Point Of Sale (POS) – a Veritable Tool for Deposits Mobilizers of MicroFinance Banks
Tunde Raji - January 11, 2017

 

In this era of cashless society, banking transactions have gotten a leap. In modern banking, Microfinance Banks customers are issued customized prepaid debit card for the purposes of cash payments and withdrawals.
Nowadays, Microfinance Bank customers need not visit the bank for loan repayments, Esusu mandatory deposits, opening of voluntary savings account, term & time deposits, and target savings. Microfinance Banks now takes business to their customers through technology and internet in real-time.
Technologically savvy Microfinance Banks have competitive edge over conventional Microfinance Banks because Point Of Sale (POS) helps banking customers save valuable time they would have expended in visiting the bank to transact monetarily.

 

This ease or convenience helps bank customers to make more money within these specific periods. This Point Of Sale outdoor service is applicable to traders, Small and Medium scale Enterprise.
Microfinance banking halls of technologically-inclined banks are rarely populated by existing and prospective customers in this current age.

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12 thoughts on “Point Of Sale (POS) – a Veritable Tool for Deposits Mobilizers of MicroFinance Banks”

  1. point of sales (POS) will always make the microfinance mobilize more deposit than commercial banks. It will ease loan repayment since the point of sales linked to the clients account.

    1. That’s a good news. It is necessary for all MFBs in Nigeria to be Information Technology-savvy if optimization of returns is paramount in their agenda.

      Is your MFB a national, a state, or a unit?

  2. Nice write up. We currently deploy POS terminals for our customers. The amount in terms of inflow it generates as deposit per day is unbelievable. Technology is the future.

  3. Well, E channels is the future of our financial institutions, PoS is just one of the various channels that we deploy to ease and bring Banking services to the customers fingertips, most IT savvy MFBs now have their own mobile banking applications making it possible for customers to make fund transfers, pay for various services etc. MFBs should be encouraged to step up their game in terms of ICT.

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