Welcome to a new world of business banking!
A world where you can start receiving payments even if you are not a registered business. A world where you can have more than one business account controlled from one place.
We are pleased to introduce to you Squad, a payment solution powered by GTCO that enables all types of businesses to make and receive payments from anywhere in the world.
To get started on Squad, click here: https://dashboard.squadco.com/sign-up to create your free account.
Need to Know More about Squad?
If you need help with any of Squad’s products, please send an email to help@squadco.com.
How to Sell with SquadPOS
We’re Creating More Investment Opportunities to Boost Economy—DMO
Introducing Squad: The Complete Payments Solution for your Business
Activities of some currency traders in Abuja were on Friday disrupted by officials of the Economic and Financial Crimes Commission (EFCC).
It was alleged that the foreign exchange (forex) traders were mopping up hard currencies, especially the Dollar, in circulation in a bid to create artificial scarcity for the purpose of selling at higher rates later.
Currency speculators had taken over the local FX market in the past few days and this action has weakened the domestic currency to different all-time lows.
On Thursday, the value of the Nigerian currency against the United States currency depleted to N715/$1 in the parallel market as a result of scarcity of the latter.
This week, after the exchange rate broke the N700/$1 ceiling, the Senate summoned the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, to explain actions he was taking to save the local currency from a total collapse.
Today, according to reports, operatives of the EFCC invaded a hub of Bureaux De Change (BDC) operators in the country’s capital, precisely in the Wuse 4 area of the city.
Nigeria operates more than one exchange rate regime and at the official market, the Naira is around N430/$1 but in the unofficial space, it sells above N700/$1. This market segment is seen by some as the authentic platform to get the true value of the Nigerian Naira because it is controlled by market forces unlike in the Investors and Exporters (I&E) window, which is under the control of the CBN.
Last year, the apex bank stopped the sale of FX to BDCs, directing customers to commercial banks. However, many forex users find it difficult to access foreign currencies and have had to rely on the black market to complete their transactions abroad.
BDC operators, under the aegis of the Association of Bureaux De Change Operators of Nigeria (ABCON), have severally appealed to the central bank to rescind its decision on the stoppage of forex sales to them so as to help restore the confidence of the indigenous currency.
Governor Babajide Sanwo-Olu of Lagos State has expressed optimism that the Lagos Commodities and Futures Exchange (LCFE) would create limitless opportunities for investors as the platform will enable them to earn a steady income from electronic trading of receipts of their commodities products on a transparent and well-regulated market.
He expressed this view at the launch of the trading exchange on Thursday, noting, “Today, history is being made with the inauguration of Lagos Commodities and Futures Exchange, its dedicated electronic trading of commodities platform and launch of the proof of concept of the first tranche of special gold called Eko Gold Coins.”
Mr Sanwo-Olu explained that, “The 58 coins launched are gold-backed and the special coins can be redeemed at any time,” pointing out that, “The launch comes at a period that Nigeria is contending with hyper-inflation, rising debt and a host of other challenges.”
The Governor, while launching the 58 units of spots contracts of Eko Gold Coins, explained that the Coins represented the culture, value and inclusivity of Lagos State.
He commended the board and management of LCFE for the great vision that has strong potential to grow the Nigerian economy through the commodities ecosystem.
Before the event yesterday, LCFE had conducted a series of test trades on its state-of-the-art technology and other basic infrastructure to drive the processes of operations in line with the global best practices.
The exchange introduced the Eko Gold Coins valued at 100 million pounds in tranches, commencing the much-awaited electronic trading of commodities receipt in Nigeria.
Earlier in his welcome address, the chairman of LCFE, Mr Onyenwechukwu Ezeagu, said the platform has recorded many successful trading ahead of its inauguration.
“The exchange has conducted a series of system tests and successful trades through its Trade Matching Engine, and this is a first step in fulfilling our mission to catalyse and transform the Nigerian economy and create value as well as wealth for all the stakeholders.
