UBA To Deploy 25,000 PoS Terminals In Lagos As Cashless Society Sets In

By Tekedia Editors
culled from: http://tekedia.com

As Nigeria gradually moves from cash-based to electronic based
transactions by virtue of Central Bank of Nigeria's (CBN) cash-lite
policy, United Bank of Africa (UBA) Plc which currently has 700
branches across the country has disclosed plans to deploy 25, 000 of
Point of Sale (PoS) terminals in Lagos by December 2012. Luqman
Balogun, group director, E-banking, UBA who made this revelation at a
media parley in Lagos on Friday, said the bank was fully equipped to
support CBN's financial inclusion strategy.

CBN’S CASHLESS POLICY: HOW TO TAKE YOUR BUSINESS CASHLESS AND SAVE MONEY

Last year the Central Bank of Nigeria (CBN) introduced a policy on
cash based transactions aimed at reducing the country's dependence on
a cash economy and reducing the inherent costs of moving cash that
banks and other financial institutions incur as a result.

The policy already known as the 'cash policy' of the CBN stipulates a
cash withdrawal limit of N150,000 for individuals and N1,000,000 for
corporate organisations. Extra cash withdrawals above the stated limit
attracts 10% fine of the excess amount for individuals and 20% for
corporate bodies.

According to the CBN the cashless policy was introduced to modernise
and develop Nigeria's payment system in line with th vision 2020 goal,
reduce cost of banking services which also involved moving around a
lot of cash and improve the effectiveness of the monetary policy.

While the CBN monetary policy does involve other rules such as
allowing only licensed cash in transit (CIT) companies to provide cash
pickup services we are concerned in this article with the cash
withdrawal aspects and check issuing rules in the policy as it will
affect your business.

As the policy is set to take off in Lagos by 30th March 2012 you
should already be prepared to turn your business or company into a
cashless or near cashless one and save costs in the process. Here's
how you can key into the Central Bank's cashless policy and save money
for your business.

1. Embrace Internet Banking: Chances are that you may still be going
to the bank for every banking need of your business. Registering your
business account for internet banking services will not only save you
the costs of having to go the banks for every little transaction you
will also save yourself the stress and time loss standing in queues at
the bank to pay in money to your suppliers.

With internet banking you can simply log into your bank account
dashboard and transfer the needed sum to your suppliers and creditors
without leaving your office. With internet banking you cannot run the
risk of issuing a third party check above N150,000 which according to
the CBN cashless policy cannot be cleared over the counter.

2. Start a Salary Payment Schedule: Do you have several staff and
still withdraw money to pay them salaries at the end of the month?
this is the time to change that. If your salary payments at the month
end is substantial enough you should meet your bank and work out a
salary schedule that will ensure that at each month end once you issue
the directives to your bank your staff's salaries are paid directly to
the accounts of each staff. That way you reduce the risk associated
with moving cash and you avoid paying penalties for overwithdrawing.

3. Convert Your Foreign Currency Income Directly Without Withdrawing:
If you run a business that brings in substantial foreign currency
there is a smart way not to lose part of your money to fines. Instead
of withdrawing the currency have it converted to local currency and
through online banking disburse the money for whatever purposes you
want to use it for.

4. Try Mobile Money: Recently the CBN introduced licensed mobile money
operators into the Nigerian financial space. This means that you can
take advantage of mobile money platforms to do any of the following;

- receive payments from clients more quickly.
- pay people faster
- pay for supplies/ services purchased straight from your phone.
- send, withdraw and save money all from your mobile phone.

While it is still a new wave in Nigeria's banking and money industry
you should explore and study the various mobile money services
available and choose the one you are most comfortable with.

Kenya: Emerging Markets Set Stage for Mobile Wallet Shopping

culled from: mobilemoneyafrica.com

David Mugwe
Business Daily.

