'Nigeria Needs Ubiquitous PoS Deployment to Drive Cashless'


Emma Okonji

Given the importance of electronic cards in driving the cashless initiative of the Central Bank of Nigeria, financial experts have called for the deployment of additional Point of Sales (PoS) terminals that will ease the use of electronic cards.

The financial experts, who spoke at a recent press conference in Lagos to announce the fourth quarter PoS Innovation Summit. The event, which holds in Lagos on December 5, is being organised by Intermarc Consulting.
The experts insisted on the need for the adoption and growth of PoS as a cashless payment channel for businesses in Nigeria.

Addressing the issue of network challenges in the deployment of PoS terminals, the Group Head, Customer Relationship Management, Nigeria Inter-Bank Settlement Systems Plc (NIBSS), Mr. Dapo Adeosun, emphasised the need for telecoms operators to invest more in network expansion, in high volume areas where financial transactions are highest.

He said NIBSS has come up with solutions that measure the health of telecoms networks, particularly in high volume areas of financial transactions using the card payment system, in order to help operators to give priority attention to network expansion in such areas. He said the solution became necessary to further drive card payment system and reinforcing acceptance of PoS as an alternative means of payment in Nigeria.

The PoS Innovation Summit has been established as a critical intervention necessary for the adoption and growth of PoS as a cashless payment channel.
The summit brings together all the stakeholders in the PoS value chain to discuss and strategise in a bid to explore opportunities and improve service delivery in the PoS business sector of the Nigerian payment system.
The theme for the edition, ‘Secure PoS Transactions’, aims at strengthening PoS terminals as one of the safest means of paying for goods and services.

Speaking on the essence of the summit, the Chief Operating Officer of Global Accelerex Limited, Mr. Kayode Ariyo, reiterated the need for stakeholders to come together to share, improve and promote optimum performance and seamless operations for the PoS business in Nigeria, particularly enhancement of security, which would bolster confidence of customers and merchants.

“A large percentage of Nigerians have embraced PoS terminals as a payment channel and we owe it to them to sustain the security of their transactions. It is essential for us to come up with novel ideas that lead to growth and adoption of cashless payments,” Ariyo said.
The Director Banking and Payment Systems, at the Central Bank of Nigeria, Mr. Dipo Fatokun, and the Chairman of Nigeria Electronic Fraud Forum; Mr. Peter Obadare, are among the financial experts that will speak at the summit.