Newly licensed Payment Terminal Service Providers (PTSPs) and the Central Bank of Nigeria (CBN) are working assiduously to mitigate the infrastructure bottlenecks that threaten the smooth take-off of government’s proposed ‘Cashless Nigeria Project’.

This is even as the CBN steps us engagements sessions with stakeholders to create buy-in and ensure maximum public awareness. Firstly, PTSPs have disclosed plans to deploy 150, 000 Point of Sale (PoS) terminal in Nigeria by the end of 2012. This, they say would enable Nigerians conduct cashless transactions in the country and around the world.

In a clear indication of the CBN’s optimism about the prospects and advantages of moving the economy into cashless mode, the apex bank licensed six PTSPs with the singular mandate to deploy and manage PoS terminals in Nigeria. The six successful firms are ITEX, Paymaster, Etop, Citiserve, ValuCard and EasyFuel. CBN licensed only these firms, to enable the PTSPs build scale and maximise efficiency. These six firms, according to industry watchers are tested and trusted e-payment firms that provide e-business infrastructure with the objective of establishing and running a secure, reliable and scalable network.

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