A Nigerian graduate, Sola-Aremu Oluwaferanmi, a Covenant University alumnus, has developed a solution that transforms smartphones into payment terminals. This innovation enables merchants to receive payments directly on their mobile devices using QR codes or contactless technology.
The solution aims to eliminate cash transactions, ease long queues, and provide a faster, safer, and more convenient payment experience, particularly within university campuses. Oluwaferanmi stated, “Campus vendors often rely heavily on cash, leading to slow transactions and increased risk of theft or loss.”
The technology allows users to make payments by scanning a QR code or tapping their debit card on a smartphone with the application installed. This turns the phone into a point-of-sale terminal without requiring additional hardware.
The app has been deployed in the pilot phase across several outlets on Covenant University’s campus and has received positive feedback. Oluwaferanmi noted that the next phase would involve expanding the solution to more tertiary institutions and partnering with financial institutions.
The innovation supports Nigeria’s push for financial inclusion and digital transformation. Oluwaferanmi’s startup is exploring partnerships with fintech companies to integrate features such as transaction history and loyalty rewards.
Omitogun, a representative of the startup, emphasized the importance of supporting homegrown innovations that promote a cashless economy. The solution is expected to have a broader impact on Nigeria’s digital economy as it expands.
