central bank of Nigeria (CBN) is considering the introduction of mobile point of salem (MPOS) terminals which will run on the networks of the carriers.
The finacial services sector regulator has stated that MPOS will make transactions easier because it will not be too dependent on optimum connectivity.
Mr Dipo Fatokun, Director banking and payment System department (BPSD) CBN said at the cash reward presentation of the e-payment incentive scheme that, CBN was on the verge of introducing mobile POS terminal which would thrive on network connectivity and make transactions easy for both card holders and merchants. He further said that to make this happen, the engagement has started with the major carriers in the country to ensure better connectivity.
Explaining on how it works, he said that if the signal strength is not even as high as what you will need for the desktop POS and the signal strength is enough for youto make a voice call, the transaction can still go through.
Mr fatokun said the use of POS terminals in Nigeria has increased from 5,000 in 2011 to 120,000 in 2015 due to the introduction of the cash less policy and transactions on the platforms now average to N1.5 Billion daily. He went on by saying that Nigeria was making a lot of progress on POS and challenged that we can do more on the cash less journey.
SOURCE: BIZTECH AFRICA.

2015-10-19T10:51:11+00:00 October 19th, 2015|News|Comments Off