By Osaze Omo-Ojo Payment systems consist of the process, people, methods, technologies, rules, instruments and practices. Broadly speaking, there are two types of payment systems; traditional and modern. Traditional payment systems involve documentation credits (letters of credit) and negotiable instruments (cheques). The arrival of computers, electronic means of communication, and mobile devices gave rise to […]

Financial sector experts are divided over the 16 percent month-on-month, MoM, decline in the value of Point-of-Sale, PoS, transactions in January 2020.

Video of a police officer with Point of Sale machine, POS, demanding Automated Teller Machine, ATM, card from Nigerians to allegedly transfer money to his account has emerged.

To provide stakeholders in the Nigerian payment system with information on how to maximise the boundless opportunities it presents, E-payment Company, Global Accelerex, is set to host its 7th edition of PoS Innovation Summit Wednesday, in Lagos.

THE widespread and incessant failure of transactions through Point of Sale, PoS, terminals is threatening the cashless policy as well as the financial inclusion efforts of the banking industry.

THE Nigerian Interbank Settlement System, NIBSS, and banks have agreed to implement real time reversals by Point of Sale, PoS, terminals effective from next month.

Card payments on Point of sale (PoS) terminals in Nigeria have grown in volume from a paltry 5,000 monthly volume in 2011 to 30 million as at November 2018, all thanks to the success of the Cashless Nigeria initiative launched by the Central Bank of Nigeria, CBN, and all banks in Nigeria in 2011. About seven million cards made the 30 million card payments out of an estimated 40 million active cards in circulation in Nigeria; other cards were generally used on Automatic Teller Machines (ATM).

Reports from Nigerian Interbank Settlement System, NIBSS, have indicated that Nigeria’s electronic payment (e-payment) services recorded transactions worth N56.85 trillion from January to September, 2018.

Madesoftlogic, an indigenous technology company has unveiled ESOPOS, a cloud-based point of sale, POS, software and social marketplace solution for retailers, wholesaler service providers and other businesses in the country.

The value of electronic payment transactions through Point of Sale (PoS) terminals rose by 39 percent, year-on-year, to N297 billion in the first two months of the year.