Lagos to host summit on e-transactions September 29

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Lagos State Governor Mr Akinwunmi Ambode

Stakeholders will converge in Lagos on September 29, 2017 to discuss Point of Sales (PoS) terminal transactions aimed at boosting shopping and other electronic payment system in the country.

The programme which is an intervention to address the gaps noticeable in the expectations of stakeholders and the reality in the PoS business sector of the payments system has been put together by one of the Central Bank of Nigeria (CBN) licensed Payment Terminal Service Provider (PTSP), Global Accelerex Limited.

The Managing Director, Global Accelerex, Mr. Tunde Ogungbade, said the motivation behind the summit is the need for stakeholders to jointly address issues mitigating the achievement of optimum performance and results in the PoS business in the country.

Going down memory lane, he said effective and full-scale introduction of PoS terminal as a recognised channel of transaction occurred with the introduction of the cashless policy by the CBN in 2012 and that prior to this time, transactions via the PoS occurred in trickles.

The introduction of the cashless policy gave rise to a lot of interest in the PoS business with resultant investment by various stakeholders – banks, terminal suppliers,PTSPs, Payment Terminal Application Developers (PTADs), payment card manufacturers etc.

However, few years down the line, a review of the performance of the PoS sector revealed a very wide margin between stakeholder expectations and realities in terms of performance, adoption and of course Return on Investment (RoI) in spite of the potentials and the opportunities available in the industry- PoS penetration is still low as there is need for more devices with innovative retail offerings.

He said summit would be held on a quarterly basis as an intervention designed as a platform to address the noticeable gaps in the PoS business in Nigeria as well as to promote the adoption and usage of innovative PoS solutions in order to achieve the objectives of attaining sustainable growth in the sector.

Notable leaders of thought and industry experts invited as resource persons at the summit include – Dr Doyin Salami from Lagos Business School, Mr Musa Jimoh – Deputy Director, Banking & Payments System, CBN, Mr Sarafadeen Fasasi – Chairman, Association of Mobile Money Operators, Mr Prakash Keswani, the Managing Director – Artee Industries Limited (SPAR), the Managing Director, Hard Rock Café and Mr Tunde Ogungbade, Managing Director, Global Accelerex.

Participants at the summit will include representatives of all major stakeholders – banks, terminal manufacturers, merchants, system aggregators and regulators among others.

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