"The Future of Payment": Boost for SMEs as Nigerian Bank Launches Virtual PoS
- Kuda has introduced innovative virtual PoS terminals aimed at enhancing payment solutions for small businesses in Nigeria
- This initiative seeks to address common challenges like payment delays and the fragmented banking services many SMEs face
- The launch of these PoS solutions underscores Kuda Business' commitment to supporting the growth of Nigerian SMEs
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the Stock Market.
Kuda, via its Kuda Business platform, has rolled out virtual and physical point-of-sale solutions (PoS) to simplify payment processing for freelancers and small—to medium-sized businesses.
According to the company, these new tools are intended to enable quicker payment acceptance while tackling common issues such as payment delays and fragmented banking services that many SMEs encounter.
Source: UGC
The company also noted that the virtual PoS allows businesses to process large-scale payments using only account numbers, eliminating the need for physical devices.
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In 2023, the fintech firm announced a milestone of reaching over six million customers in Nigeria.
The Nigerian digital banking app revealed that its total transaction value has reached N55.8 trillion since beginning operations in 2019.
Simplifying payment for SMEs
The company highlighted that its innovative solution is attractive to businesses aiming to grow while keeping costs low, as it generates multiple free terminal account numbers.
These unique numbers can be assigned to sales personnel, who will receive instant payment confirmations via email, SMS, or directly on their mobile devices once customers complete transactions.
The firm also pointed out that the devices are built to process both card payments and bank transfers, with the added advantage of instant settlement, giving businesses immediate access to their funds after each transaction.
During the launch, Kuda's Vice President of Product and Innovation, Nosa Oyegun, emphasized that introducing the physical and virtual PoS terminals aims to equip Nigerian SMEs with tools that streamline payment processes while boosting their overall operational efficiency.
He said:
"The virtual PoS, in particular, represents the future of payment processing, eliminating the need for hardware and reducing costs while ensuring that businesses receive payment alerts instantly."
Oyegun highlighted that the launch of these PoS solutions reflects Kuda Business' dedication to fostering the growth of Nigerian SMEs.
Kuda speaks on raising $100 million
In related news, Legit.ng earlier reported that the company had raised about $100 million in capital in the last five years.
Babs Ogundeyi, the company's chief executive officer, revealed the information during the GITEX Africa conference in Morocco.
Ogundeyi highlighted the difficulties African startups face in attracting foreign investment due to investors' unfamiliarity with the local environment.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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Source: Legit.ng
