Connect with us

E-Financial

Merchants Identify Roadblocks to PoS Business

Published

on

Kindly share this post

Merchants making use of point of sale (PoS) terminals for transactions at their locations have reeled factors hindering the use of PoS device as a means of payment and urged actions to address them.

 

Among the roadblocks identified include; lack of credit backing for PoS transactions by banks; +two days settlement arrangement; placing of burden on customer for technology failure among others.

 

The merchants disclosed this at PoS innovation Summit organized by Global Accelerex in Lagos.

 

Sarafadeen Fasasi, president, Association of Mobile Money Agents in Nigeria, said that the practice of + two days settlement arrangement for transaction on the PoS is a major challenge in the business of using the device as a means of payment.

 

“By policy, settlement should be done in one day of the payment, but today that is not obtainable in practice as what we get is + two days. This means that if a merchant gets payment through PoS device today by 10am he will not get value in his account till 6pm tomorrow which means he has lost two days of business. This settlement system slows down business for us merchants as well as does not optimize the benefits of PoS system,” he said.

 

He also decried lack of investment by some banks in the PoS business where they are reluctant to acquiring additional PoS terminals as well as providing credit backing for transactions over the device.

 

“Just like as it is with ATM where banks load money to the machine, banks are expected to provide credit backing for transactions over this device, but today very few banks are doing it others are declining,” he added.

 

Fasasi however, urged banks to invest in PoS for agent networks as a way of achieving PoS magic. According to him, ‘agent networks need informal approach to bring to financial inclusion

 

Corroborating Fasasi, Mr. Prakash Keswani, managing director, ARTEE industries (SPAR), stated that the system of transferring burden of technological failure in the process of payment through PoS on the customer is worrisome instead of the provider of the device.

 

“We often face with a situation where transactions did not go through and customers account debited and not reversed immediately expecting the customer to go to their bank and fill one form or the other. In some cases customers insist on going with the goods they purchase,” he explained.

 

A report from NIBSS made available to Nigeria CommunicationsWeek shows that 51 percent of volume of transactions in 2016 occurred in Lagos with 32.7M, followed by Abuja with 6.8m and Port Harcourt 5.1M.

 

It further stated that between January and July 2017, only 15,093 terminals were added to the network.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

World Bank Approves $300m Loan to Support IDPs in Northern Nigeria

Published

on

Kindly share this post

World Bank has said that it has given approval of $300 million to fund a new project aimed at bolstering access to services and economic opportunities for internally displaced persons (IDPs) and their host communities in northern Nigeria.

World Bank Approves $300m Loan to Support IDPs in Northern Nigeria

In a release, the World Bank said the Solutions for the Internally Displaced and Host Communities Project (SOLID) was approved on August 7.

It stated that the project will adopt an integrated development strategy to help displaced persons and host communities transition from humanitarian aid to self-reliance and resilience.

It also said the ongoing conflict and insecurity in the region have displaced more than 3.5 million people, straining infrastructure and deepening competition for scarce resources in affected communities.

The bank said SOLID will build on previous government and partner interventions, including the multi-sectoral crisis recovery project (MCRP), which focused on emergency recovery.

“Key areas of focus include building climate-resilient infrastructure, promoting social cohesion, supporting livelihoods, and strengthening institutions to better respond to the pressures of forced displacement.

“We are glad to support this initiative which has a tremendous potential to help Nigeria in addressing development challenges associated with protracted displacement in a sustainable way,” Mathew Verghis, World Bank country director for Nigeria, said.

“The Project’s integrated approach which is aligned with the National IDP Policy and the FGN’s long-term development vision will ensure that IDPs and host communities can transition from dependency on humanitarian assistance to self-reliance and resilience which will open up better economic opportunities,” it added.

The World Bank, which noted that the cproject is expected to benefit up to 7.4 million people, of whom up to 1.3 million individuals are identified as IDPs, added that the project will be implemented through a coordinated, community-driven approach involving all tiers of government, with strong partnerships from international stakeholders.

