09 Jun 2022

Access Bank drives financial inclusion among the unbanked and under-banked people through the provision of swiping machines. 

This new entrant will not only reduce operational costs and time, but losses of funds for micro and small businesses. 

In an interview on Tuesday, Access Bank head of global transactional services, Ms Tumisang Mohubu said the bank’s Point of Sale service was available to all registered businesses irrespective of size. 

This offering provides businesses and their customers with access to seamless, quick, and hassle-free transactions, she said. 

Ms Mohubu emphasised that the development would afford businesses more time to focus on their operations and growth. 

Moreover, she said the facilitation would make it quicker for a customer to scan an QR code or swipe a card, thereby making it quicker to process each purchases. 

Ms Mohubu said the development took effect after Access Bank realised that micro and small businesses always had cash in hand, and using digital payment methods somehow prevents the risk of being robbed. 

“Our point of sale machine’s monthly rental fee is P132.32, however, this monthly fee is waivered for clients who open a Bulk Fee Account with a monthly maintenance fee of P305.36,” she said. She said there was an initial setup fee of P250 charged per machine installed, adding that at the point of onboarding respective clients, Access Bank provides complimentary tuition on the best ways to manage finances.

She said the benefits of having a bank account included access to credit and insurance, which were fundamental for any start-up and growing business. 

Ms Mohubu emphasised the importance of exercising financial prudence in operating bank accounts, saying it would help businesses plan for long-term goals as well as unexpected emergencies. Ends