PundiX introduces a Bitcoin Point of Sale (POS) terminal in Nigerian shop.

The terminal allows transactions via bank cards and mobile wallets.

Nigeria’s central bank cautions locals against buying and selling cryptos.

In a “first in Africa,” a Nigerian company that imports and distributes agricultural products has installed a Point of Sale (POS) system that allows purchasing in cryptocurrencies like Bitcoin. The move is likely to scale up the adoption and development of cryptocurrencies in Africa’s leading Bitcoin market.

PundiX Paves the Way for Crypto Adoption

The Point of Sale terminal was launched in collaboration with the Indonesian cryptocurrency and payments company Pundix which will allow users to shop using Bitcoin, Ethereum and two other leading cryptocurrencies besides allowing traditional fiat currencies at the Joetech Systems Ltd.

Pundix is a leading payment service provider and has shipped or is shipping over 5,000 XPOS terminals to different countries including Switzerland, Brazil, Hong Kong, Korea, Colombia, and the UK.

The Bitcoin POS system will work just like the traditional Point of sale system but that one will connect to the blockchain and enable settlements to be made in cryptocurrencies with the maker adding that the device will also support transactions through bank cards and mobile wallets. Explaining how the XPOS at Joetech Systems Ltd in Nigeria, Pundix business development manager Michael Lawal tweeted the following:

First live #BTC-NGN transaction on XPOS terminal was successfully done in #Nigeria. Thank you @ndukwe_ezenwa, MD of Joetech system and our #NPXS contributors for your support and start #crypto adoption with #PundiX technology in #Africa. pic.twitter.com/aBEvPXxGcz — Pundi X Official Account (Pls do not send ETH) (@PundiXLabs) September 28, 2018

He added further that once a shopper chooses the preferred payment option the cashier will automatically calculate the conversion rate using the Naira’s current rate and the transaction will be done in less than two seconds to protect the consumer and the merchant. The machine that PundiX has installed, Lawal added was the first live cryptocurrency-based transaction in Africa and was happening in Nigeria means that the adoption of blockchain and cryptocurrency was viable. He explained:

“Blockchain adoption is possible. We will continue to collaborate and partner with people who believe in the true adoption, scalability, and speed of blockchain.”

Crypto Making Inroads into Africa

Nigeria is the most populous country in Africa with over 185 million people and is also home to the largest number of cryptocurrency users in Africa with over $260 million worth of Bitcoin traded in a single Cryptocurrency exchange.

However, the crypto community still operates under uncertain regulatory conditions with the Central Bank of Nigeria cautioning against buying and selling of cryptocurrencies only this week.