Nigerians had in the past few months suffered a lot of crisis in getting money across to one another when the Central Bank of Nigeria, CBN, introduced a new policy which limits withdrawals from the banks thereby resulting in a cashless economy.
Ogie said this is helping businesses using Moniepoint’s POS machines to receive instant credit alerts when their customers make transfers to their accounts. He noted: “We saw that there is a better way to do that, so what we did was that instead of waiting when you do a transfer, the alert should just hit the POS, and that transaction will be seen as a card transaction and the merchant is able to print your receipt right there.”