Nigerian Fintech Introduces ePOS to Rival Opay, PalmPay, Others

Nigerian Fintech Introduces ePOS to Rival Opay, PalmPay, Others

  • Nigerian fintech has launched an ePOS solution designed to revolutionise financial transactions in Nigeria
  • It said this would enhance speed transactions as with a single tap of the customer's card on phones
  • It said the innovative solution helps to transform the way businesses and communities engage with technology

Tingo Mobile, a Nigerian fintech company, has launched Tingo ePOS, an innovative electronic point-of-sale system to revolutionise financial transactions in the country.

Nigerian Fintech Introduces ePoS to Rival Opay, PalmPay, Others
Tingo said its ePoS is designed to help merchants receive instant payments from customers with a single tap. Photo Credit: Alistair Berg, Wirestock
Source: Getty Images

The platform claimed the development is designed to help merchants receive instant payments from customers with a single tap of their card on their NFC-enabled mobile phones.

The solution contributes to growth

Tingo Mobile Plc's CEO, Auwal Muade, stated that the creative solution aligns with its mission to give companies the resources they require to prosper in the digital age.

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According to him, the Mobile ePOS technology helps businesses throughout the nation expand and succeed, making transactions easier.

Beyond facilitating payments, Muade said that ePOS technology would help redefine human connection.

He said:

“At Tingo Mobile, our commitment goes beyond transactions; we are on a mission to redefine the very fabric of how people connect, interact, and transact with a simple tap."

He said that the cutting-edge ePOS system is more than just a tool to accept payments; it's a catalyst for smooth interactions that unite people in the digital age and change how communities and businesses use technology.

The company stated that, with the ePOS, security continues to be a top priority and a pillar of its product offerings.

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It added:

“Our system links each account securely to a specific device, fortifying merchant login details and preventing unauthorised access on alternative devices.”

It noted that the robust security framework underscores its dedication to fostering trust and reliability in every transaction made through Tingo ePOS.

This comes after the Tingo Group's stocks were banned from trading by the US Stocks and Exchange Commission (SEC) due to fraud charges regarding the group's allegedly false public financial statements and assets.

However, according to The Cable report, the Tingo Group has defended the misstatement allegation in its financial accounts. It claimed that they were "typographical errors."

Another Nigerian fintech startup shuts down after raising $2m from over 18 investors

Legit.ng reported that Pivo, a finance business based in Nigeria, intends to cease operations.

The firm closed after a $2 million seed round led by Y Combinator, Ventures Platform, Mercy Corp Ventures, and more than fifteen other investors.

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While a source confirmed the closure to TechCabal, the company declined to provide specific details but said that will be done later.

Source: Legit.ng

Authors:
Zainab Iwayemi avatar

Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science (B.sc) degree in Sociology from the University of Ilorin, Kwara State. Before Legit.ng, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via zainab.iwayemi@corp.legit.ng

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