First City Monument Bank (FCMB) Limited has unveiled a Mobile Point of Sale (MPoS) terminal, called FCMB PayPad. The Bank said the introduction of the new product is a demonstration of its commitment to further support the growth of Small and Medium Scale Enterprises (SMEs) and the success of the cashless policy initiative in Nigeria.
The FCMB PayPad is a portable device that allows merchants securely process payments in a seamless manner, driven by a robust mobile application on a smart phone or tablet. It can easily be customized to suit the needs of merchants. This could range from inventory management to airtime vending. The device can be obtained from any FCMB branch across the nation at no cost to the merchant. In a statement, the Bank said that the FCMB PayPad provides a more secure, simple and efficient payment solution to merchants in the Nigerian market. It easily synchronises with any smart phone or tablet running the customised application that is freely downloadable from the app store. The benefits of the device, includes availability of transaction details via SMS, email and paper print and long lasting rechargeable battery which ensures fewer recharging frequency. It is also portable (smaller than a mobile phone) which makes handling very convenient. According to FCMB’s Executive Director, Service Management and Technology, Mr. Nath Ude, the robust nature of FCMB PayPad makes it very reliable for secured transaction processing for merchants that run mobile businesses and also for small, midsize and large merchants. He added that, ‘’it is also the device of choice for businesses in the e-commerce space that operate door-to-door delivery and need secured payment processing”. Mr. Ude continued by saying, “the FCMB PayPad is truly a payment device that will revolutionize how secured payment processing is done in fixed locations and on-the-go. It is one of the innovative products from FCMB designed to enhance customer experience across all touch points and help merchants to grow their businesses in a sustainable manner”, he said. First City Monument Bank (FCMB) is a member of FCMB Group plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments. Having successfully transformed to a retail and commercial banking-led group, FCMB expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of personal and business aspirations of its customers.