NetPlusDotCom a digital payment company with a mission to provide and innovative merchant service and digital payment solutions to all businesses across Nigeria and other emerging markets launched its NetPOS devices on Wednesday, February 10, 2021.
Over the last 10 years, the mission of providing an innovative merchant service has been its core driver especially as businesses all over the globe find new ways to function.
NetPlusDotCom has developed new solutions to help local business, speed up the transition into the new normal.
Discussing the journey and why this is the right time to launch in the Nigerian market.
Wole Faroun, Founder of NetPlusDotCom discussed 5 different key areas that led to the launch of NetPOS devices into the Nigerian market.
Growth
Speaking on the nature of the growth in the digital payment space in Nigeria, Faroun said, “We all agree that this growth is unprecedented, we are seeing a lot of activities around the adoption of digital payment channels in Nigeria.”
The founder recalled that in 2009/2010 when the Central Bank of Nigeria (CBN) started pursuing the case for a cashless economy in Nigeria, it was welcomed with an atmosphere of pessimism, but moving forward to10-12 years on, Nigeria is witnessing the growth of cashless payment.
To further buttress his point, the founder revealed that in 2020, Nigeria had over 90,000 Point-Of-Sale (POS) terminals that got deployed, with a total value of account transfer and POS transaction from January to August hitting N 96 trillion which is a 30% increase from the same period in 2019.
Further stating other significant statistics, the founder revealed that POS transactions in Nigeria alone topped N 6 trillion from January to August 2020, compared to N 1.96 trillion in 2019. This is a 206% growth.
“This is real and we are experiencing growth, but with growth comes more demand for infrastructure, system and that is part of the reason NetPlusDotCom is embarking on this journey to launch these new devices.”
Local brand participation
According to Faroun, a lot of practices in Nigeria in the transaction space has been limited to reselling of devices and processing of transactions.
“I think it’s high time we go into the design, manufacturing and certification of these devices to solve our local cases.”
“That is why as a company, we have gone into OEM partnership that will allow us not just participate in the launch but design future payment devices that would further solve very pertinent local pain points.”
Innovation
Faroun talked about how the new NetPOS device provides new ways to innovate and solve specific vertical problems.
“Using software and application that comes with these devices. We are not just innovative as a company with our product but with our partner who wants to work with us in this journey to deepen our engagement in the Nigeria digital payment space.”
SME support
The founder revealed that NetPlusDotCom had Nigerian SMEs in mind when it embarked on this digital journey.
“Going into this, we had support for SMEs in mind. Banks invest a lot in providing devices and solutions to businesses, with the objective of recouping committed investment which translates to segmentation, meaning that businesses at the tail end won’t benefit.
However, with this new device, SMEs can conceive of investing small capital to secure their business.”
Partnership
“We are already fostering partnership with banks, fintech companies, players in the transportation tech industry, agency banking platforms, delivery services, even with law enforcement agencies and we engage more people.”
NetPlusDotCom objective is to:
Create a fast-growth and profitable business for it investors and employees.
Provide a wide range of technology solutions in the digital, e-commerce and electronic payment space in Nigeria and sub-Sahara Africa.
Featured Image: Wole Faroun, Founder, NetPlusDotCom
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