|NetPOS receives approval from NIBSS for contactless payments. NetPOS, a Payment Terminal Service Provider (PTSP) has obtained approval from Nigeria Inter-Bank Settlement System (NIBSS) to launch contactless payments in Nigeria. The application will convert NFC-enabled android phones to POS terminals, allowing customers to pay for goods and services by just tapping on a mobile phone. The Guardian
|In issue 130, we wrote about how Tap-On-Phone payments could significantly impact in-person card payments in Africa. POS terminals represent a significant and inconvenient cost to banks, processors, and merchants. Due to their relatively large upfront expense, payment providers have to either give out terminals for free to select high-volume merchants or allow merchants to pay for the device in installments. With phones, which are cheaper and readily available, this headache will likely to go away.
As more providers roll out solutions, we’re eager to see how this changes merchant and customer behavior.
|NIP payments cross N100t in 2022 According to the Nigeria Inter-Bank Settlements System (NIBSS), the value of NIP transfers processed from January to April 2022 was N149.8t (~$3.6b). This represented a 50% increase from a similar period in 2021. NIBSS
|In addition, NIBSS-operated channels like mobile payments and Point-of-Sale (POS) have seen continued growth in 2022. Despite cash dominance in payments, these metrics act as a strong index in the shift to digital payments.
|Reducing the time to money. In this article, Ayo Omojola (@ay_o) explores the many advantages and potential opportunities in reducing the time it takes to make funds available for a participant in a payments network. Blog
|What are the sources of funds for DeFi? Shiv Sakhuja (@shivsakhuja) outlines the sustainable ways in which Decentralised Finance (DeFi) projects can earn revenue. in this Twitter thread
|Untapped Global raises $10.3m in funding. The investment platform, which allows accredited investors globally to finance assets in emerging markets, has raised $10.3m in combined equity and debt funding. With this new round of funding, Untapped Global will be extending access to its platform to the general public. Disrupt Africa
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