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Global Accelerex Launches First Certified Android PoS Terminal

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Global Accelerex, Central Bank of Nigeria licensed payment terminal service provider and payment service solution provider, has scored another first with the launch of NEXGO N5, the first single unit android point of sale terminal to be certified for payment acceptance in Nigeria.

The newest revolutionary device in the nation’s payment system runs on Lollipop 5.0 operating system and performs four times faster than any other payment terminal around. It has efficient battery conservation and high performance. It is loaded with better protection against vulnerabilities and malware, giving users peace of mind that allows them to focus on running their businesses effectively.

Commenting on the introduction of the new product, Mr. Kayode Ariyo, the company’s Chief Operating Officer remarked that the introduction of the terminal marks another milestone in their quest to revolutionize PoS business in Nigeria with the most efficient payment solutions. He reiterated the company’s bias for world-class technology, excellent service quality and innovation.

According to the Chief Technical Officer, Mr. Stanley Peters, “We remain committed in our determination to deploy the best available PoS systems in the world into Nigeria. We will leverage technology to make payment systems faster, safer and more dependable. The unique terminal offers improved network selection logic, limited interruption of connectivity and standby power time of 120 hours, lasting up to five days before the battery drains out”.

Packed with a Quad-Core processor, the smart terminal enables users to multitask – giving them the luxury to perform multiple functions on the PoS terminal, without it slowing down or hanging. The processor also encourages lower power consumption and higher performance per watt.

With its sleek and stylish design, this cutting-edge device has garnered world-class certifications which include PCI – certification of payment data security by international standards; EMVco – evaluates the security of a payment card before a transaction is approved; Visa – for smooth transition of card and contactless transactions; Mastercard – enhances functional reliability, interoperability and overall security; and AmEX, which enables international card acceptance and seamless transaction approval.

The N5 provides users with features no other PoS can. It supports the use of magnetic strip cards, IC cards, contactless and Near Field Communications (NFC) transactions. All the user needs to do is swipe the card atop the terminal, and the transaction starts processing.

It comes loaded with a plethora of applications, for the enhancement of business operational efficiency. It generates coupons for sales promotions, creates sales records, creates invoices for merchants such as warehouses, retail outlets and others, Inventory management which includes monitoring the stock, re-order level and automatic replenishment systems.

Global Accelerex is a leading provider of PoS terminals and PoS terminal applications, committed to providing payment solutions that evolve with customers’ needs. It has in its stable a multitude of portable and convenient PoS terminals in the NEXGO series, ranging from the NEXGO K370 to NEXGO G870, G2 and G3.

 

 

 

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AfDB Supports Gabon’s Optic Fiber Backbone Project

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The African Development Bank and the Gabonese National Agency for Numerical Infrastructure and Frequency (ANINF) have signed agreements a feasibility study for the country’s component of the Central African Backbone (CAB) project.

The project is an integrated, innovative and transformative infrastructure which consists of completing the 901.8 km fiber optic connectivity to cover 14 missing links on the Gabonese national backbone.

The project will enhance regional integration in the Central Africa region through fiber optic infrastructure enabling cross-border interconnection exchange with neighboring countries –  Congo, Cameroon, and Equatorial Guinea. It will open up opportunities that will integrate Gabon in the information and communications community, among other initiatives poised to close the digital divide especially in rural areas and empower marginal communities.

The total project preparation cost is US$ 900,000 provided by the Bank through the NEPAD Infrastructure Project Preparation Facility Special Fund (NEPAD-IPPF) which enables African countries to prepare bankable regional infrastructure projects to promote integration to support socio-economic transformation. The Bank will coordinate the preparation, structuring, and packaging of the project as lead arranger to ensure subsequent funding and implementation.

The CAB-Gabon project is considered to be among the most innovative digital projects that the Bank plans to implement.  Sponsors will be identified to participate in the project under a win-win collaborative partnership with global players to invest in the best ICT technologies.

The envisaged large internet broadband will boost regional integration with Gabon endowed with the largest ICT hub in Central Africa and able to attract international companies within the central free trade zone with innovations in various sectors. Digital innovations that that can be derived from the project will include services such as the duty-free money transfers.

