Nigerian banks rolling out PoS terminals

Jul 06, 2012

Point of Sales (PoS) terminals are becoming increasingly common in Nigeria, one organisation has noted.

Point of Sales (PoS) terminals are becoming increasingly common in Nigeria, one organisation has noted.

According to First Bank, 10,000 PoS terminals were in use in the country at the end of last year, This Day reports.

However, by June 30th 2012 this figure had gone past the 100,000 mark, which means the number has gone up tenfold in just six months.

This has been attributed to the Central Bank of Nigeria encouraging the use of alternatives to cash, such as electronic debit and credit cards.

First Bank has been particularly keen to stress the advantages of using its cards, with head of marketing and corporation communications Folake Ani-Mumuney saying they fully meet strict security standards.

"Our cards have 128 bit encryption, which makes it more secure, especially during exchange of data with customers," she commented.

Mrs Ani-Mumuney added that the two factor authentication-password and token devices makes it "extremely difficult to hack into while using it for transactions".

Among its offerings are the First Mobile Card, the First Bank Verve Debit Card and the First Instant Account Card.

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