The Point of Sales (POS) business began to spread in Nigeria in 2013 after the Central Bank of Nigeria (CBN) introduced the agent banking system in 2013.
A report by Statista said over 1.1 million POS terminals were in circulation as of April 2022.
According to the NIBSS data, a total of 3.730 million PoS machines had been registered across the country as of March 2024.
The need for more terminals rises with rising demand for reliable and efficient payment solutions.
The POS system has no doubt solved a number of problems , the chief of them being accessibility and ease of transactions.
However, the increasing demand, with the general rising inflation rates, has driven up the cost of these terminals.
A single Android POS terminal now costs as much as $150. (over 200,000 NGN.) not including standard caution fee of 25,000-30,000 charged on each deployed terminal.
This significant surge has in turn created the need for more affordable and accessible alternatives.
The BankBox
Pioneering the innovative response to these challenges is Raven, a Nigerian fintech, with the introduction of the BankBox.
The BankBox is a cutting-edge portable payment device. It is ompact, cost-effective, and equipped with advanced features like NFC tap-to-pay technology.
The BankBox offers a seamless and reliable payment solution for enterprises of all sizes.
One of its standout features is its ability to integrate smoothly into existing systems, ensuring a hassle-free transition for businesses.
It also operates efficiently in areas with limited connectivity, making it the ideal choice for those looking to enhance their payment infrastructure without the extra cost of enhancing connectivity.
Features of the BankBox
Compact and Mobile: One of the standout features of BankBox is its compact size. It’s pro mobility design makes it perfect for businesses that operate on the move, such as delivery services, mobile vendors, and logistics companies. It also allows it to adapt seamlessly to various business environments.
Partnerships with Licensed PTSPs: Raven has strategically partnered with licensed Payment Terminal Service Providers (PTSPs) to enhance the reliability and reach of the BankBox. These partnerships ensure that businesses using the BankBox benefit from the highest standards of service and support.
Cost-Effectivenes: BankBox is offered at a fraction of the cost of traditional Android PoS terminals. This affordability makes it an attractive option for businesses looking to expand their payment infrastructure without incurring excessive expenses.
Military-Grade Security: The BankBox is NIBSS-certified and offers military-grade encryption and security protocols. This ensures that transactions are secure and data is protected from potential threats.
Real-Time Insights: BankBox provides enterprises with real-time insights into transactions and operations. This feature allows businesses to track and analyse payment data instantly, and also offers a centralised platform for managing multiple devices across different locations.
Enhanced Reliability: One of the most significant advantages of the BankBox is its reliability. Unlike Android PoS terminals, it is not prone to frequent technical issues, like charging issues, screen faults, etc . Its components are almost indestructible and based of its design, no real damage can happen to the device.
Seamless Integration with Existing Systems: BankBox is a fully integrated solution. Its robust SDK allows it to seamlessly integrate with existing platforms using only 5 lines of code, ensuring a smooth transition without the disruptions typically associated with adopting new technology.
NFC-Enabled for Tap-to-Pay: The BankBox device is equipped with NFC (Near Field Communication) technology, enabling customers to make payments using tap-to-pay functionality. This feature speeds up transactions and provides a contactless payment option.
The BankBox system also provides a streamlined process for logging complaints and managing customer service inquiries. With all devices and transactions monitored from a single platform, issues can be identified and resolved swiftly.
Sign up for the BankBox Enterprise Solution Demo
ABOUT RAVEN
Raven Pay Limited, or Raven, is a fintech company established in 2021.
Specialising in innovative financial technology, Raven is dedicated to supporting the financial industry by developing cutting-edge solutions that enhance efficiency, security, and accessibility
It has recorded about 500, 000 customers by bridging the gap between financial services and its consumers.
By partnering with industry leaders and continuously investing in research and development, Raven aims to stay at the forefront of fintech innovation.
