To further boost financial inclusion in the country, Information Communication Technology, ICT, firm, Total Infotech & Telecoms Limited, TITL, has unveiled a Mobile Phone Point of Sales Service.
A simplified alternative to POS machine, the innovation would enable financial transactions to be carried out in a most convenient and seamless way.
TITL Lead, Olaniyi Adeosun, explained that the innovation is such that allowed Nigerians to use mobile phones to offer Agency Banking services across the country, once registered on the platform.
He said, “Once merchants are registered on the system, they are given a starter pack to commence operations .They are thus licensed to carry out transactions like cash out, cash in, accept payments, pay bills and do funds transfer, amongst others, from the mobile phone. They also get commission on every transaction carried out.”
In addition to simplifying financial services, Adeosun enthused that the innovation is apt for this period given the global health challenges that has disrupted the economy.
“This is certainly one of the viable job creators in the country, given that every adult carries a mobile phone, and can easily sign up to the service to serve customers. The innovation will also add up to the existing growth in e-payments and POS transactions which will rub off positively on the economy”, he affirmed.
He noted that the innovation packs a special incentive for women in order to encourage them to be economically active.
“We observe that fewer women are empowered financially in this clime, in our efforts to help this situation, we have set out a 15 percent discount exclusively for women. Any woman that signs up on this service automatically gets her wallet credited back with a 15% discount to support her business.
“It should be noted that the product is currently in its BETA stage, which would require testing for customer usage and adoption.
For this testing phase, we have set out a bonanza of 15% for every person that signs up as merchants within the approved 1,000 registrations we would record.
“So for women that sign up within the 1000 bonanza, they gets a cumulative discount of 30% that will be credited to their wallet and after the bonanza, they will continue to enjoy the 15 percent discount specially packaged for women.”