Ota, Ogun State – June 10, 2025 – A groundbreaking innovation set to transform payment systems has emerged from Nigeria, as Covenant University alumnus Sola-Aremu Oluwaferanmi announced the development of a solution that turns ordinary smartphones into versatile payment terminals. This technology empowers merchants to receive payments directly on their mobile devices using either QR codes or contactless technology, aiming to significantly streamline transactions, particularly within university campuses.

In a statement released on Monday, Oluwaferanmi, the visionary behind the innovation, explained that his inspiration stemmed from his own campus experiences, where he observed the daily struggles faced by students and vendors dealing with cash payments and long queues. “Campus vendors often rely heavily on cash, leading to slow transactions and increased risk of theft or loss,” he stated.

The innovative solution allows students and other users to make payments by simply scanning a QR code or tapping their debit card on a smartphone with the application installed. This effectively converts the mobile device into a point-of-sale terminal, eliminating the need for additional hardware and promoting a faster, safer, and more convenient payment experience.

The app has already been successfully deployed in a pilot phase across several outlets on Covenant University’s campus, garnering positive feedback from both vendors and students.

Oluwaferanmi outlined the next steps for his innovation, which include expanding the solution to more tertiary institutions across Nigeria. Ultimately, he aims to partner with financial institutions to scale up its adoption nationwide.

This homegrown technology aligns perfectly with Nigeria’s growing push for financial inclusion and digital transformation, especially within the education sector. Oluwaferanmi’s startup is also actively exploring collaborations with fintech companies to integrate advanced features such as transaction history, analytics, and loyalty rewards for merchants.

“The goal is to simplify digital payments for small businesses and youth-led enterprises by leveraging devices they already own,” he emphasized. Oluwaferanmi concluded by urging both public and private sector stakeholders to support indigenous innovations that promote a cashless economy and empower local talent.