MasterCard has announced a partnership with two major Nigerian banks, First Bank of Nigeria and Guaranty Trust Bank to roll out Mobile Point of Sale (MPOS) devices targeted at SMEs.
The initiative which is the country’s MSME focused Acceptance Development Program will extend the security and convenience of electronic payments to merchants and their customers who previously depended on cash to transact.
The MPOS devices are being distributed to hundreds of retailers including Fast Moving Consumer Goods outlets, grocers and leading online stores. It allows the MSMEs to process debit, prepaid and credit card transactions by using a smartphone connected to a secure card reader.
“MSMEs are an important sector in our economy, representing 95% of registered businesses in Nigeria. However, nearly 98 percent of all MSME transactions are still made with cash,” says Omokehinde Ojomuyide, Vice President and Area Business Head, MasterCard, West Africa. “Using innovative payment technology, this program will help MSMEs reduce the costs of cash, increase sales, grow their customer base and improve cash flow, while making it easier and safer for their customers to pay.”
The MPOS solution comprises a MPOS payments application and a physical card reader with a secure PIN pad for PIN entry that connects to the merchant’s smartphone using Bluetooth. This negates the need for merchants to access a fixed data or telephone line, and helps them to overcome connectivity challenges as the devices use a range of data connectivity options including EDGE, 2G, 3G, and 4G. They also adhere to the ‘CHIP and PIN’ certifications mandated in Nigeria, meaning consumers can be assured that their transactions are safe and secure.
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