Cashless Nigeria: Skye Bank to Deploy Dual SIM PoS Terminals

Skye Bank has come up with an innovative method to scale the hurdles associated with the inefficiencies of a cashless economy powered by technology. Information Technology will always have its drawbacks including denial of service attacks, slow connectivity or lack of network coverage.

Skye bank recently announced that it will deploy a dual SIM operated Point of Sale (PoS) terminal in order to circumvent some problems identified with the average PoS terminals in the country, specifically regarding the quality of the service provided by GSM networks and adopted by merchants/service providers in order to to power the PoS.

Mr. Chuks Iku, the Head of the Bank’s E-Channels division stated, “If one SIM is down, the other would power the terminal and ensure continuous operation on a daily basis. Large corporates and high net worth individuals would be availed of its fast and efficient funds transfer service which could be initiated and concluded from the comfort of the sender’s office.

“Under the funds’ transfer service, Iku said distributors, retailers and other large organisations could wire money to manufacturers using a very secure code provided by the bank thereby reducing the risks associated with cash handling.”

The dual SIM PoS will be deployed to retailers, hotels, hospitals and merchants.