MasterCard has introduced an electronic payment system technology for Micro, Small and Medium Enterprises in the country.
In a statement by MasterCard, its Vice-President and Area Business Head, West Africa, Omokehinde Ojomuyide, said, “The MSMEs are an important sector in our economy, representing 95 per cent of registered businesses in Nigeria. However, nearly 98 per cent of all the MSME transactions are still made with cash.”
“Using innovative payment technology, this programme will help the MSMEs reduce the costs of cash, increase sales, grow their customer base and improve cash flow, while making it easier and safer for their customers to pay.
“The rapid growth of smartphones in Nigeria provides a huge opportunity for innovation across all industries, especially in payments.
“This programme uses smart technology that transforms mobile devices into tools of commerce, and delivers services that will benefit all stakeholders in the payments ecosystem.
“It also supports the Central Bank of Nigeria’s Cashless Nigeria policy, and will help this vital sector to connect more efficiently to the national and global economy.”
MasterCard said it will be partnering with First Bank of Nigeria and Guaranty Trust Bank Plc to roll out hundreds of mobile Point of Sale devices to retailers.
The MPOS technology would adhere to the ‘CHIP and PIN’ certifications mandated in Nigeria assuring customers that their transactions were safe and secure.