Increased use of mobile money in Kenya has created a ripe environment for the use of near field communication (NFC) technology and other forms of mobile wallets which could be more widely accepted as payment systems compared to traditional ones such as credit cards.
Adoption of the alternative payment systems could not only further slow the growth of the use of credit cards but could also see the creation of a new market for NFC-enabled devices including point of sale terminals and mobile phones in the country.
Consulting firm Deloitte, in a research note that summarises expected trends in the technology, media and telecommunications industries globally this year, points to the success of mobile banking and payments in emerging markets where many people have cell phones but few have credit cards or bank accounts as an opportunity for the growth the alternative payment systems.
"It is possible that NFC devices could do well in similar markets particularly in major cities which are more likely to have NFC-enabled point of sale terminals. It is expected that 700 million people in emerging markets will be using mobile money services by the end of 2015 and many of those could be NFC-enabled," notes the consulting firm.
Near field communication, which works well for small value payments allows users to wave an enabled device against a payment device.
International financial service firm Citigroup, in a global plastic money and payments sector outlook report for 2012, says that Kenya has the highest number of individuals in Africa using mobile money, placing it among the countries that are ripe for the development of a mobile wallets and NFC-enabled payment systems.
The financial services firm also notes that the growth of mobile wallets and the payment system is expected to be faster in emerging markets than in the world's largest economy – the United States of America – where plastic money is widely used.
"Currently about 40 million mobile money users exist in Africa – the lion's share of this is attributable to the over 20 million users of Safaricom's M-Pesa offering in Kenya," notes Citigroup in their report.
According to the financial services firm, other countries in Africa whose environment is ripe include Nigeria, which has approximately 90 million mobile subscribers and where the banking regulator gave final approval to 11 companies to commence mobile money services across the country late last year.
Citigroup also says that South Africa's payment system industry is also expected to change following NFC trials currently being tested by Absa Bank, which could potentially roll out 40 million users and last year's acquisition of Fundamo a South African mobile payments firm by Visa International.
Consulting firm Deloitte predicts that devices equipped with NFC capabilities will likely grow by more than 100 per cent to 200 million this year and in 2013, there may be as many as 300 million NFC smartphones, tablets and e-readers globally compared to 2010 when less than 50 million devices were sold, most in emerging markets.
While the use of credit cards is wide in the western countries including the United States, its growth has been very slow in Kenya where the value of mobile phone based transactions has surpassed payments made using plastic money.
Data from the Central Bank of Kenya (CBK) shows that at the end of last year, the number of credit cards in circulation grew by only 9,020 or eight per cent to 122,212 credit cards compared to 2010 where the number of cards had grown by only 4,736 or four per cent to 113,192.
But in a report released in November last year, CBK said that Sh732 billion and Sh473 billion was paid or transferred through mobile phones in 2010 and 2009 respectively compared to a total of Sh560 billion and Sh421 billion that was transacted through plastic money for the two years.
Kenya's banking regulator said that for retail payment systems, mobile money transfers are now the most widely used mode of payment in Kenya followed by the use of plastic cards.
At the beginning of this month, the Communications Commission of Kenya (CCK) released an industry report showing 1.02 million new sign-ups for money services out of a total of 1.2 million newmobile subscriptions in the third quarter of 2011.
"The continued growth is an indication of subscribers' preference to mobile money transfer, which could be attributed to accessibility and affordability even to low-income earners who form the bulk of the unbanked population," said the CCK latest industry report.

Nigeria ‘ll Achieve Vision 20:2020 with Cash-lite, Says UBA

culled from: http://www.thisdaylive.com

Last year, Central Bank of Nigeria (CBN) introduced cash-lite economy, aimed at reducing the volume of cash in circulation. With the kick-off of its pilot scheme in Lagos on January 1, 2012, the few banks licensed by CBN have commenced the use of alternative e-banking channels that will boost online financial transactions. Emma Okonji looks at some of the e-payment and online platforms introduced by UBA, and their importance in driving a cash-lite economy.  
 
CBN's Initiative on Cash-lite
Central Bank of Nigeria (CBN), last year, concluded all arrangements for Nigeria to go cash-lite, by licensing 11 Mobile Money operators to commence a pilot scheme on cash-lite, beginning with Lagos, the commercial nerve of Nigeria. In technical parlance, cash-lite is an acronym for light cash in circulation. It was initially called cashless economy, but was changed to cash-lite at a stakeholders' forum organised by CBN last year, following protest that cashless denotes complete removal of cash from circulation, which negates the initiative of CBN to reduce to some reasonable extent, the number of cash flow in the country.

