NetPOS Company Profile

Background

NetPOS is a product of NetPlusDotCom, a technology and digital payment company established in 2009. The company's mission is to leverage expertise in software development, digital advancements, and business strategy to solve real business problems, thereby creating value and accelerating the growth and profitability of its customers. NetPlusDotCom focuses on providing a wide range of technology solutions in the digital, e-commerce, and electronic payment sectors, primarily targeting small and medium enterprises (SMEs) in Nigeria and sub-Saharan Africa.

Key Strategic Focus

NetPlusDotCom's strategic objectives include:

Innovation and Market Recognition: Identifying market opportunities and innovating to address them.

Enhancing Existing Solutions: Continuously improving and expanding current offerings.

Unique Advantage Development: Creating and pursuing unique advantages across the industry.

Industry Leadership: Aiming to dominate the digital, e-commerce, and electronic payment space in Nigeria within five years.

Financials and Funding

Specific financial details regarding NetPlusDotCom's funding history, total funds raised, and notable investors are not publicly disclosed. The company emphasizes creating a fast-growing and profitable business for its investors and employees.

Product Portfolio

NetPlusDotCom offers a diverse range of products designed to enhance business operations:

NetPOS Devices: Android-based Point-of-Sale (POS) systems, including:

NetPOS Mini: An all-in-one smartphone and payment terminal running on Android 10 OS, facilitating quick sales, receipt issuance, and customer engagement.

NetPOS Pro: A feature-rich, compact, and lightweight payment device with built-in GPS, a 2-inch thermal printer, and up to 16GB of storage, ensuring quick transaction processing.

STORM App: A merchant super app preinstalled on NetPOS devices, offering utilities and features that enable seamless transaction processing.

Saddle: A solution aimed at streamlining business operations (specific details not provided).

NetPlusPay: A digital payment solution designed to facilitate secure and efficient transactions (specific details not provided).

Technological Platform and Innovation

NetPlusDotCom's technological innovations include:

Android-Based POS Systems: The NetPOS devices are among the first locally branded POS terminals in Nigeria, offering additional branding opportunities for partners, including banks, fintechs, and other financial institutions.

STORM App: A merchant super app that enhances transaction processing efficiency and integrates seamlessly with NetPOS devices.

Leadership Team

The success of NetPlusDotCom is attributed to its eclectic and driven team, including:

Wole Faroun: Founder. Wole began his career as an IS Engineer with Citigroup before joining ExxonMobil as a Technology Project Manager. With over 18 years of experience in technology, project management, business development, sales, and marketing, he has led the development and commercialization of several web-based products. He holds a B.Sc in Computer Engineering from Obafemi Awolowo University and an MBA from The Wharton School of the University of Pennsylvania.

Kayode Faroun: Product Marketing Manager. A graduate of Obafemi Awolowo University with a B.Sc. in Psychology, Kayode has over seven years of experience in product marketing. He is skilled in both digital and traditional marketing, leveraging social media, Google ads, email marketing, SEO, content marketing, and market analysis to drive product penetration and adoption.

Olamide Abraham: Chief Operations Officer. (Specific details about Olamide's background and role are not provided in the available sources.)

Competitor Profile

Market Insights and Dynamics

The digital payment and POS system market in Nigeria and sub-Saharan Africa is experiencing significant growth, driven by increasing adoption of cashless transactions and the need for efficient payment solutions among SMEs.

Competitor Analysis

Key competitors in the POS and digital payment sector include:

Square Point of Sale: Offers tools for businesses to accept debit and credit cards via various devices, providing features like inventory management and sales tracking.

Shopify POS: A retail POS system that unifies in-store and online sales, offering inventory management and customer data integration.

Lightspeed Retail: Provides a cloud-based POS and retail management system with integrated inventory management, customer management, and reporting.

Clover: A comprehensive POS system offering payment processing, inventory management, and sales tracking, suitable for various business types.

Strategic Collaborations and Partnerships

NetPlusDotCom's NetPOS devices are certified by the Nigeria Interbank Settlement Systems (NIBSS), ensuring compliance with national payment standards. The company also offers additional branding opportunities for partners, including banks, fintechs, and other financial institutions, enhancing collaborative efforts in the financial sector.

Operational Insights

NetPlusDotCom's strategic considerations include:

Market Positioning: By offering locally branded POS terminals, the company differentiates itself from international competitors, catering specifically to the Nigerian market's needs.

Competitive Advantages: The integration of smartphone capabilities with POS functionalities in the NetPOS Mini and Pro devices provides a unique value proposition for SMEs seeking cost-effective and efficient payment solutions.

Strategic Opportunities and Future Directions

NetPlusDotCom aims to:

Expand Market Reach: By leveraging its innovative product offerings, the company seeks to dominate the digital, e-commerce, and electronic payment space in Nigeria within the next five years.

Enhance Product Offerings: Continuous research and development efforts are focused on improving existing products and developing new solutions to meet evolving market demands.