VOLUME I
INTRODUCTION
1.0 THE STUDY'S HISTORY
The introduction of point-of-sale (POS) technology into the Nigerian economy has made it easier to do business without having to carry a large amount of cash.
In 2012, Nigeria's Central Bank of Nigeria (CBN) installed POS terminals to promote its cashless strategy and improve the country's payment system. The number of active POS terminals offered by banks to mobile money businesses has increased steadily ever since the launch. A total of 17,193 POS terminals were registered by banks in Nigeria for cashless transactions during the first three months of 2018. (Ogunfuwa, 2018). There were 164,607 operational POS terminals in Nigeria in 2018, according to data from the Nigeria Inter-Bank Settlement Scheeme (NIBSS). In addition to this, a nationwide increase in POS transactions of 66.6 percent was recorded in January 2018 compared to the value recorded in January 2017 utilizing POS for transactions. In February of this year, there was a rise of 60.61 percent compared to the same month last year. POS terminal adoption and increased ICT network penetration in Nigeria may be attributed to this expansion.
Local debit cardholders may use a device called a POS (Point of Sale or Point of Purchase) to withdraw cash or pay for goods and services.
Customers use their ATM cards to pay for goods and services at retail establishments that have this machine. POS machines may also be used to pay utility bills such as power, airtime, cable or decoder subscriptions, and so on.
The banks, on the other hand, aren't available to everyone in Nigeria, particularly those who live in distant areas. In order to reach the unbanked and underbanked, banks established a POS business as a terminal. To relieve the already overcrowded rural banks and the frequent crowds at ATMs, this is a welcome respite. It will also inspire entrepreneurs interested in working as bank agents to do so while earning their own commissions.
Is There A Solution To This Problem?
POS businesses are no exception, as they too have their advantages and disadvantages. The use of POS, according to Nzaro and Magidi (2014), has been beneficial in terms of convenience, product and service variety, easy access to funds, and speedy payment, but issues such as high charges, insecurity questions over frauds via e-banking, and the issue of being debited without credit have been a problem for POS users. POS terminal efficiency in Nigeria is hindered by concerns including unstable networks, power outages, and security of communication through transaction networks, as found by Adeoti (2013) in his research of the topic. Therefore, this research aims to investigate the difficulties and opportunities of the POS business in Nigeria.
1.3 The Study's Purpose
Studying Nigeria's POS industry difficulties and opportunities is the goal of this research. In particular, the aim of this investigation is to:
To see whether utilizing a Point of Sale machine in Nigeria is better than not using one.
An investigation of Nigeria's Point of Sale retail business difficulties.
For the purpose of assessing Nigeria's Point Of Sale (POS) business difficulties.
1.4 Importance Of This Research
The findings of this study will help the banking sector's stakeholders understand the importance of making it simpler for entrepreneurs to start a point-of-sale (POS) firm. It would be of interest to the general public, bank customers, bank regulators, academics, and anyone interested in the adoption of electronic payment systems. There are still many avenues for additional research that this work will open up.
The study's scope is 1.5
The research will look at the relative benefits, difficulties, and future prospects of Nigeria's point-of-sale electronic payment system. An empirical examination of electronic payment uptake at Nigerian point of sale terminals will be used in this research. However, the scope of the research is restricted to only two Anambra State local governments.
Question 1: What is the purpose of this investigation?
In Nigeria, what are the pros and disadvantages of utilizing a Point of Sale (POS) system?
Point-of-Sale machines in Nigeria have certain drawbacks.
What are Nigeria's retail Point Of Sale business's challenges?
In Nigeria, what are the future prospects for Point of Sale businesses?
.