The cash-lite initiative is to help drive usage of alternative electronic products and channels for financial transactions. These electronic channels and products are secure, convenient, fast and reliable and do not have the short comings of cash such as bulkiness, slow transaction speed, cost of handling cash and risk of carrying cash.

Highlights of CBN's policy on cash-lite, include the implementation of the policy on cash-lite in Lagos from January 1st 2012. Only licensed Cash-in-Transit (CIT) companies shall be allowed to provide cash pick-up services. Banks will cease cash in transit lodgement services rendered to merchant-customers in Lagos from December 31st 2011.

Third 3rd party cheques above N150, 000 shall not be eligible for encashment over the counter. Any cheque issued with a value above N150,000 to a third party can only be deposited into an account as such cheques cannot be cashed.

Commencing from March 30, 2012, a daily cumulative limit of N150,000 and N1,000,000 on free cash withdrawals and lodgements by individual and corporate customers respectively shall be imposed. To this end, individuals and corporate organisations that make cash transactions above the limits will be charged a processing fee of N100/thousand and N200/thousand respectively for amounts above the cumulative limits.
 
Implications of Cash-lite Policies
Bank customers who enjoyed cash pick-up services from banks before
December 31 2011, would now have to either engage a licensed
Cash-In-Transit (CIT) company for their cash evacuations or encourage their own customer to make payments into their accounts via electronic means.

Where customers continue to make cash deposits or withdrawals, a processing charge would be borne by such customer, effective, 30 March, 2011, for all deposits or withdrawals above a daily cumulative limit of N150,000 and N1,000,000 by individual and corporate customers respectively. A cash processing fee of 10 percent for individuals and 20 percent for corporate customers shall be charged on all deposits and withdrawals above the daily limits. Cash withdrawals from ATMs shall form part of the daily cash withdrawal limits.
 
UBA Support for Cash-lite
With the restriction on cashing 3rd party cheques above N150,000 across the counter of banks, and other implications of the CBN's policy on cash-lite, the United Bank for Africa (UBA), one of the few licensed banks to operate Mobile Money says it has rolled out several e-banking and e-payment channels and products that could be used by its numerous customers to effect direct funds transfer to beneficiaries accounts without the need to write a cheque. Some of the products, according to UBA, would eliminate physical presence of customers from banks, when they desire to carryout out financial transactions.

According to Group e-Banking Manager for UBA, Mr. Luqman Balogun, the bank has come up with several e-Banking channels that will enable Nigeria not only drive cash-lite economy across the country, but will also help Nigeria as a nation in achieving her vision to be enlisted among the first twenty economies
of the world in the year 2020. 

Balogun, who was in company of the Divisional Head, Marketing and Corporate Relations, Mr. Charles Aigbe and Head of Media, Mr. Ramon Nasir among other UBA staff, further explained that UBA came up with various forms of electronic cards, Automated Teller Machines (ATMs), Point of Sales (PoS), UBA Pay Manager, U-Direct, U-Mobile, among others, designed to support the successful implementation of cash-lite economy, not only in Lagos, but also across Nigeria through the banks'130 branches nationwide.    
 
Virtual Banking Products
Addressing the role and importance of online banking products from UBA, such as U-Direct, U-Mobile, and Short Message Service (SMS Alert), Balogun said the products are capable of linking customers directly to their bank accounts and allow them to make financial transactions from their mobile phones, laptops, iPads, from the comfort of their homes, without their physical presence at the UBA banking halls.      
 
U-Direct
U-Direct is UBA's internet banking platform providing all account holders access to their accounts (Savings, Current, Loan, etc). It is a secure web based solution and gives users the freedom to access their account from anywhere they are 24x7. With U-Direct, customers are able to conduct most transactions available within UBA branches but without having to visit the branch. They can make payments, transfer funds to other bank accounts (within and outside UBA), pay bills, and remit money.
In the spirit of CBN cash-lite initiative, U-Direct provides customers with a flexible platform for electronic financial transactions.
 
