PoS Innovation Summit Holds in Lagos


The third edition of the Point of Sale (PoS) Innovation Summit, a quarterly event aimed at reinforcing acceptance of PoS as an alternative means of payment in Nigeria is scheduled to hold in Lagos on March, 27, 2018.

The PoS Innovation summit, which is fast becoming an agenda-setting platform for the PoS payment sector, brings together stakeholders in the PoS value chain to discuss and strategize in a bid to explore opportunities and improve service delivery in the PoS business sector of the Nigerian payment system. It is focused on advancing a cashless payment system in the country through insights, shared wisdom and experiences.

The theme for this year’s edition: “Deepening Financial Inclusion Through Agency Banking,” is expected to highlight the roles and contributions of agency banking in breaking the financial inclusion challenge, using PoS terminals as a platform.

Keynote speakers and participants that will bring their wealth of experience to bear to chart a way forward in the financial inclusion initiative include the Executive Director, Nigeria Interbank Settlement Systems, Mr. Niyi Ajao; COO, Government Enterprise and Empowerment Program, MarketMoni, Bank of Industry, Uzoma Nwagba; the Head, Financial Inclusion, Central Bank of Nigeria, Temitope Akin-Fadeyi; and the Managing Director, Global Accelerex Limited, Tunde Ogungbade.

A statement from the organisers pointed out that majority of Nigerians in rural areas lack access to financial services.

“Traditional banks are also handicapped in expanding their operations as vast non-urban regions often lack the legacy infrastructure to enable fast deployment of financial products and services.

“The promotion of agency banking is one of the principles adopted by the CBN and commercial banks to take banking to the grassroots.

“Against the backdrop of a large percentage of unbanked adult population in Africa’s developing regions, there is a need for banks to use agents to reach the financially excluded,” it added.