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HomeTech & PaymentsHow Nigeria can achieve contactless payment, by NetPlus CEO

How Nigeria can achieve contactless payment, by NetPlus CEO

Founder and Chief Executive Officer, NetPlus, Wole Faroun has disclosed steps Nigeria should take to boost the use of contactless payment by e-payment customers.

He disclosed this yesterday during a forum hosted by NetPlus, in Lagos with theme “Accelerating Contactless Adoption: A Collaborative Approach to Overcoming Adoption Barriers”.

Faroun said that removing several barriers stalling the adoption of contactless payment will be crucial in the sector’s growth plan.

He said although the Nigeria financial sector recorded N11 trillion transactions through Point of Service (POS) terminals last year, but the Nigeria has potential to do better if the right operating environment is instituted.

He explained that NetPlus is a Fintech compnay licensed by the Central Bank of Nigeria (CBN) as a Payment Service Provider (PSP). He said the forum was designed to bring industry stakeholders together to talk about payment system and evolution of contactless payments.

According to him, NetPlus had been at the forefront of providing Soft POS services for the last two years.

Faroun explained that Soft POS is a technology that converts mobile phone into a POS device adding that there are some barriers that are still stalling the adoption of this technology.

He said: “All the stakeholders agree that this is the technology that has come to stay. They also agree that there are some barriers to adoption in the market. We are forming a semi-industry group that has a number of banks in it. And we are going to steer that committee or group to come up with strategies to combat some of those barriers that we have”.

In terms of barriers, Faroun said the number one barrier was the type of phone. He explained the phone must have Near Field Communication (NFC) technology in it, adding that’s part of the problem that stakeholders are trying to solve.

“That’s why you have phone manufacturers that are here. That NFC technology, if you check your phone, may not even be there. And when you have NFC, it is a little bit more expensive. So, how do we bring down the price, how do we help merchants to be able to afford this, maybe if we split the payment into six instalment payments, maybe it’s easier to afford, things like that are what we are discussing during the forum”, Faroun said.

In his presentation, the Vice Chairman, Committee of e-Business Industry Heads, Ajibade Laolu-Adewale said while the nation had made significant strides in telecommunications, there remained disparities in internet connectivity and network reliability across different regions.

Laolu-Adewale, said though the challenges facing NFC adoption in Nigeria were formidable, however they are by no means insurmountable. He insisted that forging partnerships between government, industry, academia, and civil society, these challenges could be addressed head-on.

“We can build a robust NFC ecosystem that empowers businesses, enhances consumer convenience, and propels Nigeria into a new era of digital innovation and economic growth,” he added.

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