Lagos State has set an ambitious target of distributing 1 million Point of Sale (POS) machines to youths, men, and women by the end of the current administration. This initiative aims to create jobs and enhance the growth of small-scale businesses in the state.
At the onboarding event held for 1,425 recipients of POS machines in Lagos, the Commissioner for the Ministry of Wealth Creation and Employment, Hon. Akinyemi Bankole Ajigbotafe, underscored the importance of supporting small enterprises, especially with the growing prominence of e-commerce. He highlighted that the adoption of POS systems is crucial to improving customer interactions and the efficiency of transactions in an increasingly digital economy.
“The demand for POS devices is on the rise, and small businesses are increasingly in need of accessible, cost-effective payment solutions,” Ajigbotafe said. “The POS technology we are providing serves as a vital tool for businesses, enabling smooth transactions, enhancing customer convenience, and reducing the risks associated with cash handling. By empowering small merchants with POS machines, we help them offer efficient payment options that can improve customer loyalty and drive business growth.”
The commissioner further emphasized the state government’s commitment to facilitating the digital transformation of sales and business operations. This initiative, he said, would provide small businesses with the tools they need to thrive in the digital economy, while also supporting them with access to capital, markets, and ongoing training and mentoring. These efforts are expected to boost the acceptance of digital payments, improve working capital, and create new growth opportunities for small-scale businesses.
Dr. Biodun Onayele, the Permanent Secretary of the Ministry of Wealth Creation and Employment, pointed out that the provision of POS machines was a joint effort between the ministry and Wema Bank. He also highlighted the broader vision of the initiative, which is to empower citizens and improve their ability to succeed in the rapidly evolving digital economy.
“With the surge in e-commerce and the growing demand for cashless transactions, the need for small and medium enterprises to adopt digital payment systems has never been more pressing,” Onayele said. “This initiative is not just about distributing machines; it’s about equipping entrepreneurs with the tools they need to succeed in a digital-first world.”
The Registrar-General of the Corporate Affairs Commission (CAC), Alhaji Hussaini Magaji, represented by Tosan Mabuyaku, Assistant Director and Deputy Director of the Lagos Office, praised the state government’s efforts to enhance the capabilities of entrepreneurs. He also emphasized CAC’s commitment to collaborating with the Lagos State Government to help PoS entrepreneurs transition into micro, small, and medium enterprises (MSMEs), which will contribute to the broader economic development of the state.
“CAC is actively working with various institutions and agencies to ensure a seamless registration process for PoS entrepreneurs, ensuring they can comply with established service delivery timelines,” Mabuyaku said.
As the initiative progresses, Lagos State aims to not only facilitate the digitalization of the retail sector but also empower thousands of entrepreneurs to leverage technology for business growth and job creation. The state is optimistic that this strategic move will transform the landscape of small businesses, providing a strong foundation for economic development in the years to come.
