The Central Bank of Nigeria aims to reduce the amount of physical cash circulating in the economy, and encourage more electronic-based transactions.

goSwiff mPOS will enable merchants in Africa’s largest economy to accept card payments in a secure and easy way, using mobile devices such as smartphones and tablets with card readers. The certification is the first for an internationally recognized mobile POS solution and covers both the goSwiff mPOS platform, chosen already by over 50 banks globally, and goSwiff PINPad card reader, specifically designed for harsh mobile environments.

“Certification of the goSwiff solution for Nigeria means that banks can now help local entrepreneurs to start accepting card payments with goSwiff’s secure and fully certified platform. With goSwiff’s global expertise in mobile payments, banks in Nigeria will be able to roll out a safe and reliable solution enabling merchants to accept card payments”, said Simone Ranucci Brandimarte, CEO of goSwiff. “Most banks cannot afford to take the risk with unproven solutions, so we are thrilled that goSwiff can help to accelerate the expansion of card acceptance in Nigeria.” The population of Nigeria is over 178 million, with 34 million cards in circulation. mPOS helps increase electronic transactions and reduce the dependence on cash, whilst extending the reach of the financial services infrastructure also to the unbanked due to the mobile nature of the solution.

mPOS facilitates full service agency banking, enabling banks to expand into rural areas and providing a platform for other transactions: loans, insurance as well as other services. People who live in rural communities without bank branch offices are now gaining access to banking and transactions through mPOS applications.

NIBSS, by independently certifying mPOS solutions, is ensuring that these solutions are fit for the Nigerian market. goSwiff’s mobile payment platform is matching the local market conditions and will help drive revenues for Nigerian banks.

“Many banks in Nigeria have struggled with POS due to high cost, unreliable connectivity and low staff usage. With goSwiff mPOS solution and expertise on successful roll outs in the emerging markets, these issues are solved,” said Rebecca Ayoola, VP Business Development for Sub-Saharan Africa, goSwiff. “NIBSS independent certification confirms that our mPOS solution works in Nigeria. We are proud to have been admitted the certificate for our platform.”

“We have implemented mobile payment solutions for banks and MNOs across the globe, currently in 25 countries. goSwiff has boosted electronic payments in the emerging markets with great results: Merchants have increased their business being able to accept card payments; banks have generated more revenues with new services; and governments appreciate the increased visibility in the economy”, said Erik Holst-Roness, Chief Strategy Officer, goSwiff.

Lare Ayoola, CEO of TITIS Integrated Services Limited, the Support Services Partner of goSwiff for Nigeria, said that the policy of the Federal Government of Nigeria to create a cashless society is taking hold. The use of traditional POS (Point of Sale) terminals is becoming a common feature in large commercial outlets. “However, we are confident that the much more affordable goSwiff mPOS terminals combined with their advanced mPOS platform will reach all segments of the market, from taxi drivers to the large logistic and distribution companies, leading to a revolution in the adoption of card payments. We at TITIS are happy and excited to be associated with goSwiff at this time.