VeriFone Systems, Inc. (NYSE: PAY) today announced that it has received orders to date for 80,000 units of its VX 520 payment solution as banks and merchants seek to meet the requirements of the Central Bank of Nigeria’s (CBN) “ Cash-Less Lagos” initiative.
Orders for VeriFone solutions represent more than half of the 150,000 total systems that the central bank expects will be deployed by the end of this year to comply with its mandate. CBN is driving modernization of Nigeria’s payment system in line with its goal of joining the top 20 economies by 2020.
“VeriFone is providing industry-leading payment solutions to support CBN’s cashless initiative, which will benefit consumers and merchants in reducing cash-handling costs and spurring economic development,” said William Nettles, VeriFone vice president and general manager, Middle East and Africa.
With GPRS capability and extended battery life, VeriFone’s VX 520 is ideal for the country’s telecom infrastructure and is exceptionally durable with broad functionality and low cost of ownership. It features a dual SIM, which allows merchants to switch cellular networks quickly and easily, thereby overcoming issues of erratic network coverage - a frequent challenge for merchants across Nigeria.“CBN’s efforts to modernize the payment system to drive economic development sets a standard throughout Africa,” said Nettles. “VeriFone expects these efforts to lead to greater demand for payment solutions in countries including Kenya, Ghana and Ethiopia, among others.” VeriFone supplies and supports payment systems for banking, retail, petroleum and other vertical markets in Sub-Saharan Africa and the Indian Ocean islands. With its distinctive approach to serving local market requirements, VeriFone focuses on providing customers in the region with the best combination of local and global strength. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc. This press release includes certain forward-looking statements related to VeriFone Systems, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on VeriFone management’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of VeriFone Systems, Inc. These risks and uncertainties include: our successful deployment of systems in Nigeria, our ability to protect against fraud, the status of our relationship with and condition of third parties upon whom we rely in the conduct of our business, our dependence on a limited number of customers, uncertainties related to the conduct of our business internationally, our dependence on a limited number of key employees, short product cycles, rapidly changing technologies and maintaining competitive leadership position with respect to our payment solution offerings. For a further list and description of such risks and uncertainties, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. VeriFone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.