Yobe Microfinance Bank to launch official POS terminal

By Muhammad Maitela, Damaturu

The Yobe Microfinance Bank will launch its official Point of Sale Terminals for small and retail businesses.
This was made known by the Managing Director and Chief Executive Officer MD/CEO, Prof. Sheriff Almuhajir as part of the management renewed commitment for expansion and growth as one of the leading Microfinance Bank in the country.
AlMuhajir said that the Bank is set to introduce its own electronic Point of Sale POS software systems using its own NIP routed through NIBBS and Interswitch platforms named ‘YOCASH’.
He said “YOCASH is a payment gateway system that is designed to streamline retail operations by automating the transaction process and tracking important sales data. Basic features of the system include an electronic cash register and software to coordinate data collected from daily purchases.”
According to him, retailers can increase functionality by installing a network of data-capture devices, including card readers and barcode scanners.
“The main objective of this innovation was to compete favourably with all the available payment gateways in the country. It is our knowledge that the bank needs to have more financial experts, willing investors and promising partners as vendors and retailers to make this successful, but with our principle of one step at a time, all these shall be overcome insha Allah.” Almuhajir said.
The Managing Director reiterated commitment of the Yobe Microfinance Bank to increase opportunities for the poor to access financial services by providing financial services to low income entrepreneurs, mobilizing deposits, loans recovery and support to urban and rural traders and small scale farmers.