The financing of fiber optics and e-government infrastructures (datacenters) in Central Africa will significantly lower the cost of internet fees considered to be the highest on the global scale and will add competitiveness to regional exchanges and provide an important demonstration effect for new public and private sector infrastructure projects in the region.

The Agreement was signed on 20th February 2018 by the Director General of ANINF, Bernard Bongo Odimba and Mr. the Bank’s Director-General for Central Africa,  Ousmane Dore.

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CBN Mandates Banks to Settle Customers’ Complaints within Two Weeks

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The Central Bank of Nigeria has directed banks and other financial institutions to settle customers’ complaints on issues of overcharge, unauthorised deductions and other matters within two weeks.

The CBN Head of Complaints Management Division, Mr. Tajudeen Ahmed, said this in an interview with the News Agency of Nigeria on Thursday in Abuja.

He said the CBN would ensure that bank customers get a redress on issues of excess charges or unauthorised withdrawals.

Ahmed reiterated the apex bank’s commitment to eradicating excess and arbitrary charges.

According to him, the CBN has since issued a circular which could be found on its website, showing all legitimate bank charges.

He said that any charge outside what is stated in the circular is not allowed.

“The consumer protection department issued guidelines to banks dated August 16, 2011, directing all banks and other financial institutions to resolve all customer complaints within two weeks of receipt.

“Before the expiration of that complaint, the financial institution is expected to be engaging the customer on a continuous basis to update him or her on the status of the complaint.

“If it is not resolved within the deadline given, then such a person is encouraged to draw the attention of Central Bank of Nigeria to the complaint,” he said.

Ahmed advised customers with unresolved complaints to contact the CBN by writing to the Director Consumer Protection Department or send an email to cbd@cbn.gov.ng.

He also advised dissatisfied bank customers to visit any branch of the CBN closest to them to make their complaints.

“The CBN continually engages the banks to find out if their conduct and practices are fair to their customers in order to stimulate people’s confidence in the banking system.

“Non-adherence to that normally results to regulatory sanctions, as the case may be,” he said.

Ahmed also faulted banks for setting a limit on ATM withdrawals.

“I have also observed and noted this. Don’t forget that at the beginning, it wasn’t like this. Over time, we started having this problem.

“One of the reasons is that the quantum of N500 denomination is much more than that of N1,000 denomination.

“When we approached the banks about these problems, they said the machines become easily faulty when it is set to dispense up to N30,000 to N40,000 units.

“However, CBN has directed that the machines that allow payment of up to N30,000 to N50,000 should be installed.

“This is still ongoing. The Banking and Payment Department of the CBN is championing it,” he said.

Also, the Head of Consumer Protection Division, Mrs. Hadija Kasim, said bank customers could also avoid some of these issues by inculcating the habit of cashless policy.

She reminded the public that there were various methods to make payments rather than carrying cash.

“Let’s not forget that ATM cards can also be used on Point of Sale (POS) terminals.

“We are encouraging people that unless it is absolutely necessary, they should reduce the carriage of cash.

“Cashless transactions are more convenient, safer and you will avoid the problem of overcharges,” she said.

Kasim also advised bank consumers to use bank transfer channels for transactions in cases where sellers do not have POS.

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Nigerian Bank Investors Lose N100Bn in 2 Days

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Investors with shares in the banking sector on the Nigerian Stock Exchange (NSE) have lost over N100.8 billion in two trading days of the week, a report this morning by Vanguard said.

 

It said that while 11 out of the 16 banks in the NSE began losing prices in the market on Monday, the remaining joined by Tuesday, except United Bank for Africa Plc (UBA).

 

The report listed banks that appreciated to include: Access Bank (5 kobo) per share to close at N12.56 per share from N12.60 per share, GTBank gained N1.00 per share to close at N47.50 per share, from N46.50 per share, Fidelity Bank gained (8kobo) per share to close at N3.28 per share from N3.20 per share and Jaiz Bank gained 4 kobo per share to close at N1.04 per share from N1.00 per share.

 

However, during Tuesday trading session, all the banks’ share prices dropped except UBA which gained 20 kobo per share to close at N12.20 from N12.00 per share it closed on Monday.

 

The report blamed the trend on the recent directive by the Central Bank of Nigeria (CBN) that restricted dividend payments by banks with high Non Performing Loans (NPLs) and low Capital Adequacy Ratio, CAR from paying dividend to their shareholders.

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