U-Mobile
U-Mobile brings complete convenience to banking. According to Divisional Head, Marketing and Corporate Relations for UBA, Mr. Charles Aigbe, 'It is your bank in your pocket.' He said using a mobile phone alone, customers can manage their bank accounts, savings or current, and carry out a wide range of financial transactions including instant funds transfer, bills payment, airtime top-up, payment for goods and services, balance enquiries among others. "All financial transactions on U-Mobile are secured by pin and password giving customers peace of mind. We have many of the common billers on U-Mobile, making it very easy for our customers to renew their satellite Tv subscription, pay utility bills. U-Mobile is an alternative payment solution," Aigbe said.
 
SMS Alerts
This is a real-time transaction notification service. Customers receive notifications on account transactions by Short Message Service (SMS) and/or e-mail. Most commonly, customers will receive the alert when there is a withdrawal from their account or a deposit into their account. By subscribing to SMS alerts customers are always up to date on transactions on their account as they do not need to visit a branch
 
PayManager
This is UBA's web-based electronic payment solution that enables electronic payment to any third party (suppliers/vendors, customers, Government, etc). With PayManager, customers can make payments from their account into accounts with any bank in the world. PayManager also supports foreign currency payments and international transfers. Foreign currency payments can be made from United States Dollars (USD), Euro and Great Britain Pound Sterling (GBP) accounts to pay any account in the world. PayManager has multiple layers of security to ensure that transactions are secured, protected and encrypted from initiation through to completion of the transaction. Hardware tokens also provide an additional layer of security. With PayManager, an organisations payment process becomes electronic. Checks and balances within the payment process are ensured with the in-built maker/checker mechanism which for instance prevents anyone who has raised a transaction voucher from approving the same transaction voucher. PayManager can process transactions singly or in batches.
Transactions can also be uploaded via excel file or from other accounting solution systems.
 
 
BankCollect
This is a multi-channel web-based collection solution, which enables collection or payment on behalf of government or corporate customers. Payments such as Airline ticket payments, insurance premiums, subscription payments, utility bills, can all be managed on the UBA BankCollect solution. Paying customers can go into any of UBA branches to make payments. With BankCollect, customers who own the collection account.

BankCollect is for customers who choose to have UBA as the only collecting bank through all the branches. BankCollect equally provides UBA with the capability to undertake cross border collections on customer behalf. When this is setup at customer request, any UBA branch in Africa can receive payment into the collection account. This is useful for organisations that have multi country operations and would like all their collections to be consolidated in one account. BankCollect supports cash payments, and payments using electronic channels such as PoS, ATM and online payment system. It is therefore Cash-Lite compliant as customers can make payments using their debit cards on PoS, and ATM.
 
U-Pay/U-Pay Connect
U-Pay is a web-based salary payment solution for small, medium and large organisations. It enables automated upload of salary information of employees for payment directly into employees' accounts in any bank. The UBA U-Pay solution allows upload of employees salary and account number for direct payment into their accounts, performs automatic payment of salaries, remittance of statutory deductions online (PAYE, pension, NHIS, loans repayment, etc.). U-Pay is parameterised and so it is flexible enough to meet client's specific needs. Paper usage is reduced as employees can view their payslips online.
 
Consolidated Internet Payment Gateway (CIPG)
This is UBA's Internet Payment Gateway developed to enable online payments on merchants' websites. CIPG provides the simplest and quickest method of integrating e-commerce websites to a secure payment gateway for the purpose of receiving payment for goods and services. CIPG presents a combination of local and international payment options to merchant customers on a unified web interface. Currently, CIPG accepts online payments from Visa, Mastercard, Verve and E-Tranzact payment cards. CIPG replaces or reduces the collection of cash by merchants as accounts are credited online and transactions can be done remotely by the public.
 
