New electronic payment solution,
tagged CashUrban, which offers cash for exchange between users and merchants in
their neighbourhood would soon be unveiled into the Nigerian market by Total
Infotech & Telecoms Limited, a Lagos based firm, reports ITRealms.
The Chief Executive Officer, Total
Infotech & Telecoms Limited, Mr. Olaniyi Adeosun, told ITRealms that the service offered by the
company is unique as it gives both merchants and users of the service
convenience in cash transactions.
“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,” he noted.
Adeosun says the platform is currently offering a free registration of merchants
across the country that will 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.
On
the criteria for a firm to qualify as a merchant, he says all that is required is
a simple online registration process, which would require the submission of
some form of identification and details. After this, he adds, some verification would
be done, to ensure that information submitted meet required criteria to serve
the public.
According
to Adeosun, who is also the founder of CashUrban, 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, Adeosun says: “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 atimes 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 however
said, registration on the platform is free and cash merchants will earn some token
fees for providing the services to their customers.
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