Home Money LASG Partners Bank for EMV contactless card for transit

LASG Partners Bank for EMV contactless card for transit

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STERLNBANK was the most traded stock by volume at 77.19 million units

LAGOS, APRIL 10, 2018 – Lagos State government has partnered with Sterling Bank to introduce the Europay MasterCard and Visa (EMV) contactless card powered by Farepay to facilitate easy transit payment in the region.

The move is set to enable more than 500,000 commuters on the Lagos Bus Rapid Transit (BRT) system to pay for their transportation by just tapping their cards on a console.

The card can be pre-loaded or linked to a funded bank account and is intended to avoid the high turnaround time associated with ticket purchases made using cash.

The new variant with EMV contactless capability follows a previous launch of the Lagos Connect Card last year as an alliance between the Lagos Metropolitan Area Transport Authority, Sterling Bank and Primero Transport.

For the launch, the organisations collaborated with various payment and technology firms such as Mikroelektronica, MasterCard, E-Purse Systems, Monet Plus, NIBSS, Epay-plus and SecureID.

Sterling Bank managing director Abubakar Suleiman was quoted by media sources as saying that the new payment system is expected to speed-up commuting time through easy and fast payments.

According to the managing director, the card will further improve the bank’s primary role of financial intermediation through intervention in sectors that will create jobs and contribute to economic growth of the country. These sectors include health, education, agriculture, renewable energy and transport.

Suleiman further added: “This is another major step forward in enhancing the commuting experience and social well-being of more than 80% of Lagos residents who rely on public transport daily.”