In a bold move to accelerate digital payment adoption among Nigeria’s small and medium enterprises (SMEs), Providus Bank has partnered NetPlus to scale the reach of its SoftPOS solution- Providus SoftPOS. This initiative is set to empower the next million SMEs, transforming how businesses accept payments and interact with the financial ecosystem.
Revolutionising SME Payments
In addition to enhanced offerings on their branded POS terminals, which have continued to stand out for seamless Card purchase and Transfers at merchants’ locations, Providus SoftPOS aims to provide additional payment acceptance offerings to SME businesses via contactless card payments, QR codes, and transfers directly on their smartphones.
However, device compatibility remains a major challenge, as many smartphones in the market lack Near Field Communication (NFC) capabilities, which are essential for contactless payments. To bridge this gap, ProvidusBank has partnered NetPlus to certify the ProvidusBank-branded NFC Kit with NIBSS. This compact device can be easily attached to any smartphone, instantly transforming it into a fully functional SoftPOS terminal. With the ProvidusBank-branded NFC Kit, Providus SoftPOS merchants are equipped with a seamless, cost-effective way to process transactions, regardless of their phone’s built-in capabilities.
According to industry insights, over 40 million SMEs in Nigeria contribute significantly to the economy, yet a large percentage remain underserved by digital payment solutions. By eliminating hardware dependency, SME business owners and other eligible merchants can now seamlessly process payments and grow their businesses.
Banking Innovation at Scale
ProvidusBank, known for its customer-friendly banking solutions, is taking a proactive approach in digitising merchant transactions. By partnering with NetPlus to integrate the secure and scalable SoftPOS technology, the bank is redefining what’s possible for SMEs looking to scale their operations while ensuring transaction security and efficiency.
Speaking on the partnership, Elliott Sangoleye, Group Head, E-Business, Providus Bank, stated:
“At ProvidusBank, we are dedicated to driving business success. Our advanced payment acceptance and digital solutions, including ProvidusBank-branded POS, SoftPOS, Web Payment Gateway, and Cards, are designed to elevate digital services and empower businesses to thrive. Providus SoftPOS is a game-changing solution that enables SMEs to process payments seamlessly, integrating them into the formal financial system.”
Wole Faroun, CEO of NetPlus, added:
“SoftPOS is more than just a payment tool—it’s a transformational solution for financial inclusion. This collaboration with ProvidusBank will accelerate adoption, equipping merchants with the tools they need to thrive in a digital economy. With the introduction of ProvidusBank branded NFC Kit, we are ensuring that every merchant—regardless of their smartphone’s NFC capability—can fully leverage SoftPOS technology.”
What’s Next?
This partnership is expected to drive massive adoption of SoftPOS technology across Nigeria’s banking ecosystem. By eliminating hardware barriers with the ProvidusBank-branded NFC Kit, financial institutions now have a more scalable and inclusive way to onboard merchants into the digital economy.
As more banks recognise the power of contactless payment solutions, this initiative will serve as a blueprint for other financial institutions looking to deepen their engagement with SMEs. ProvidusBank, as always, is paving the way for a cashless, SME-driven economy—one tap at a time.
