LAGOS -- Firms from China and Nigeria have recently signed agreements to jointly produce point-of-sale (POS) terminals in Nigeria, which are expected to improve the country's cashless systems.

China's Shenzhen Xinguodu Technology Co Ltd and its Nigerian partner Global Accelerex have promoted their products at an international exhibition organized by the Central Bank of Nigeria in Lagos, the West African nation's economic hub.

Joe Hu, the Chinese firm's senior business manager, told Xinhua that their POS terminals, with advanced software, will greatly boost convenience and security in financial transactions in the country.

The device could be used in shopping malls and restaurants, and for electricity and water payment, he said.

Tunde Ogungbade, an official of the Nigerian firm, said commercial banks in Nigeria are beginning to accept payment terminals.

"We believe that they (the products) will serve the Nigerian market and the Nigerian people especially the consumers and the merchants very well," Ogungbade said.

Nigeria is promoting electronic transaction across the country.