Nigerian Grad Turns Phones into POS Machines

In a bold step toward a cashless economy, a young Nigerian has developed a payment solution that turns smartphones into point-of-sale (POS) terminals. The app allows users to receive money by simply scanning a QR code or using contactless tap-to-pay on any smartphone — no extra hardware needed.

The innovator behind this new tech is Sola-Aremu Oluwaferanmi, a graduate of Covenant University. He said the idea came while he was still on campus. “Campus vendors often rely heavily on cash, leading to slow transactions and increased risk of theft or loss,” he explained in a statement released earlier this week.

Oluwaferanmi saw how students and traders struggled with long queues, poor network, and slow cash transactions. That frustration sparked the idea: why not use devices everyone already owns — smartphones — to make payments fast, easy, and secure?

Early Success on Campus, Bigger Dreams Ahead

The tool is already up and running in a few shops on Covenant University’s campus. Early users say it’s making a difference. Students can now pay with a tap or QR scan, while vendors no longer wait hours to process payments.

Following this pilot phase, the next goal is to expand across Nigeria’s universities. Oluwaferanmi also revealed plans to work with banks and fintechs to reach even more users. His startup is looking to add features like sales tracking, analytics, and rewards programmes for vendors to help them grow.

“The goal is to simplify digital payments for small businesses and youth-led enterprises by leveraging devices they already own,” said the startup’s co-founder, Omitogun.

Nigeria has been pushing for financial inclusion, especially among young people. This innovation fits right in, aligning with broader efforts to encourage cashless transactions.