As small and medium-sized enterprises (SMEs) in Nigeria continue to embrace cashless transactions, Cool Microfinance Bank has introduced COOLPAY, a merchant Point of Sale (POS) terminal designed to improve the speed, reliability, and security of business payments.

The POS system, unveiled on Monday, March 16, targets common challenges faced by SMEs, including delayed transfers, long queues, and failed transactions—issues that have slowed the adoption of digital payments, particularly among small businesses in high-volume or low-infrastructure environments.

The initiative aligns with efforts by the Central Bank of Nigeria to deepen financial inclusion and promote a cashless economy.

Speaking on the development, Head of Fintech at Cool Microfinance Bank, Mr. Paul Ohwota, said the platform is built to deliver a seamless payment experience.

“COOLPAY is designed to provide a straightforward and reliable payment process. Merchants are supported throughout onboarding to ensure quick and easy adoption,” he said.

The terminal enables merchants to accept payments through bank cards and electronic transfers. According to the bank, approved users can receive their POS devices promptly and begin transactions with minimal delay, helping to reduce operational downtime.

The system also incorporates security features such as card encryption, real-time transaction monitoring, fraud detection protocols, and PIN verification to safeguard both merchants and customers.

Industry observers note that the launch reflects a broader shift within Nigeria’s financial sector, where digital payment solutions are playing an increasing role in business operations. SMEs, in particular, are relying more on efficient electronic systems to manage transactions, improve cash flow, and minimize disruptions.

Managing Director of the bank, Roseline Anibueze, highlighted the importance of practical solutions for business stability.

“SMEs continue to face challenges with traditional payment methods. Solutions that simplify transactions and reduce delays can significantly improve operational efficiency,” she said.

Analysts add that POS solutions like COOLPAY can enhance customer experience by reducing wait times and offering multiple payment options, especially in busy commercial areas.

The launch underscores a growing trend toward digital and cashless payments in Nigeria, as financial institutions respond to evolving business needs and ongoing gaps in payment infrastructure.