Innovative Nigerian Graduate Turns Smartphone into Payment Terminal

Nigeria’s tech ecosystem witnessed a breakthrough innovation from graduate Sola‑Aremu Oluwaferanmi, who has developed a solution transforming smartphones into full-fledged payment terminals. His platform enables merchants to accept payments directly on their mobile devices via QR codes and contactless methods—mirroring cutting‑edge fintech trends sweeping across the country.

This invention draws inspiration from global and local “tap‑to‑phone” initiatives such as Mastercard’s “Tap on Phone” and Visa–Access Bank’s contactless deployment, which allow merchants to accept card payments securely using NFC‑enabled Android smartphones . These systems leverage QR codes and NFC, reducing reliance on costly hardware and boosting financial inclusion for small and medium-sized enterprises (SMEs).

Oluwaferanmi’s solution goes a step further by tailoring the technology for traditional market traders and informal sector merchants, many of whom lack access to formal POS systems. His platform reportedly offers low processing fees, offline transaction caching, and robust encryption—making digital payments more accessible, reliable, and secure even in low-connectivity environments. These features are critical for bridging the digital divide among Nigeria’s estimated 40 million SMEs .

As competition intensifies in Nigeria’s fintech space—with offerings like Karla, Tally’s GetTally, and Wema Bank’s ALAT NQR—Oluwaferanmi’s grassroots-focused innovation underscores the pivotal role of homegrown solutions in financial inclusion . If effectively scaled and adopted, his smartphone terminal could empower millions of micro-merchants across Nigeria, driving both entrepreneurship and cashless penetration in the economy.

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