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From Adanna Nnamani, Abuja
Determined to end the nightmare of failed transfers, delayed alerts and cash bottlenecks crippling small businesses, The Alternative Bank has rolled out over 300 free Point-of-Sale (POS) terminals to traders across the country.
The bank said the intervention, which was unveiled at the 47th Kaduna International Trade Fair, is aimed at helping Micro, Small and Medium Enterprises (MSMEs) escape cash friction, a major barrier to growth across the country.
It noted that for many traders, missed transfers and delayed payments have resulted in stalled sales, customer disputes and weak financial records, making access to loans nearly impossible.
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Speaking at the event, the Executive Director, Commercial and Institutional Banking (South and Central), Garba Mohammed, said economic reforms would amount to little if small businesses remain trapped outside the formal financial system.
Represented by Solomon Okonkwo, Head of Corporate Social Investment, Mohammed stressed that MSMEs which account for over 96 per cent of businesses in Nigeria and employ more than 80 per cent of the workforce, remain largely excluded from structured financing due to poor documentation and limited digital infrastructure.
According to him, the free POS distribution is not a symbolic gesture but a practical solution to a long-standing problem.
Beneficiaries were instantly onboarded into digital payment systems designed to reduce cash-handling risks, eliminate transfer uncertainties and generate verifiable transaction records, a key requirement for accessing credit facilities.
