BusinessDay

NetPOS secures regulatory approval for contactless payment system

NetPOS, a Fintech, and digital payment company, has secured approval from Nigeria Inter-Bank Settlement System Plc (NIBSS) to roll out its NetPOS Contactless App for commercial use in Nigeria. The app converts NFC-enabled devices to be able to accept card payments using contactless cards.

The company confirms that it is already in discussions with multiple commercial banks in Nigeria to make the app available to SMEs in Nigeria.

Speaking about the solution, Bamidele Omolehinwa, Chief Commercial and Business Officer of the company says that this is a significant value-driven solution for Micro and Small businesses in Nigeria.

He mentioned that MSMEs are often passed on when it comes to POS issuance by banks and can now take advantage of their existing mobile phones to accept payment. He reckons that this will be an ideal solution for many of the 40M+ SMEs in the country.

Read also: Paymasta enters Nigeria’s fintech space to ease employees’ salary needs

On the technology itself, Bamidele said “the app is leveraging technologies that have not only been certified in Nigeria but globally, making this a secure solution for payment transactions.”

The app’s embedded software that captures and submit card information for processing has been tested and certified, and has been built to ensure that a fraudulent merchant doesn’t capture consumer’s card information.

The app also disables some part of the Android OS functionality such as recording and screen capture while operating the app to ensure malicious intentions to capture people’s data are not permitted.

Soji Ajayi, the company’s Head of Merchant Services, also stated the company’s plans to work with other Fintechs to extend the reach and capabilities of the app.

He mentioned that collaboration with other like-minded and innovative companies will ensure that millions of merchants who are already on their digital transformation journey can add payment acceptance at no additional cost of implementation. He expects the app to be available for download from the Google Playstore in May.

NetPOS powers Digital Payment solutions for Businesses. The company designs, manufactures and distributes Hardware and Software designed to give business owners a fair chance to excel in this digitally evolving era.

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