Kuda, through its Kuda Business platform, has rolled out virtual and physical Point-of-Sale (PoS) products to streamline payment processing for freelancers, and small and medium-sized enterprises (SMEs) in Nigeria.
The payment solutions are designed to help businesses accept payments faster and address key challenges like delayed payment confirmations and fragmented banking services.
“With Kuda Business Virtual PoS, business owners can process payments at scale using only account numbers, eliminating the need for physical hardware.
“Virtual PoS is particularly appealing for businesses looking to expand their operations while keeping costs to a minimum because it allows them to create multiple free terminal account numbers,” Nosa Oyegun, vice president, product and innovation at Kuda, said at the recent unveiling in Lagos.
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According to him, the physical Kuda PoS is designed for in-store transactions like card payments and bank transfers. He disclosed that one of its standout features is the instant settlement of transactions that ensure businesses have immediate access to their funds.
“These unique account numbers can be assigned to salespeople, who will receive instant payment confirmations via email, text message, or directly on their phones when customers pay on a virtual POS,” Oyegun said.
He said further that the virtual PoS represents the future of payment processing, eliminating the need for hardware and reducing costs, while still ensuring that businesses receive payment alerts instantly.
“Our goal with the physical and virtual POS terminals is to empower Nigerian SMEs with tools that not only simplify payment processes but also enhance their overall business efficiency,” Oyegun said.
According to him, the hardware PoS offers speed and reliability, which are crucial for SMEs and other businesses that require face-to-face transactions.
“The introduction of these PoS solutions further underscores Kuda Business’s commitment to supporting the backbone of Nigeria’s economy—the SMEs,” Oyegun said.
He disclosed further that by addressing pain points such as delayed payment confirmations and fragmented banking services, Kuda Business reinforces its position as a key player in the business banking sector, dedicated to fostering innovation and providing practical tools that drive the growth and sustainability of Nigerian businesses.
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