SunTrust Bank Nigeria Limited has agreed to provide OPay Digital Services Limited with terminal and settlement support for its point-of-sale merchants and agents across Nigeria, BusinessDay reported Nov. 14, citing a statement from the bank.
Under the Terminal ID Services Agreement, SunTrust will supply terminal identification numbers and manage the related merchant terminals. It will also support transaction settlement and the reconciliation of payment records, BusinessDay reported.
SunTrust said the arrangement connects its banking operations with OPay’s merchant and digital payment services to facilitate electronic transactions for businesses and consumers. The bank said the partnership fits its efforts to expand access to financial services and encourage cashless payments in Nigeria, according to the report.
BusinessDay framed the agreement against increased use of digital payments and the spread of agency banking across Nigeria. The outlet also cited industry participants who said bank-fintech arrangements can bring payment services to more merchants and people with limited access to formal financial services.
