MasterCard aims to wean Nigerian SMEs off cash

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MasterCard is to roll out a new MPOS device project to help micro, small and medium-sized businesses in Nigeria accept digital payments.

In partnership with First Bank of Nigeria and Guaranty Trust Bank Plc, MasterCard will deliver hundreds of mobile POS devices to retailers across Africa’s biggest economy. These can be used to process debit, credit and prepaid card transactions by connecting a smartphone to a secure card reader with PIN entry pad via Bluetooth.

The company announced the initiative yesterday at its Though Leadership Forum, held in Lagos, the country’s most populous city.

“MSMEs are an important sector in our economy, representing 95% of registered businesses in Nigeria. However, nearly 98 percent of all MSME transactions are still made with cash,” said Omokehinde Ojomuyide, Vice President and Area Business Head for West Africa at MasterCard.

“Using innovative payment technology, this program will help 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.”

Further along the pipeline, MasterCard plans to expand the scope of the MPOS devices to offer services such as mobile phone top-ups, remittance, bill payments and inventory control.

 

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