Making PoS registration a win-win for Nigeria's Financial Future by Elvis Eromosele - ITREALMS

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The Central Bank of Nigeria (CBN) recently mandated that all Point of Sales (PoS) operators complete their registration with the Corporate Affairs Corporation (CAC) by July 7, 2024. This directive aims to formalize the operations of PoS businesses across the country, boosting regulatory compliance and promoting financial inclusion.

However, for many PoS operators, this new requirement poses significant challenges, both financially and logistically. As micro-businesses, already grappling with economic uncertainties, the stringent deadline could threaten their survival and, by extension, the broader goal of financial inclusion in Nigeria.

POS: Agents recount benefits since joining PalmPay - ITREALMS

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Two PalmPay Points of Sale agents, Messrs Victor Ogunna and Damilola Taiwo in this chat discuss the benefits of becoming an agents, urging other Nigerians looking to get into the agency banking business to join the fintech company.

“Indeed, PalmPay dey pay,” Victor Ogunna said when asked about the benefit he's gained since becoming a PalmPay Agent. “I joined in 2019 when the company started operation, and since then, I have not looked at or considered another POS brand except PalmPay.”

POS: AMMBAN releases unified charges - ITREALMS

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The Lagos State chapter of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has released a unified price list for Point of Sales (PoS) transactions, reports ITREALMS.

The chairman, AMMBAN, Lagos State chapter, Abiodun David in an interview with Channels TV, disclosed that the new price was agreed upon by the Association in an effort to reduce extortion by POS agents on the general people and is also a reflection of the current economic climate in the nation.

Wicked genius, Adejoh David, defrauds POS agents using shared hotspot - ITREALMS

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A young tech-genius, identified as Adejoh David, has been arrested in Lagos by security operatives for multiple defrauding multiple Point of Sales (POS) agents via shared hotspot, reports ITREALMS.

David who was arrested at the weekend where he was chilling with some girls, at Eko Hotel and Suites Victoria Island, disclosed that he carries his fraudulent acts by first approaching any POS agent of choice for cash of N3,000 to be transferred by him via his mobile phone.

e-Tablet! FRSC warns, 'we don't use POS machines for fines on traffic offences @Patrol points' - ITREALMS

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The Federal Road Safety Corps (FRSC) has warned both staff and public that they do not use Point of Sales (POS) machines for fines on traffic offices at patrol points, reports ITREALMS.

FRSC through its Assisting Corps Marshal, Corps Public Education Officer, Mr. Bisi Kazeem, noted that the explanation became imperative owing to the misrepresentation by a section of the motoring public on the use of the Federal Road Safety Corps’ Electronic Booking Device (E-Tablet).

Pantami to Nigerians: Insist on use of PoS @NIPOST - ITREALMS

ITREALMS:

The Minister of Communications and Digital Economy, Dr. Isa Ali Ibrahim (Pantami) has advised Nigerians to insist on the use of Point-of-Sale (PoS) terminals at any outlet of Nigeria Postal Service (NIPOST) office nationwide, especially if they are to make payments, reports ITREALMS.

The Minister through his spokesperson, Mrs. Uwa Suleiman, said in a press statement available to ITREALMS, directed the Post-Master General of the Federation to henceforth revert to PoS in all NIPOST offices.

“The Post-Master General, is to ensure that all its offices revert to Point of Sales (PoS) and bank teller transactions immediately. The general public and all customers of NIPOST, are hereby encouraged to insist on Point of Sales (PoS) or bank teller transactions, when conducting business with NIPOST.

This directive, he said, is in line with the anti-corruption programme of President Muhammadu Buhari and the mandate of the Federal Ministry of Communications and Digital Economy, and ordered the Post-Master General (PMG) to suspend all existing cash payment plans within NIPOST entities nationwide.

“The Post-Master General, is to ensure that all its offices revert to Point of Sales (PoS) and bank teller transactions immediately. The general public and all customers of NIPOST, are hereby encouraged to insist on Point of Sales (PoS) or bank teller transactions, when conducting business with NIPOST.