Point of Sales (PoS) Terminals
The Point of Sale terminal is a portable device that facilitates payments for goods and services using payment cards issued by banks on the VISA, MasterCard, InterSwitch and eTranzact card schemes. This can be deployed to customer locations on their request. UBA PoS terminals provide merchants with payment/collection services at sales outlets.
They provide an alternative and secure payment option. UBA PoS terminals accept all cards. With PoS terminals, merchants eliminate cash handling and the attendant risks. PoS terminals at merchant locations have the potential to increase revenue as both cash and non cash-carrying members can make payments at merchant locations.
 
Cards
UBA card portfolio includes Debit, Credit and Prepaid card products. UBA currently issues Visa cards and plans to issue MasterCard and Verve cards to give customers more options.

With the CBN's Cash-lite drive, it is expected that the usage of payment cards will significantly grow. PoS terminals will be readily available at more locations thus affording citizens the opportunity to use their cards for payment in more locations than before. Prepaid payment cards will also drive financial inclusion as citizens without bank accounts can use. Cards will largely drive the attainment of the goals of cash-lite given their popularity and wide spread acceptance.
 
ATM
Automated Teller Machines (ATM) provide the functions of a physical teller in the bank but in this case, the functions are automated. It is easy and convenient to use and is available 24x7. UBA ATMs provide several functions including balance enquiry, cash withdrawal, funds transfer, airtime top-up, change PIN. UBA ATMs support cardless transactions whereby money can be sent to anyone and the recipient simply walks up to a UBA ATM and accesses the cardless transaction, supplies the access codes and the ATM dispenses the cash.

UBA ATMs accept all card types: Visa, MasterCard, Verve and Genesis (ETranzact).

Tags: Business, Nigeria, Featured, Vision 20:2020, Cash lite, UBA

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Cash-less economy: How Firstbank, GTB drives sensitization in Lagos

From Kehinde Ibrahim, Lagos
culled from: nigeriapilot.com

That the Central Bank of Nigeria, CBN, introduced the pilot scheme of Cash-less policy in Lagos is no more a news. However the policy which took-off in Lagos State about a fortnight ago, has no doubt thrown a lot of challenges to both operators and bank customers. One of such issues is poor sensitization which has led a wide-range reaction, has seen a lot of customers grappling with the new cash withdrawal/lodgments regime.

However some commercial banks have since stepped up their awareness exercise on other alternative channels, to easy out transactions, especially the Point of Sale (PoS) terminals. Banks in the front burners driving the sensitization are FirstBank and GTBank.

Nigerian Pilot learnt that while some banks rejected cash lodgments/withdrawals above N150, 000 and N1 million for corporate organizations, those who collected such amount sensitized such customers to embrace other alternative payment/lodgments channels.

Most of the banks had to communicate to their customers through text messages, e-mail and even telephone calls, to advise them on the new policy, its implication and the expected benefits.

Beyond the new cash limit policy, First Bank of Nigeria Plc, its Group Managing Director/Chief Executive, Mr. Bisi Onasanya, assured customers of the financial institution of seamless e-transaction in all its branches as the policy takes off in Lagos.

Onasanya said the bank had put in place a world-class IT infrastructure to drive its e-payment services across transaction touch points. It included the Automated Teller Machines (ATMs), PoS, FirstOnline, the Bank's internet banking; FirstBank Visa Card; FirstBank MasterCard; FirstBank Classic Card; FirstBank Naira MasterCard; FirstBank Visa Gold Credit Card; Cash Deposit ATM, amongst others.

He explained: "The FirstBank Visa Card is a dual currency Chip and PIN Payment card, which can be linked to both Naira and Dollar account. It gives you online real time access to your funds to make payment across multiple channels such as ATMs, PoS terminals and web merchants. Its benefits include convenient and portable access to funds, it is an international debit card accepted at over 29 million locations and for cash withdrawals at over 1.8 million ATMs in over 200 countries worldwide; wherever the Visa logo is displayed.

"The FirstBank MasterCard is a dollar-denominated credit card recognized and accepted wherever the MasterCard logo is displayed worldwide. It a safe and convenient credit card that is ideal for every day purchases on all available channels.

