VeriFone Systems, Inc. (NYSE: PAY) today announced that it has received orders to date for 80,000 units of its VX 520 payment solution as banks and merchants seek to meet the requirements of the Central Bank of Nigeria's (CBN) "Cash-Less Lagos" initiative.
Orders for VeriFone solutions represent more than half of the 150,000 total systems that the central bank expects will be deployed by the end of this year to comply with its mandate. CBN is driving modernization of Nigeria's payment system in line with its goal of joining the top 20 economies by 2020.
"VeriFone is providing industry-leading payment solutions to support CBN's cashless initiative, which will benefit consumers and merchants in reducing cash-handling costs and spurring economic development," said William Nettles, VeriFone vice president and general manager, Middle East and Africa.
With GPRS capability and extended battery life, VeriFone's VX 520 is ideal for the country's telecom infrastructure and is exceptionally durable with broad functionality and low cost of ownership. It features a dual SIM, which allows merchants to switch cellular networks quickly and easily, thereby overcoming issues of erratic network coverage - a frequent challenge for merchants across Nigeria.
"CBN's efforts to modernize the payment system to drive economic development sets a standard throughout Africa," said Nettles. "VeriFone expects these efforts to lead to greater demand for payment solutions in countries including Kenya, Ghana and Ethiopia, among others."
VeriFone supplies and supports payment systems for banking, retail, petroleum and other vertical markets in Sub-Saharan Africa and the Indian Ocean islands. With its distinctive approach to serving local market requirements, VeriFone focuses on providing customers in the region with the best combination of local and global strength.