Nigerian bank introduces new type of PoS to help small businesses

Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the Stock Market.

Kuda, via its Kuda Business platform, has rolled out virtual and physical point-of-sale solutions to simplify payment processing for freelancers and small—to medium-sized businesses.

According to the company, these new tools are intended to enable quicker payment acceptance while tackling common issues such as payment delays and fragmented banking services that many SMEs encounter.

"The Future of Payment": SMEs Get a Boost as Nigerian Bank Launches Virtual PoS Solutions
Source: UGC

The company also noted that the Virtual PoS allows businesses to process large-scale payments using only account numbers, eliminating the need for physical devices.

Simplifying payment for SMEs

The company highlighted that its innovative solution is attractive to businesses aiming to grow while keeping costs low, as it generates multiple free terminal account numbers.

These unique numbers can be assigned to sales personnel, who will receive instant payment confirmations via email, SMS, or directly on their mobile devices once customers complete transactions.

The firm also pointed out that the devices are built to process both card payments and bank transfers, with the added advantage of instant settlement, giving businesses immediate access to their funds after each transaction.

During the launch, Kuda's Vice President of Product and Innovation, Nosa Oyegun, emphasized that the aim of introducing the physical and virtual PoS terminals is to equip Nigerian SMEs with tools that streamline payment processes while boosting their overall operational efficiency.

He said:

"The virtual PoS, in particular, represents the future of payment processing, eliminating the need for hardware and reducing costs while ensuring that businesses receive payment alerts instantly."

Oyegun highlighted that the launch of these PoS solutions reflects Kuda Business' dedication to fostering the growth of Nigerian SMEs.

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Source: Legit.ng