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Innovation Summit to Address Gaps in Payment System

peter oluka
Tunde Ogungbade, Managing Director of Global Accelerex
Tunde Ogungbade, Managing Director of Global Accelerex

A summit on Point of Sales (PoS) terminal transactions in the country has been scheduled to hold in Lagos on the 29th September 2017.

The program which is an intervention to address the gaps noticeable in the expectations of stakeholders and the reality in the of the PoS business sector of the Nigerian payments system has been put together by one of the Central Bank of Nigeria licensed Payment Terminal Service Provider (PTSP), Global Accelerex Limited.

Speaking on the summit, Mr. Tunde Ogungbade, Managing Director of Global Accelerex, pointed out that the motivation behind the summit is the need for stakeholders to jointly address issues mitigating the achievement of optimum performance and results in the PoS business in Nigeria.

Going down memory lane, he said the effective and full-scale introduction of Point of Sales terminal as a recognised channel of transaction in Nigeria occurred with the introduction of the cashless policy by the Central Bank of Nigeria in 2012 and that prior to this time, transactions via the PoS occurred in trickles.

The introduction of the cashless policy gave rise to a lot of interest in the PoS business with resultant investment by various stakeholders - banks, terminal suppliers, Payment Terminal Service Providers (PTSPs), Payment Terminal Application Developers (PTADs), Payment Card manufacturers etc. However, few years down the line, a review of the performance of the PoS sector revealed a very wide margin between stakeholder expectations and realities in terms of performance, adoption and of course Return on Investment (RoI) in spite of the potentials and the opportunities available in the industry - PoS penetration is still low as there is need for more devices with innovative retail offerings.

He stated further that the summit, which would be held on a quarterly basis is an intervention designed as a platform to address the noticeable gaps in the PoS business in Nigeria as well as to promote the adoption and usage of innovative PoS solutions in order to achieve the objectives of attaining sustainable growth in the sector. Each edition of the summit will focus on a wide array of issues such as innovation, security of transactions, financial inclusion, fulfilment of customer expectations, business sustainability and profitability and other critical topics.

Notable leaders of thought and industry experts invited as resource persons at the summit include - Dr Doyin Salami from Lagos Business School, Mr Musa Jimoh – Deputy Director, Banking & Payments System, CBN, Mr Sarafadeen Fasasi – Chairman, Association of Mobile Money Operators, Mr Prakash Keswani, the Managing Director - Artee Industries Limited (SPAR), the Managing Director, Hard Rock Café and Mr Tunde Ogungbade, Managing Director, Global Accelerex

Participants at the summit will include representatives of all major stakeholders - banks, terminal manufacturers, merchants, system aggregators and regulators among others.