E-Financial
Global Accelerex Launches First Certified Android PoS Terminal
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.
Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.
The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.
Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.
Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.
Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.
Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.
PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.
This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.
Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.
He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.
“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”
PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.
This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
First Asset Management Limited, a leading investment management firm in Nigeria and a subsidiary of First HoldCo Plc., has announced a significant milestone, the company has surpassed ₦1 trillion in Assets Under Management (AUM).
This achievement reflects the firm’s steadfast commitment to delivering exceptional client service and strong investment performance. It also underscores the trust and loyalty shown by its clients, partners, and stakeholders, which have been instrumental in driving the company’s sustained growth.
Speaking of the milestone, Ike Onyia, Managing Director of First Asset Management Limited, credited the accomplishment to the enduring support of the firm’s clients and stakeholders.
“This milestone is a clear indication of the confidence placed in us by our clients and partners. It highlights the firm’s ability to deliver successful investment outcomes and reinforces its dedication to fulfilling its mandate,” Onyia said.
He went on to express deep appreciation to the firm’s clientele: “The continued partnership of our clients is not taken for granted. Their commitment has been pivotal, and the performance of their investments inspires the team’s dedication to providing best-in-class service. As the firm continues to grow, it remains focused on deploying innovative and forward-looking investment strategies tailored to each client’s financial goals.”
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