POS summit to hold in Lagos

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The fourth quarter of the PoS Innovation Summit is hereby announced to hold in Lagos on Tuesday 5th December 2017.

The PoS Summit which has been established as a critical intervention necessary for the growth of the PoS business in Nigeria seeks to bring together all the stakeholders in the PoS value chain to discuss and strategize on behalf of the industry and address the gaps noticeable in the expectations of stakeholders and the reality in the PoS business sector of the Nigerian payments system.

This edition of the summit is coming on the heels of the success of the maiden edition of the summit held in September 2017.

The focus of the 2nd edition of the PoS Innovation Summit will be on PoS Systems security with the theme ‘’Secure PoS Transactions’’

Speaking on the summit, Mr Kayode Ariyo, the Chief Operating Officer of Global Accelerex Limited and sponsor of the summit pointed out that the motivation behind the summit is the need for stakeholders to jointly address issues affecting the achievement of optimum performance and results in the PoS business in Nigeria, principal among which is security concerns that discourage the adoption of PoS by customers and merchants.

 One of the major factors that affect the choice of consumers either in favour or against making use of PoS terminal at points of payment is the security of such systems. They are aware that vulnerability of the PoS system may lead to a compromise of their card details and a subsequent attack on their accounts.

 Globally, security issues have been one of the major reasons for the adoption of PoS terminals and these dates as far as 2005. Between 2013 and 2014, more that 90 million card details were stolen at retail points which give attackers access to card details through a malware that steal card details in the process of being sent to the payment processor.

He concluded by saying the PoS business in Nigeria has also been negatively impacted by the issues around security and concerted efforts need to be put in place to address the issue and give users more confidence in using the PoS terminals.

Notable leaders of thought and industry experts have been invited as resource persons at the summit. These include Mr Dipo Fatokun, Director Banking & Payments System, CBN and the Chairman of Nigeria Electronic Fraud Forum; Mr Peter Obadare, MD, Digital Encode Limited; Mr Dele Adeyinka, Chairman, Committee of e-Business Industry Heads; Mrs Perry Osagie, Finance Manager, Next Cash & Carry Limited, Abuja; Mr Akeem Lawal, CEO, Switching & Processing, Interswitch; CSP Ahmed Lateef from the Special Fraud Unit of the Nigeria Police Force and Mr Tunde Ogungbade, Managing Director, Global Accelerex

Participants at the summit will include representatives of all major stakeholders - banks, terminal manufacturers, merchants, system aggregators and regulators etc.

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