POS manufacturer VeriFone has reported a
significant rise in sales in Nigeria, as banks and merchants rush
to meet the requirements of the central bank’s Cashless Lagos

VeriFone said it has received orders for
80,000 VX 520 Systems so far. According to the firm, this
represents more than half of the 150,000 total systems that the
central bank expects will be deployed by the end of this year.

“The Central Bank of Nigeria’s efforts to
modernise the payment system to drive economic development set a
standard throughout Africa,” VeriFone Middle East and Africa vice
president William Nettles said.

“VeriFone expects these efforts to lead to
greater demand for payment solutions in countries including Kenya,
Ghana and Ethiopia, among others,” he added.

The Cashless Lagos initiative is designed to
encourage more electronic-based transactions, to cut fraud, and
starve the black and grey economies in line with the country’s goal
of joining the top 20 economies by 2020.


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