Accelerating Financial Inclusion: Tingo Mobile’s ePOS System Reshapes Nigeria’s Fintech Landscape

Tingo Mobile has introduced its Electronic Point-of-Sale (ePOS) system in a strategic move to address the evolving needs of Nigeria’s economy, heralding a new era of seamless financial transactions. During a recent press briefing in Lagos, Auwal Muade, the Chief Executive Officer of Tingo Mobile Plc, unveiled the innovative ePOS system as a transformative solution designed to cater to the demands of a rapidly evolving financial landscape.

Muade pointed out that Tingo Mobile’s ePOS system is not merely a transaction facilitator; it is a comprehensive tool contributing to the growth and success of businesses across the country. With the capability for users to withdraw money with a single tap, coupled with instant payment receipt for merchants, the ePOS system boasts zero maintenance costs, zero operational costs, and zero network issues.

“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,” Maude stated. “Our innovative ePOS system is more than a payment solution—it’s a catalyst for seamless experiences, bringing people closer in the digital age and transforming the way businesses and communities engage with technology.”

The company introduced its latest product during a press briefing conducted at its Lagos headquarters on Tuesday, December 12, 2023. As per the company’s announcement, the Tingo ePOS facilitates merchants in swiftly receiving immediate payments from customers by a single tap of the customer’s card on their mobile phones equipped with Near-Field Communication (NFC) technology.

Furthermore, it was emphasized that the contactless ePOS incurs zero maintenance costs, zero operational costs, and zero network issues. Uzo Onumonu, the Group Product Director, highlighted the paramount importance of security in the Tingo ePOS system. He emphasized the company’s commitment to secure and seamless transactions, with the system securely linking each account to a specific device, enhancing merchant login details, and preventing unauthorized access on alternative devices.

In discussing the app’s security, Uzo Onumonu stated, “At Tingo, security remains a cornerstone of our product offerings. With Tingo ePOS, we’ve prioritized security measures to ensure safe and seamless transactions. Our system links each account securely to a specific device, fortifying merchant login details and preventing unauthorized access on alternative devices. This robust security framework underscores our dedication to fostering trust and reliability in every transaction made through Tingo ePOS.”

Samuel Onwuekwe, Head of Partnerships and Channels Development/Implementation at the company, expressed that Tingo ePOS stands as a significant and value-driven solution for Micro and Small businesses in Nigeria. He highlighted that MSMEs, often overlooked in traditional POS issuance by banks, can now utilize their existing NFC-enabled mobile phones for accepting payments.

Tingo Mobile’s ePOS system is currently accessible for businesses in Nigeria, providing a dependable and effective solution for transaction management in the contemporary and dynamic business landscape. The strategic positioning of the ePOS system aligns with Tingo Mobile’s commitment to providing businesses with the necessary tools to thrive in the digital era. It signifies a leap forward in redefining connections beyond payments, promising a transformative impact on the way individuals and businesses engage with financial technology.

To address security concerns, Muade reassured stakeholders that Tingo places security at the forefront of its product offerings. The ePOS system incorporates a robust security framework, securing each account to a specific device, fortifying merchant login details, and preventing unauthorized access on alternative devices. This commitment to security underscores Tingo’s dedication to fostering trust and reliability in every transaction facilitated through the ePOS system.

Samuel Onwuekwe, Head of Partnerships and Channels Development/Implementation at Tingo Mobile, highlighted the ePOS system as a value-driven solution, particularly beneficial for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Notably, MSMEs, often underserved in traditional Point-of-Sale (POS) issuance by banks, can now harness the power of their existing NFC-enabled mobile phones to accept payments, marking a significant step toward financial inclusion.

As Tingo Mobile continues to chart new territories in the fintech space, the ePOS system emerges as a game-changer, providing businesses with an accessible, secure, and user-friendly solution for financial transactions. The company’s commitment to empowering businesses and individuals in Nigeria’s digital age is evident in the thoughtful design and functionality of the ePOS system. As the system gains traction, it is poised to redefine financial transactions, accelerate financial inclusion, and contribute to the broader narrative of technological advancement in Nigeria. The launch of Tingo Mobile’s ePOS system marks a pivotal moment in the nation’s journey toward a more connected and digitally empowered future.