The Central bank of Nigeria has discovered that its aim to drive home the idea of a cashless society and a “cash-lite” economy has been regularly slowed down due to the issues posed by connectivity. Due to this, the Central Bank has thought up new ways to achieve its aim by planning to introduce a new system into the financial e-payment scheme.
Termed the Mobile Point of Sale (MPoS) terminals, they have been made and designed in such a way that they would run on the mobile network carriers of customers that opt to use this feature. This is believed to make connections faster as the use of the point of sale terminal would not depend on connectivity, easing the pressure.
CBN’s Banking and Payment System Department director, Mr Dipo Fatokun, spoke on the innovation. He said that the Central Bank were on the “verge of introducing the Mobile PoS terminal that would thrive on network connectivity and make transactions easier for both card holders and merchants.”
The Mobile POS is said to work on a lower data requirement than the desktop POS. The signal strength need just be able to make a simple voice call, then the transaction can go through.
The CEO of Nigeria Inter-Bank Settlement System (NIBSS), Mr Ade Shonubi explained that the MPoS is a device that could easily be connected to a smartphone and used on any network.