Following the pain and sorrow that characterized the recent cashless economy policy introduced in Nigeria, a tech company based in Benin City, DPG Soft Solutions, has launched a software application known as “Tokens” for offline transactions.
Addressing journalists on the new app in Benin City, Philips Nguzor, chief executive officer (CEO) of the company said the App has come to address the bottleneck in payment system arising as a result of the Federal Government’s drive for an economy, devoid of heavy cash transactions in the country.
Tokens, Nguzor disclosed, provides a platform to complete transactions between traders who use the app without a mobile network, an app to reduce the stress in cashless transactions.
“Tokens, this is why we are here today. We are proud to let Nigeria and the world know that we are bringing out this innovation for the world, Africa and Nigeria, especially. We are in a critical stage of a time we are trying to push the economy to a cashless era. Do we get this done over night? No. We all know the system of cashless policy in Nigeria now and how the Central Bank of Nigeria (CBN) introduced the cashless policy that served as pains and sufferings in the lives of Nigerians.
“We all were affected in one way or the other. You see there is bottleneck in the payment system in the country, because we all of a sudden want to transgress or transit to a cashless economy. And the system channels are not strong enough and lack the capacity to move to the direction or speed they want to move”.
He said with the Tokens that the company has invented, being offline cannot frustrate your monetary activity.
“This is why we came up to design what we are launching today called the, “Tokens App.” It is a system or service that allows you to complete your transactions offline. So, it means, if you have this solution App in-store, you can make payment with tokens. I can buy something from somebody in the supermarket and that person can receive tokens. I can pay without having anything to do with the bank.
“I can also pay without having anything to do with network and internet. That is how it operates. With tokens you can do or complete your transactions offline; go to shopping complex, eateries and in anywhere make my payment promptly without having any problem in my transactions”.
According to him, transaction is speedy. “The confirmation of the transactions is instant, and there is no reversal of your money. Whether the person you are transacting to or you has internet on his smart phone or not, it does not matter”.
The CEO said market women will find the product beneficial. “It will make life easier for our market women because they can use it without data. I observe many who still go to the bank to queue do that because they need cash for shuttling buses. It is understandable because no commercial driver can wait for a transaction to be confirmed. However, this app has come to solve the challenge because the confirmation is instant.”
The software works either with or without a mobile network; users just need to enable their Wi-Fi, he said, noting that the app is a product to bridge identified gap in the new monetary policy.
According to him, every measure is in place to ensure a safe system and verify transaction as they are levels of verification in the background. He noted, however, that the firm would not sleep on its oars towards ensuring safer and secured digital application.
Mr. Lugard God’sTime Ogbeide, chief operations and business development officer, DPG Soft Solutions Company, in his opening remarks, said the product to be launched is called Tokens, which the company just developed recently.
He said,” For the company itself, GPG system, we had been working around to see how we can actually solve problems and to meet people’s needs. We started in 2008, it has been a long journey; we had been working on other products. This product we want to launch now is for big investors.”