Similarly, the FirstBank Classic Card gives cardholder online real time access to your funds through an ATM for cash withdrawal, balance enquiry, funds transfer, payment of bills and others."

According to the First Bank, the bank's Naira MasterCard is also an internationally accepted debit card issued in partnership with MasterCard Worldwide. He stressed that the card allows a customer 24 hours access to his/her current or savings account within and outside Nigeria.

"Visa Gold Credit Card is an international cash-collaterised credit card, issued in partnership with Visa International. It is important to point out that even before the new CBN policy came on stream, we had taken some proactive measures by rolling out various e-transaction services and products." he added

For GTBank, which had recorded remarkable growth in its customer base over the years, have been developing solutions and other alternative channels that would make banking easier for its customers.

For instance, the commercial bank recently announced the opening of five additional e-branches that facilitate as part of efforts to facilitate the cash-less policy, provide convenient, prompt and reliable services to its customers.

Pilot checks at one of the  e-branches centre located at Opebi, showed that a lot of customers were enthusiastic about the various electronic devices at the centre.

The e-branches carry out operations such as cash withdrawals via ATMs; Cash deposit ATMs and internet banking.

Similarly, GTBank also offers a number of cards that allows customers access their account information and perform basic banking transactions quickly, safely, and conveniently without visiting any of its banking halls.

Another alternative by GTBank –the Internet Banking, is also a robust channel designed with the state-of –the-art technology that gives customers unlimited access to their accounts and allows them conveniently perform over 90 per cent of their bank transactions online real-time.

"With internet banking, you can, enjoy the convenience of managing your finances quickly and easily at a time that suits you. You can bank safely and securely – at work, home or abroad.

Some of its benefits include easy access to your account(s) from anywhere in the world, online real-time account monitoring facility, convenience of conducting banking transactions from comfort of home/office, guaranteed security for all your online transactions, easy access to bank information and products, effective, cheaper and easier way for our customers to communicate with banks," the bank explained.

Guaranty Trust Electronic Notification System (GeNS), is another of the bank's e-banking services are reliable and flexible ways for customers to manage their finances efficiently and conveniently. It is a new notification system, which provides customers with details of transactions on their account(s) via electronic mail and text messages.

"One of the benefits of this service is that it gives you prompt knowledge of transactions on your account(s), thereby enhancing your personal finance management and aids you in making your business and financial decisions. Some benefits of GeNS includes that customers have updated position of their accounts at any point in time, it offers convenience and easy monitoring of account and better management of finances.

"The GTBank Automated Payment System (GAPS) is a web-based service that facilitates the processing of vendor (and other) payments in batches, using either a dial-up connection to the bank or a secured (https) connection over the internet. It also gives you online real-time access to your account on 24/7 basis," GTBank said further.

Managing Director, GTBank, Mr. Segun Agbaje had said: "We have always sought new ways to serve our customers better.  Operationally, these efforts centre on providing convenient and affordable services, without compromising quality.  Many times, this has entailed the introduction of cutting-edge technology to ensure our customers can access banking service comparable with what is obtainable internationally."

The cash-less policy seeks to limit daily cash withdrawal/lodgments by individual and corporate organisations to N150, 000 and N1 million respectively.  However, individuals and organisations that wish to withdraw more than the specified amount would be made to pay administrative charges. The policy would later be extended to other cities in Nigeria, by June this year, the CBN had said.

The commencement of the policy in Lagos State has continued to generate varied reactions. While some residents of the State welcomed the initiative, most people argued that the banking sector regulator seemed not to be fully prepared for the implementation of the initiative, as they insisted that the alternative electronic payment channels expected to drive the policy, were yet to be fully installed in most part of the state.

Nigeria Pilot investigation showed that while shopping malls, clubs and other social centres in Victoria lsland, Lekki and Victoria, had witnessed increase in Point of Sale (PoS) machines deployment, which is largely expected to drive the process, most residents in other part of the state are not even aware of the take-off of the policy.

