Total Infotech and Telecoms Limited, a Lagos- based firm is set to introduce a new electronic payment solution whereby cash can be exchanged between users and merchants in their neighbourhood.
According to the chief executive officer, Total Infotech & Telecoms Limited, Mr. Olaniyi Adeosun, the service offered by the company is unique as it gives both merchants and users of the service convenience in cash transactions.
He said, “What we are bringing to the marketplace is a simple, easy to use, but unique solution that can simplify the way we access our cash in the banks. With registered merchants such as shops, supermarkets, filling stations, shopping malls etc all around us, people will find it convenient to access their money.”
Speaking further Adeosun said that, the platform was currently offering a free registration of merchants across the country that would partake in the service delivery to intending users. A merchant, he explains, is any business that handles petty cash such as shops, supermarkets, petrol stations, lotto shops, sports betting companies, electricity token vending companies etc.
He explained that, the criteria for a firm to qualify as a merchant is a simple online registration process, which would require the submission of some form of identification and details.
“After this some verification would be done, to ensure that information submitted meet required criteria to serve the public,” he said.
Adeosun, who is also the founder of CashUrban added that for the purpose of safety, a cash merchant must have an open environment where they can hand over cash with guaranteed safety.
“On the benefits of the service, our solution has been designed to address obvious gaps and challenges inherent in the Nigerian payment market today.
“Although a lot of efforts have been made by banks to provide ATMs, the ones available are not enough and at times, do not have cash to dispense to customers, thereby making users to travel long distances to access their money. This is the gap we want to close,” he explained.
He however, said, registration on the platform was free and cash merchants would earn some token fees for providing the services to their customers.
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