Kuda, one of Nigeria's fintechs, has launched virtual and physical point-of-sale (PoS) solutions to support African small and medium-sized enterprises (SMEs).
The virtual PoS is a unique account number that merchants can assign to their online store or business locations to accept payments. Through Virtual PoS businesses can process payments using account numbers, eliminating the need for physical hardware.
Conversely, the physical PoS devices handle card payments and bank transfers with immediate settlement, giving businesses instant access to funds.
Speaking on the launch, Nosa Oyegun, Vice President of Product and Innovation at Kuda said,
“Our goal with the physical and virtual PoS terminals is to empower Nigerian SMEs with tools that not only simplify payment processes but also enhance their overall business efficiency. 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.
“For businesses that require face-to-face transactions, our hardware POS offers speed and reliability, which are crucial for SMEs. We are committed to addressing the unique pain points faced by Nigerian businesses, such as delayed payment confirmations and fragmented banking services”, he added.
Hence, the point-of-sale (PoS) initiative aims to simplify payment processes and improve business operations for African SMEs.
