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Global Accelerex, Indigenous ‘android PoS’ Firm Eyes Africa-Wide Expansion

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The financial technology firm behind Nigeria’s first android POS terminal, Global Accelerex, is looking to expand across sub-Saharan Africa after its record operation in Nigeria.

 

Global Accelerex was awarded “Cashless Driver: PoS Transactions” by the Central Bank of Nigeria (CBN) after it achieved highest volume of POS transactions on behalf of client banks last year.

 

The company announced at a press conference that it had positioned itself for “rapid expansion” into the African financial technology market, following its strides and achievements in Nigeria.

 

Tunde Ogungbade, company’s managing director, said, “In our quest to constantly deliver excellent customer satisfaction, we opened the first Customer Contact Centre in the industry.

 

“The Centre which is open 24/7 enables seamless reception of inbound, outbound calls, and live call monitoring to guarantee quality assurance even on public holidays.”

 

Six regional offices in Lagos, Abuja, Port Harcourt, Owerri, Ibadan and Kano between them provide countrywide support, according to a statement.

 

The android PoS device launched last year is thought to perform four times faster than other payment terminal—and stays powered for at least five days on single charge.

 

Apps on the device assist merchants to create sales records and invoices, and manage inventory—automatically monitoring stock, level of orders and replenishing stock.

 

In its quest to dominate the African market, Global Accelerex will undergo rebranding to take on a “new look that reflects its status as a world-class fintech player on the African continent,” said Ogungbade.

 

“The culture at Global Accelerex,” he added, “is to adapt global best practices to the peculiar African market. Our solutions are tailored to meet the needs of small businesses, large corporations and government agencies, helping them in their payment and business processes to propel growth.

 

“We not only provide and operate customised platforms that meet clients’ specific payment needs, we also provide value-added services that help businesses to effectively manage their business processes.

 

“We have set new standards in cashless payment systems with exceptional service delivery, superior applications and ground-breaking initiatives which has placed us far ahead of our competitors,” he concluded.

 


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E-Financial

MoneyMaster PSB Marks 2024 Global Money Week

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MoneyMaster Payment Service Bank Limited (MMPSB), Nigeria’s payment service bank, is joining blue chip companies and other corporate entities across the globe to celebrate the 2024 Global Money Week from March 18 to 24, 2024.

In a press statement issued on the celebration, MMPSB emphasized  its commitment to the provision of top-notch banking services to its customers at all times, including payment services through wallets, savings, individual and business accounts, as well as provision of a platform for customers to buy airtime/data, pay bills and subscribe to cable television, amongst others.

MMPSB said its plans for the week include a “Catch them Young” experiential campaign to tutor kids on the need to embrace savings and investment culture. An estimated 5,000 students from across major schools in Nigeria have been programmed to participate in the week-long financial literacy training in the bank’s coordinating centres across 10 states.

Besides this, the MoneyMaster team will also engage teachers and enlighten them on basic knowledge of savings and investment for future purposes.

The bank added, “As part of the week-long celebration, MoneyMaster PSB will also be releasing thought leadership videos on safety and security on how banking customers can protect themselves. These videos will be shared to its customers via direct email and also on its social media handles for the benefit of the general public”.

The week, celebrated annually, creates global awareness-raising campaign on the importance of ensuring that young people, from an early age, are financially aware, and are gradually acquiring the knowledge, skills, attitudes and behaviour necessary to make sound financial decisions and ultimately achieve financial well-being.

“Protect your money, secure your future”, the theme for this year’s celebration,  is focused on safe money management, underscoring  the importance of adopting a responsible and informed approach to personal finance, by being aware of potential risks in the financial sector and protecting one’s hard-earned money.


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E-Financial

Moniepoint Emerges Lead Sponsor of Payments Forum Nigeria – PAFON 1.0

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Moniepoint Inc. a global digital financial services provider with operations in Nigeria and an ongoing expansion into other emerging markets, has emerged the lead sponsor of the maiden edition of Payments Forum Nigeria (PAFON 1.0).

Payments Forum Nigeria [PAFON] is an event focused on providing inside-look at the payment industry in the country, offering perspectives from key stakeholders, including payment networks, technology innovators, leading merchants, issuers, acquirers and payment processors.

The Forum is scheduled to take place this Thursday, March 21, 2024 at the Oriental Hotel, Lekki Road, Lagos by 9am-12noon, under the theme: “Payments: Trust, Security and Privacy in AI Era”.

Register here: https://bit.ly/4c4N19H

Moniepoint Inc., founded with the vision to create a society where everyone experiences financial happiness, joins other sponsors of the event: Digital Encode Limited (a leading consulting and integration that specializes in the design, management, and security of business-critical architecture); Cybervergent (a company dedicated to helping protect business sensitive data from cyber-attacks, including customer information, financial records and intellectual property); Payble (a fintech startup that modernises local government payments such as creating citizen-centric payment experiences, delivering flexible billing and simplified rate collection, and Inlaks, an IT company that offers core banking, fraud management, cybersecurity, cloud, data center, enterprise risk management, amongst other industry players.

Moniepoint Inc is the parent company of TeamApt Limited, a Central Bank of Nigeria (CBN) licensed Switch and Processor, and Moniepoint Microfinance Bank, a CBN-licensed Microfinance Bank, and operates the largest distribution network for financial services in Nigeria through its subsidiaries, and has been awarded by the CBN in 2022 as the most inclusive payment platform in the country.

Over 70 million people use their cards on Moniepoint’s POS terminals monthly across every local government in Nigeria.

Led by its Group CEO, Tosin Eniolorunda, Moniepoint Inc.’s technology has powered businesses, offering all the payment, banking, credit and business management tools they need to succeed. It aims to power the dreams of businesses, their employees and customers by providing them with the financial technology tools they need to grow, no matter their digital literacy level.

Moniepoint Inc. currently processes the majority of the POS transactions in Nigeria through its subsidiaries, processing over $182 billion in TPV. It is Africa’s largest Fintech by transaction volume. It is profitable and, in 2022, became QED Investors’ first investment into Africa.

Moniepoint Inc was recently named as the Fintech Company of the Year by the Leadership Newspapers Group.

Speakers:

Meanwhile, speakers lined for PAFON 1.0 are: Chibuzo Efobi, Director, Payments System Management, Central Bank of Nigeria (CBN); Festus Amede, Chairman, Committee of Chief Information Security Officers of Nigerian Financial institutions (CCISONFI); Dr. Adewale Peter Obadare, Chief Visionary Officer (CVO), Digital Encode Limited; Adetokunbo Omotosho, Chief Executive Officer, Cybervergent; Roosevelt Elias, Founder, Payble; Ikenna Ndugbu, Chief Compliance Officer, Moniepoint MFB, and others.

Participation:

Participation is FREE, however, pre-registration is required: https://bit.ly/4c4N19H


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BVN Registration Hits 61.16m

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Nigeria Inter-Bank Settlement System has said the registration for the Bank Verification Number (BVN) has now increased to 61.16 million, according to Vanguard report.

NIBSS disclosed this on its website on Saturday, adding that the BVN is 61,166,384 as of Friday, March 15, 2024.

Earlier in the year, the agency had reported that as of January 26, the BVN count stood at 59.9 million.

This indicates that there have been 674,280 new registrations for BVN between late January and mid-March.

The need for Nigerians to register their BVN arose following the demands by banks and telecommunication companies asking people to link their accounts and phone numbers with SIM.

Majority of Nigerians have let out their frustrations at some point when the linking of BVN with accounts were not successful.


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