Kuda, also known as Kuda Technologies, a fintech company operating in Nigeria and the UK has introduced virtual and physical point-of-sale products aimed at easing payment processing for freelancers, and small, and medium-sized enterprises.
In a statement on Tuesday, the newly launched payment solutions, according to the company, are designed to help businesses accept payments faster while addressing major challenges like delayed payment confirmations and fragmented banking services that many SMEs face.
It added that the Virtual PoS allowed business owners to process payments at scale using just account numbers, eliminating the need for physical hardware.
“This innovative solution is appealing to businesses looking to expand their operations while minimising costs, as it allows the creation of multiple free terminal account numbers. These unique account numbers can be assigned to sales staff, who will receive instant payment confirmations through email, text message, or directly on their phones when customers make payments,” the firm stated.
It noted that those devices were designed to handle card payments and bank transfers with the added benefit of instant settlement, allowing businesses to gain immediate access to their funds after transactions.
Speaking about the launch, Vice President of Product and Innovation at Kuda, Nosa Oyegun, said: “Our goal with the physical and virtual PoS terminals is to empower Nigerian SMEs with tools that not only simplify payment processes but also enhance their overall business efficiency. The virtual PoS, in particular, represents the future of payment processing, eliminating the need for hardware and reducing costs while ensuring that businesses receive payment alerts instantly.
“For businesses that require face-to-face transactions, our hardware POS offers speed and reliability, which are crucial for SMEs. We are committed to addressing the unique pain points faced by Nigerian businesses, such as delayed payment confirmations and fragmented banking services.”
Oyegun noted that the introduction of those POS solutions was a testament to Kuda Business’ commitment to supporting the growth of Nigerian SMEs.
