PoS Innovation Summit to tackle terminal deficit, reinforce necessity - Sundiata Tech

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Tuesday, November 21, 2017

PoS Innovation Summit to tackle terminal deficit, reinforce necessity

In a bid to help sustain the government’s plan for a cashless Nigeria, payment solution providers and industry experts are emphasizing the need for more acceptance of alternative means of payments through the up coming Point of Sale (PoS) Innovation Summit.


In a press briefing to announce the fourth quarter edition of the event, Kayode Ariyo, Chief Operating Officer of Global Accelerex Limited, sponsors of the summit said that it had become important to promote and educate Nigerians on the necessary adoption and growth of PoS as a cashless payment channel for businesses in Nigeria.


“PoS, outside cash, has been the most adopted payment channel and we owe it to Nigerians 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”.


According to him, “Security is one of the major determining factors that influence the choice of consumers when making payment. Therefore, the industry has a responsibility to sustain soundness of the payment systems”.


Dele Adeyinka, Chief Digital Officer, Wema Bank, said that alternative payment methods have become a necessity in every country of the world and it is a shame that Nigeria has only 150,000 PoS terminals to serve its almost 180 million people population.


“Even as Nigeria has recorded about 80 percent of transactions in retail shops carried out on PoS terminals, we have only 150,000 terminals in circulation compare to a country like Brazil where they have about 1.5 million PoS terminals in circulation.


In a country like Angola where the GDP is small compare to Nigeria, they record a million transactions on PoS terminals per day, while we don’t even record up to 500,000 per day in Nigeria because of the deficit in PoS terminals,” Adeyinka said.


According to the organisers, 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 this edition, ‘Secure PoS Transactions’, aims at strengthening PoS Terminals as one of the safest means of paying for goods and services.


Answering questions on the reason for particular focus on PoS as an alternative payment option, Tunde Ogungbade, Managing Director, Global Accelerex Limited told Businessday that; “although newer payment options are being introduced daily, PoS still records the highest number of transactions for retail payments and so the security of the platform is very necessary. It is not about card alone, the PoS can do Mcash and other things. Even in the foreseeable future, PoS will still be relevant.”


The summit which is scheduled to hold at the Wheatbaker Hotel, Ikoyi, Lagos on the 5th of December, 2017 will have Dipo Fatokun, Director Banking and Payment Systems, CBN and the Chairman of Nigeria Electronic Fraud Forum; Peter Obadare, Managing Director, Digital Encode Limited; Tunde Ogungbade, Managing Director, Global Accelerex; CSP Ahmed Lateef from the Special Fraud Unit of the Nigeria Police Force, Akeem Lawal, CEO, Switching and Processing, Interswitch, among others.


Other key stakeholders that will participate at the summit are representatives of banks, terminal manufacturers, merchants and system aggregators.

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