Cash-less Lagos: We’ll address lapses -CBN •Bank customers groan over inability to withdraw cash from ATMs

Written by Odidison Omankhanlen
culled from: TRIBUNE

IN view of the hiccups bedevilling the cashless Lagos policy since it was introduced on January 1 this year, the promoter, the Central Bank of Nigeria (CBN), has said there is no cause for alarm as such initial hitches were not unexpected.

Speaking at a public forum in Lagos at the weekend, the Deputy Governor, Operations, CBN, Mr Tunde Lemo, said the apex bank, commercial banks and other partners were well prepared to address the lapses as they come.

"I don't want Lagosians to be discouraged because of these initial hitches. In agreement with our partners, we are ready to promptly address the issues as they arise. We really do not expect everything to be perfect on the first day. We will surely get there," he said.

He, however, expressed regret over the way some government agencies, such as the Nigeria Customs Service (NCS), were frustrating the policy, stressing that the NCS was largely responsible for the non- availability of POS machines for the cashless Lagos scheme as they were being held in the port.

According to him, the agency has classified POS terminals as "cash registers" and so it is demanding 20 per cent administrative charges on each terminal being imported by the commercial banks, and coordinated by the CBN instead of the usual five per cent.

Meanwhile, even before the commencement of the nationwide indefinite strike, rallies and mass protests, called by the Nigeria Labour Congress (NLC) and civil rights groups, bank customers are already feeling the impact as they could not access their funds at the weekend.

In most of the banks visited by the Nigerian Tribune in Lagos on Sunday, customers were seen looking dejected at the various automated teller machine (ATM) points as cash was unavailable.

In some of the bank's branches that have about five points, only one point was dispensing cash, a development that left the customers spending hours on the queue before effecting cash withdrawal.

One of the affected customers, who gave his name as Peju Adefila, said he had come to the bank for cash to enable him do some shopping because of the impeding strike but was disappointed as the ATMs were not functioning

UBA Deploys 3,000 PoS in Lagos, Targets 30,000

By Emma Okonji
culled from: THIS DAY Newspaper
 
United Bank for Africa (UBA), one of the few banks licensed to operate Mobile Money in the country has disclosed that it has already deployed 3, 000 Point of Sales (PoS) terminals in Lagos, with a plan to deploy 30,000 by the end of the year.

Divisional Head of E-Banking for UBA, Mr. Luqman Balogun who gave the information in Lagos at the weekend during an interactive session with Information and Communications Technology (ICT) Editors, said the plan to deploy several PoS in Lagos, was to consolidate its resolve in pioneering cashlite economy among the banks in the country, as currently being championed by the Central Bank of Nigeria (CBN) and the Bankers' Committee of Nigeria (BCN).

He said UBA has several other e-payment platforms, apart from Pos, aimed at driving cashlite economy.

CBN had last year, licensed 11 operators to carryout Mobile Money transactions across the country, aimed at reducing the volume of cash in the society.
The whole idea is to empower Nigerians in using electronic means and platform in handling the bulk of their financial transactions.

Speaking on the benefits of PoS deployed by UBA in driving cashlite economy, Balogun said it would fast track electronic payment across the country.

He said CBN standardised PoS in the country and approved of five standard PoS vendors in the country, explaining that UBA is currently partnering with one of the vendors, with plans to patronise others subsequently.

Speaking on the initial challenges of the deployment of PoS in the country, Balogun said before the standardisation of PoS by CBN, operators were using all kinds of PoS, and that it created security problems, as most of the PoS were selective in accepting debit cards used for financial transactions.
He said that with the standardisation of PoS, all the approved PoS in the country now accept all debit cards, irrespective of the banks that issued them.

CBN, according to Balogun, went ahead to license Payment Terminal Service Providers (PTSP), who take responsibility of deploying and maintaining PoS in the country.

UBA, according to him, remained committed to the vision of CBN in driving cashlite society, and has positioned  itself as the bank at the forefront driving such initiative.

Other e-banking platforms introduced by UBA, according to Balogun, are U-Direct, U-Mobile, SMS and Email Alert, consolidated Internet Payment Gateway, Internet banking, among other

Tags: Nigeria, Business, Featured