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Global Accelerex Unveils Handheld Mobile PoS

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Global Accelerex and its technology and business partner, Shenzhen Xingoudu Technology Co have unveiled the XGD K370 mobile handheld terminal into the Nigerian market that supports both CDMA and GRPS communication to enable merchants overcome communication challenges that currently plague terminals operations.

Tunde Ogungbade, managing director, Global Accelerex, said the handheld mobile Point of Sale (PoS) terminal will assist merchants to expand the horizon of the capabilities available to them for electronic payment card acceptance. In addition, the K370 has an optional built in support for 1D/2D Scanner, Contactless applications (NFC, RFID, MI fare), external Wi-Fi and embedded biometric fingerprint reader as well as the usual standard features such as a terminal printer, embedded Pin Pad, EMV Level 1 & 2 Chip and Pin support among other features. 

Ogungbade said that the launch of K370 mobile PoS terminal is a fallout of over 24 months, unremitting efforts in research and development between his firm, Shenzhen Xingoudu Technology Co working under the newly established rigorous certification process of the Nigerian Interbank Settlement Systems PLC (NIBSS) and the CBN’s guidelines on PoS Card Acceptance Services. Global Accelerex has successfully certified its GA-MSR Terminal Software on the XGD K370 Terminal for use in the Nigerian market.

David Yang, Senior International Business Development Executive with XGD, China, said his firm is celebrating the approval of K370, as one of the best handheld wireless model of POS terminal by NIBSS, the designated testing authority of CBN.

Yang however commended the commitment that Global Accelerex possess that has made it not only possible to certify the K370 terminal but also distribute, support and position his firm’s products and services for the Nigerian market.

He added that by working with Global Accelerex, his firm is very confident of living up to the expectations of Nigerian merchants and play an important role in the implementation of CBN’s cashless policy.

With the introduction of K370 PoS terminal, Global Accelerex has further reiterated its resolve to provide more than just e-payment to the Nigerian merchants.

Global Accelerex is an e-payment service provider that is focused on providing business solutions tailored to e-payment card acceptance in the Nigerian and West African market.  Approved by the Central Bank of Nigeria as a Payment Terminal Service Provider (PTSP), Global Accelerex develops, supports, manages, markets, promotes, distributes, services, sells, leases products and services required by Merchants Acquirers and Merchants across all segments for payment card acceptance.

In addition, Global Accelerex provides value added services with products to simplify and automate business processes related to payment acceptance and improve visibility of transactions and collection for merchants.

Global Accelerex has been working for several years in partnership with Shenzhen Xingoudu Technology Co Ltd (XGD), a Neilson Report top 10 global EFTPOS manufacturer and a high-tech electronic enterprise devoted to designing, developing, manufacturing, distributing and integrating application systems and products for the special facilities of finance and communication.


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FG Makes u-Turn on Bank Account Re-Registration

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Federal government on Friday apologised for asking all account holders in financial institutions in the country to re-register their personal details.

FG makes u-Turn on Bank Account Re-Registration

Recall that the federal government had on Thursday ‎ordered that all persons holding accounts across financial institutions and insurance firms should complete and submit self-certification forms to their respective financial institutions.

The notice issued by the government to that effect read, ‎“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.‎”

The directive raised eyebrows, as account holders already possessed Bank Verification Numbers.

Following widespread condemnation that trailed the directive, the Federal Government backtracked on Friday, saying the fresh guidelin‎e was not for all Nigerians.

The government attributed the development to misinformation.

The clarification issued by the government on Friday read, ‎“We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the notice does not apply to everybody. ‎FIRS will clarify Nigerians on the objectives of the directive.”

Also on Friday, FIRS, in a statement posted on Twitter, explained that the guidelines were only for non-residents, as well as people paying tax in more than one country.

Parts of the FIRS statement read, “The Self Certification Form is basically to be administered on Reportable Persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or country.”

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.”


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Stanbic IBTC Bank Disowns Lagos ATM Fraudster

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Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


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Buhari Okays Establishment of CBN-Led Infraco

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President Muhammadu  Buhari has approved the establishment of an   Infrastructure Company (Infraco) to be driven by the Central Bank of Nigeria (CBN) in partnership with the African Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA).

Buhari Okays Establishment of CBN-Led Infraco

Mr. Godwin Emefiele, CBN governor

This is coming  on the heels of the foreign reserves’ slump to $36 billion following a cocktail of monetary policy interventions by the apex bank to cushion the scathing effects of the COVID-19 pandemic on the economy.

Mr Godwin Emefiele, CBN governor, made these disclosures in Abuja at the annual conference of the Chartered Institute of Bankers of Nigeria (CIBN) with the theme: Facilitating a Sustainable Future: The role of Banking and Finance.

According to him, Infraco would enable the use of private and public capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors.

“This entity would also be able to raise funds from the capital markets and mobilise long term finance to address some of our infrastructure needs, while providing reasonable returns to investors. “We believe this well-structured fund can act as a catalyst for growth in the medium and the long run. The support of the banking community will be important in achieving this objective.

“A well-built infrastructure system, comprising hard infrastructure such as roads and ports, and soft infrastructure such as broadband penetration, can have a multiplier effect on growth by enabling the expansion of business activities in the country”, he explained.

On foreign reserves, Emefiele attributed its crash to the decline in foreign exchange earnings and subsequent adjustments in the value of the naira to the dollar.


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