In a move to up online security for merchants in Nigeria, MasterCard has launched an Acceptance Development Program for the country’s Micro, Small and Medium Enterprises (MSME) as they shift to cashless payments.
Working with Nigeria’s First Bank of Nigeria and Guaranty Trust Bank Plc (GTBank), the firm has issued Mobile Point of Sale (MPOS) devices to participating retailers to allow them accept debit, prepaid and credit card payments via any smartphone integrated with a payment card reader. MasterCard expects this will extend the security and convenience to MSMEs.
According to Omokehinde Ojomuyide, Vice President and Area Business Head, MasterCard, West Africa: “MSMEs are an important sector in our economy, representing 95% of registered businesses in Nigeria. However, nearly 98 percent of all MSME are still made with cash. 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.”
Merchants will use an MPOS app which can be accessed over devicess combatible with EDGE, 2G, 3G, and 4G internet services. They will also have a physical card reader with a secure PIN pad for PIN entry for security. MasterCard added that it’s working with MPOS solution providers to add services such as loyalty programs, air-time top ups, person-to-person money transfers, utility payments, inventory control among others to encourage more MSMEs to take up cashless payments and grow their revenues in the country.