‘Mobile PoS Will Influence Last-mile Banking’

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By Emma Okonji

Innovectives, a major player in the mobile Point of Sales (mPoS), in collaboration with the Nigeria Inter Bank Settlement System (NIBSS), and some deposit banks, will hold the quarterly Ennovators Breakfast Series (EBS) to examine how Nigeria could benefit from the rapid growth of mPoS solution that is influencing the businesses of banks, FinTechs, vendors, and non-bank players.
The forum, which will be attended by financial exports, is expected to address how mPoS could influence last-mile banking activities in today’s cashless economy.
EBS is a knowledge sharing breakfast forum designed to appeal to the dreamers, drivers and doers of technology business in the Information and Communications Technology (ICT) industry across Africa.
According to a statement issued by eMaginations, organiser of EBS and signed by the MD/CEO, Sola Fanawopo, mPoS emerged as a distinct category of payments about five years ago while the global mPoS industry has experienced exponential growth.
He disclosed that this was due to increase in the retail sector, online trade, proliferation of smartphone, and card users. Mobile PoS terminal adoption would jump from 4.5 million to 38 million by 2017, with a Compound Average Growth Rate (CAGR) forecast of 42.7 per cent. Also, the adoption of mPOS terminals over standard PoS will be 46 per cent, as opposed to the 17 per cent seen in 2012.
However, he noted that with the global growth in mPoS deployment, the Nigerian banks and Independent Service Operators (ISO) are less enthusiastic about adopting the solution. NIBSS has certified 14 mPoS providers and about 2,000 terminals are in circulation.
He said: “It is through the exchange of innovative ideas and business opportunities that banks, ISOs and merchants can view mPOS as a veritable tool for last mile banking in Nigeria. This is why the regulator, banks, and industry players would attend the next edition of EBS to examine how Nigeria can tap into this growing phenomenon called mPOS”.
Topics expected to be discussed at the event include Global mPOS best practices, mPOS as a holistic platform for payments, mPoS drivers and constraints in Nigeria, mPOS local opportunities among others.
“Technology is changing practically everything in the world. It has changed the way banks, telcos and others serve their customers. It will continue to change it as technology innovations emerge,” Fanawopo added.