“We have conducted numerous training, capacity building and sensitization sessions to help our stakeholders navigate and harness the full potential of the Nigerian Commodities ecosystem geared towards transforming the Nigerian Economy at large,” he said.
Also commenting, the Managing Director of LCFE, Mr Akin Akeredolu-Ale, who ascribed the delay in the take-off of the platform to the COVID-19 pandemic, explained that LCFE operations would enhance the double-digit growth of Nigeria’s Gross Domestic Product (GDP) through de-risking of commodities products and transparent price discovery.
“We are proud to be the first exchange in Nigeria licensed by the Securities and Exchange Commission (SEC) to commence trading of gold contracts. The gold aggregators are IAC Global Investment Limited and Tradenet Limited while GTI Capital is the transaction Adviser,” he said.
Mr Akeredolu-Ale had earlier stated that “We have put in place necessary structures to commence trading as a full-fledged commodities and futures exchange.
“Our basic function is to trade electronic receipts. We have addressed the issue of payment and settlement system, depository, registration of settlement banks and dealing member firms and certification of commodities brokers.”
As the world moves toward more mobile POS and contactless payment options, we saw the need to create an affordable and reliable payment solution that all kinds of businesses can take advantage of — whether micro, small or large. Therefore, SquadPOS was created — to make receiving payments quicker, easier, and more reliable, so that you can get paid on the go!
Let’s look at how it works and its benefits to businesses like yours.
SquadPOS is a new technology that allows business owners to turn their NFC-enabled android phones into POS terminals. This means that with SquadPOS, you can now accept cashless payments with your mobile devices for your business, with no additional hardware such as physical POS devices required. Essentially, businesses can now avoid the hassles of managing cash payments, long checkout queues, and incurred costs on POS hardware. Simplified payments for everyone!
As an application, SquadPOS is currently supported on Pixel, Nokia, Huawei, and Samsung devices, and is compatible with NFC-enabled Visa and Mastercard cards. Download on Google Play Store here to get started.
What can your business do with SquadPOS?
· You can manage payments, transaction histories, and e-receipts on the app.
· Receive payments in-store or anywhere.
· Never lose track of a transaction with our robust transaction history feature.
· Export your transactions for easy auditing, reconciliation, and reporting.
· Share e-receipts with customers for every transaction at no cost.
What are the benefits of using SquadPOS over POS machines?
· No additional hardware or maintenance costs are required! With SquadPOS, your NFC-enabled mobile device is all you need.
· Use SquadPOS on more than one device: You can create multiple terminals on different devices and in different locations.
· See all your transactions in real-time: SquadPOS automatically synchronizes the payments from the various devices into one comprehensive dashboard, so you can track, reconcile, and manage your revenue at a go!
· Never miss a sale: Now, you can accept card payments from your customers even if you don’t have a hardware POS terminal from a bank.
SquadPOS is perfectly suited for any merchant who can receive payments with a card — be it a restaurant, boutique, hair salon, delivery service, cab driver, anyone! It’s easy and convenient to receive payments on the go with your SquadPOS in your pocket.
Ready to start accepting payments with SquadPOS? Here are the steps you need to take:
· Download SquadPOS from Google Play Store on your NFC-enabled device.
· Launch the app! New and existing Squad users can click the sign-up button.
· Provide your registered email and the system will authenticate you.
· Complete the steps shown and your terminal will be created within 48hours.
· Launch the app and click on the login button.
· Provide your registered email address and authenticate.
· Create your password, then continue.
· Select the menu and the Purchase icon.
· Tap your customer’s NFC-enabled card behind your device.
· Payment successful! It’s that easy.
· Share the receipt with the customer via email or SMS
With SquadPOS, you can receive card payments with just one tap, allowing you to sell to more customers faster than ever. It’s that easy! Now, you can evolve and speed up your customers’ in-store payment experiences with SquadPOS to make them satisfied with your service and keep them coming back.
Download SquadPOS on Google Play Store and get started today. For additional information, visit www.squadco.com, or contact our support team at help@squadco.com.