“This directive is a temporary measure to tackle corruption, as we are currently working on fully automating the systems as a permanent solution to the challenge.

Further, Dr Pantami directed the Post-Master General to immediately implement strategies that will bring an end to unnecessary delays in its service delivery to customers.

“The current trend of delays in postal services will not be condoned by the office of the Honourable Minister under whose purview, the supervision of NIPOST falls.

“The administration of President Muhammadu Buhari, and the Honourable Minister of Communications and Digital Economy are committed to protecting the rights of all Nigerians and will not tolerate any act of corruption under its watch,” Pantami maintained.

Uboshe Uboshe/Editor

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Ingenico reaches 50,000 POS landmark in Africa

ITRealms:

Global leader in seamless payment, Ingenico Group has reached a strategic fifty-thousand Point of Sale (POS) terminals landmark to serve the unbanked population, thus positioning itself as financial Inclusion-enabler in Africa, reports ITRealms.

The Africa Marketing and Communications Director for Ingenico Group, Mouna Fouillade quoted the Eastern Europe and Africa Managing Director for Ingenico Group, Luciano Cavazzana in a press statement spotted by ITRealms, as saying that this milestone is taking the company to the forefront of the financial inclusion market in Africa where three quarter of the population is still unbanked.

“Through our technology, we address local challenges and seek to empower our end-customers to increase account ownership and broaden access to financial services. We are very pleased to celebrate this important landmark with FINCA,” Cavazzana said.

FINCA, a leading international Micro-finance Institution, Cavazzana noted is Ingenico Group’s long-term customer in the Micro-finance sector, pointing out that to prevent fraud, FINCA equipped its agents with Ingenico biometric terminals to capture the applicants’ fingerprints during the enrollment and validate their identities through their finger scan prior to the loan disbursement. 

“This program has been in continuous expansion in several African countries such as Malawi, Nigeria, Democratic Republic of Congo, Tanzania, Uganda and Zambia,” the regional MD said.

For Mike Gama-Lobo, Vice President and Regional Director Africa for FINCA, building a secure financial ecosystem for the unbanked population is an enormous challenge, emphasizing that Ingenico Group has proven its ability to adapt to local constraints through a single terminal. 

“The Ingenico smart terminals are invaluable for our staff to enroll customers, offer micro-loans and help them keep their finances safe,” Gama-Lobo said.

 Nenye Dom/GEE

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eTranzact re-enforces security, obtains PCI DSS Certification

eTranzact has re-enforced its security infrastructure by pioneering role in the e-payment space one again by becoming the first licensed mobile money operator to achieve  the Payment Card Industry Data Security Standard Certification, (PCIDSS).

The PCI DSS certification dated June 30, 2012 which was issued to eTranzact.

Disclosing to ITRealms Online at a recent interview, saying PCI DSS is a binding collection of due diligence practices that promote IT security. PCI DSS aims to reduce financial fraud through heightened security capabilities built around the network, data, vulnerability management practice, and the governance of IT processes.

The chief executive officer, eTranzact, Mr. Valentine Obi, noted that with the PCI DSS certification, eTranzact users would experience improved security on all payment channels such as ATM, Point of Sale (POS) terminals, mobile banking services, Pocketmoni services, and webAccess.

Mr. Richard Omoniyi, the Chief Technical Officer of eTranzact, said, “This is a huge milestone for eTranzact, our merchants and customers. This will continue to increase the desired confidence of customers through assurance provided by higher level of data security process.”

“PCI DSS certification is a further demonstration of our commitment to good governance and responsible business practice,” Mr. Omoniyi said.

As global certification compliance to PCI DSS demand annual on-site security audit and quarterly network scan. On-site security audits are performed by a Qualified Security Assessor (QSA). 

Omoniyi further emphasized that data security is a core value of the company’s business; this is done in order to protect customers against financial loss on the platform.

Adding that with this corporate action, we are emphasizing commitment to Service Level Agreement (SLA) with our trade partners (participating banks, merchant et al) as they are guaranteed of increased protection against financial losses and remediation costs that arise from security breaches.”

Remmy Nweke
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