CBN Releases New Policies on Cash Withdrawal
The Central Bank of Nigeria (CBN) has announced a new policy that requires deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week. Read more about Finance According to a new memo to banks issued […]
CBN Imposes ₦100,000 And ₦500,000 Limit on Cash Withdrawals
The Central Bank of Nigeria (CBN) has introduced new limits on cash withdrawals over-the-counter, as well as for Automated Teller Machines (ATM) and Point of Sale (PoS). This was disclosed by the CBN in a circular made public on Tuesday. Read more about Finance The statement, signed by Haruna Mustapha, the CBN’s Director of […]
Problems And Prospects of the POS Payment In Nigeria
The Point of Sales (POS) use was introduced in Nigeria in 2013 by the Sanusi Lamido Sanusi Central Bank of Nigeria (CBN) led administration. This followed the introduction of the agent banking system and financial inclusion policy to reach the unbanked and underbanked population of the rural and semi-rural segments of Nigerian society through […]
FinTech Startups For POS Business In Nigeria
It would be a pure disaster if you needed money urgently but there are no ATMs or banks around. This kind of dilemma is now a thing of the past since pos agent banking is now everywhere. Point of sale machines is generally used in making payments for goods and services. They have now been adapted […]
Ziroopay Raises $11.4 Million To Scale Its POS Solutions To Nigerian Retailers
In Nigeria, Point of sale (POS) terminals are used to process card payments at retail locations (shops, supermarkets, restaurants, etc) as well as for agency banking purposes, a branchless banking system where agents act like human ATMs. POS terminals have different functions and are provided by either banks or fintech. The most common type of […]
How To Start A Profit-Making POS Business In Nigeria
More Nigerians are withdrawing cash and making payments through POS agents. These service providers are a go-to when crowded banking halls or long queues at the ATM are not an option. They also come to the rescue when there are no banks nearby, as is the case in many rural areas in Nigeria. Read […]
Brands We Love: Chams Plc
Chams Plc is Nigeria’s foremost digital identity management solutions provider. It has played a role in the majority of the country’s ID projects, including supplying technology that supports the biometric data capture for the national identity card, BVN, and banking payment solutions. Read more about Brands We Love Founded in 1985 as a computer maintenance […]
How the CBN’s New Bank Payment Rules Could Affect You
On the 13th of September, the Central Bank of Nigeria (CBN) introduced new rules for interbank electronic fund transfers. These rules, which are to take effect from the 2nd of October, are aimed at curbing the widespread problems with electronic fund transfers which banks and their problems frequently encounter. The issues covered by the new […]
Q3 Edition of PoS Innovation Summit Holds in Lagos
The 3rd Quarter Edition of the Point of Sale (PoS) Innovation Summit, an event which drives innovation in the PoS cashless payment sector, will hold on September 19, 2018 at the Wheatbaker, Ikoyi, Lagos at 11 a.m. This edition, with the theme “Expanding Retail Merchants’ Possibilities” will highlight the various opportunities available to retail merchants for […]
GTPay is a Flexible Online Payment Gateway, GTBank Says
Guaranty Trust Bank has released a statement that described GTPay “as an essential solution for customers with online presence. It facilitates online payments using both local cards (Interswitch, VISA naira and MasterCard Naira) as well as International cards (MasterCard and VISA). This product enables corporate customers accept payments through their website from their own customers, […]
The Central Bank of Nigeria Plans to Introduce Agent Banking
A banking agent is a retail or postal outlet contracted by a financial institution or a mobile network operator to process clients’ transactions. Rather than a branch teller, it is the owner or an employee of the retail outlet who conducts the transaction and lets clients deposit, withdraw, and transfer funds, pay their bills, inquire about an account balance, or receive government benefits or a direct deposit from their employer. Banking agents can be pharmacies, supermarkets, convenience stores, post offices, and many more.