David Yuan is the general manger, International Business Operations, Nexgo – a Point of Sale (PoS) terminal manufacturer and Global Accelerex partner was in Nigeria for DigitalPay conference recently. He spoke to chike onwuegbuchi on issues around financial inclusion initiative of CBN and Nexgo partnership with Global Accelerex.
Financial Inclusion Initiative of CBN
One of the major topics of this year’s expo is financial inclusion how to serve the unserve population.
Agent banking will solve this problem, It enable the banks to cover the unbanked population at a lower cost. For example, In the remote areas, it is impossible for banks to set up banks or ATM in the rural areas.
Digital Financial Services and Financial Inclusion
Firstly, we have different roles being played by the two groups in this partnership. For Global Accelerex, because they are based in this country, the known better about the market and the clients, while us we bring products and technology at the front end, they are the ones talking with clients banking partners.
Another aspects is how we joint help in cashlite launched in 2012, cash economy still dominate in this country, what we do is to observe how to turn cash dominate economy into cashless by the use of our products and services.
To digitalize the economy there has been improvements as said at the conference there is about 60 percentage of the population that have access to digital services.
Nexgo Partnership with Global Accelerex
I want to say that our relationship dated back to 2012 to 2015 that was the same time cashless policy was initiated by Central bank of Nigeria (CBN). Since that time Nexgo and Global Accelerex have been working together to provide digital financial services through Point of Sale terminal especially to their bank clients.
It is a mixture of technology and device. We are manufacturer of PoS terminals but we also have experience in financial services, my country, China we are leading in either mobile payment or acquirer service.
We just copy our experience in China to replicate in Nigeria. However, what we have in China is different from what you have in Nigeria. We work together to work out super model for this market here. It is both technology and product which is the terminal.
Evaluation of this relationship
I would describe it as strategic partnership it is in four dimensions. It is not that we supply them PoS terminals and they sale, no.
It is four dimension partnership It terms of product which is the terminal, technology and even the service and how to serve merchant and other partners in the ecosystem.
I will say it was a right decision we took at the time we started with them. We look forward to achieving a huge success in the next five to ten years of this partnership.