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CBN, banks, telcos in talks over PoS terminals

By on October 9, 2015

Ahead of the planned introduction of mobile Point of Sale terminals in Nigeria, the banking industry led by the Central Bank of Nigeria has opened talks for connectivity with mobile telecommunications operators in the country.

The Director, Banking and Payment System Department, CBN, Mr. Dipo Fatokun, said this at the award of cash to three winners in the Electronic Payment Incentive Scheme promoted by the CBN, the Bankers Committee and the Nigeria Interbank Settlement System in Abuja on Wednesday.

The discussion with the telecommunications service providers is centred on the support the telecoms operators have to render to the banking industry to ensure the success of mobile PoS in the country.

Fatokun said the introduction of mobile PoS had become necessary in order to increase the payment options available to Nigerians in the quest for a cashless society.

According to him, making payment terminals ubiquitous will promote the use of electronic payment system in transactions across the country.

He said making available efficient broadband services to the PoS terminals would make it possible to conclude transactions on mobile PoS terminals quickly.

Speaking at the event, the Managing Director/Chief Executive, NIBSS, Mr. Ade Shonubi, said the industry would soon embark on a roadshow to promote the use of electronic payment terminals by small businesses.

He said Electronic Payment Incentive Scheme was approved by the management of the CBN as an industry-wide incentive and awareness campaign for electronic payments for stakeholders and users in order to drive the universal usage of electronic payments in Nigeria,

He said, “The scheme is primarily focused on reward users of electronic payment in Nigeria and to further encourage greater adoption by all. The incentive scheme will reward and appreciate usage across all channels with emphasis on channels of electronic payments that promote financial inclusion by aiming to identify and reward the cardholders, merchants and sales persons.

 

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