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

UBA Unveils Revamped Website, Heralds New of Digital Experience

Published

on

Kindly share this post

United Bank for Africa (UBA), Plc, Africa’s Global Bank, has launched its revamped Group website to enhance users’ digital experience.

UBA Unveils Revamped Website, Heralds New of Digital Experience

The newly revamped website boasts of a faster, smarter, and more dynamic digital platform, designed to deliver live news updates, real-time Nigerian stock prices, and a world-class user experience among other world-class features.

The upgrade marks a significant leap in the bank’s digital transformation journey, setting new standards for speed, accessibility, and innovation in the African banking industry.

Alero Ladipo,  group head, Marketing and Corporate Communication, UBA, who spoke excitedly about the revamped website, explained that the redesign focuses on simplifying user-journey, improving responsiveness across all devices, and incorporating a language-agnostic interface that caters to the bank’s diverse global audience.

She explained that with its sleek, intuitive layout and enhanced navigation, the site empowers customers, investors, and stakeholders to access critical information instantly – whether it is the latest market movements, breaking financial news, or UBA’s wide range of products and services.

Ms Ladipo said, “We are thrilled to unveil our new website, which represents a significant milestone in our digital transformation journey. Our goal is to provide a world-class digital experience that meets the evolving needs of our customers and stakeholders.”

Continuing, she added, “A major highlight of the upgrade is its speed, powered by an upgraded server infrastructure with enhanced load balancing to ensure minimal downtime and lightning-fast performance. By combining speed, accessibility, and live market intelligence, our new platform strengthens our position as an industry leader.”

She pointed out that the site also integrates automated news updates powered by International agency, Bloomberg and real-time stock prices tracking, ensuring visitors remain informed at all times.

Throwing more light on the new features, Amanda Oguamanam, head, Digital and Online Marketing, UBA, said; “We have transformed our website to be faster, cleaner, and more engaging, removing clutter by over 60%, upgrading servers for speed and reliability, streamlining navigation, and tailoring content to inspire global partners while making it easier for customers to find what they need.”

Other standout features, she added, include improved accessibility for users with disabilities, dark/light mode toggle, advanced search functions, and a simplified content structure, which are all designed to deliver an inclusive, modern experience for a global audience.

The revamped website is live and accessible at www.ubagroup.com.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.

Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.


Kindly share this post
Continue Reading

E-Financial

NBS Reports ₦6.72 Trillion VAT Haul as Tax Reforms Pay Off

Published

on

Kindly share this post

Nigeria’s Value Added Tax (VAT) revenue surged to ₦6.72 trillion in 2024, marking an 84.6% increase from ₦3.64 trillion in 2023, according to the National Bureau of Statistics (NBS). This sharp rise reflects stronger economic activity and improved tax collection efforts across key sectors.

VAT revenue showed consistent growth throughout the year. In Q1 2024, collections stood at ₦1.43 trillion. This rose to ₦1.56 trillion in Q2, representing a 9.09% increase. Q3 recorded ₦1.78 trillion, up 14% from the previous quarter, while Q4 peaked at ₦1.95 trillion, a 9.5% rise from Q3.

In Q4 alone, VAT collections totaled ₦1.95 trillion, with domestic VAT payments contributing ₦917.40 billion, non-import foreign VAT at ₦554.68 billion, and import VAT at ₦474.75 billion. Domestic VAT remained the largest source, indicating strong local business activity and consumer spending.

Several sectors posted significant quarter-on-quarter growth in Q4. Extraterritorial organisations and bodies saw a dramatic rise of 180.05%, followed by agriculture, forestry and fishing at 70.83%, and human health and social work at 46.13%. These gains suggest increased operational scope, improved compliance, and possibly targeted government incentives.

However, not all sectors fared well. Households as employers and self-use production contracted by 28.97%, while the information and communication sector declined by 23%. The drop in ICT may reflect shifting market dynamics or regulatory headwinds affecting digital services.

Overall, the surge in VAT revenue signals a positive fiscal outlook for Nigeria, with implications for budgetary planning, infrastructure investment, and social services funding. It also highlights the importance of sector-specific monitoring to sustain momentum and address emerging challenges.


Kindly share this post
Continue Reading

Trending