E-Financial
Global Accelerex Unveils Handheld Mobile PoS

Global Accelerex and its technology and business partner, Shenzhen Xingoudu Technology Co have unveiled the XGD K370 mobile handheld terminal into the Nigerian market that supports both CDMA and GRPS communication to enable merchants overcome communication challenges that currently plague terminals operations.
Tunde Ogungbade, managing director, Global Accelerex, said the handheld mobile Point of Sale (PoS) terminal will assist merchants to expand the horizon of the capabilities available to them for electronic payment card acceptance. In addition, the K370 has an optional built in support for 1D/2D Scanner, Contactless applications (NFC, RFID, MI fare), external Wi-Fi and embedded biometric fingerprint reader as well as the usual standard features such as a terminal printer, embedded Pin Pad, EMV Level 1 & 2 Chip and Pin support among other features.
Ogungbade said that the launch of K370 mobile PoS terminal is a fallout of over 24 months, unremitting efforts in research and development between his firm, Shenzhen Xingoudu Technology Co working under the newly established rigorous certification process of the Nigerian Interbank Settlement Systems PLC (NIBSS) and the CBN’s guidelines on PoS Card Acceptance Services. Global Accelerex has successfully certified its GA-MSR Terminal Software on the XGD K370 Terminal for use in the Nigerian market.
David Yang, Senior International Business Development Executive with XGD, China, said his firm is celebrating the approval of K370, as one of the best handheld wireless model of POS terminal by NIBSS, the designated testing authority of CBN.
Yang however commended the commitment that Global Accelerex possess that has made it not only possible to certify the K370 terminal but also distribute, support and position his firm’s products and services for the Nigerian market.
He added that by working with Global Accelerex, his firm is very confident of living up to the expectations of Nigerian merchants and play an important role in the implementation of CBN’s cashless policy.
With the introduction of K370 PoS terminal, Global Accelerex has further reiterated its resolve to provide more than just e-payment to the Nigerian merchants.
Global Accelerex is an e-payment service provider that is focused on providing business solutions tailored to e-payment card acceptance in the Nigerian and West African market. Approved by the Central Bank of Nigeria as a Payment Terminal Service Provider (PTSP), Global Accelerex develops, supports, manages, markets, promotes, distributes, services, sells, leases products and services required by Merchants Acquirers and Merchants across all segments for payment card acceptance.
In addition, Global Accelerex provides value added services with products to simplify and automate business processes related to payment acceptance and improve visibility of transactions and collection for merchants.
Global Accelerex has been working for several years in partnership with Shenzhen Xingoudu Technology Co Ltd (XGD), a Neilson Report top 10 global EFTPOS manufacturer and a high-tech electronic enterprise devoted to designing, developing, manufacturing, distributing and integrating application systems and products for the special facilities of finance and communication.
E-Financial
Naira Gains Strength, Hits N1,600/$ in Parallel Market

The naira appreciated to N1,600 per dollar in the parallel market at the close of trading hours on Monday, strengthening from N1,610 per dollar recorded over the weekend.
Similarly, the naira saw a slight gain in the Nigerian Foreign Exchange Market (NFEM), trading at N1,605 per dollar compared to N1,606 last Friday, according to data from the Central Bank of Nigeria (CBN). This represents a marginal N1 appreciation.
As a result, the gap between the parallel market and official exchange rate widened slightly to N5 per dollar, up from N4 over the weekend.
E-Financial
CBN Spending on Naira Printing, Distribution up by 306 Percent

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.
E-Financial
PalmPay Reaffirms Commitment to Advancing Contactless Payments

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.
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