VOLUME I
INTRODUCTION
1.0 THE STUDY'S HISTORY
There have been a number of changes in the way companies and governments function around the clock as a result of the fast growth of electronic banking. Mobile banking and Point of Sale terminals, which grew out of electronic banking, have made financial transactions more convenient and available to a broader audience. Entrepreneurs that are willing to take risks and think outside the box are reaping the benefits of the growing demand for a rapid financial transaction without having to visit a bank.
Entrepreneurship, according to Ademiluyi (2006), is the act of starting a firm in an open and free market economy with the express aim of innovating in accordance with a new set of values and goals centered on usefulness, quality, and the satisfaction of wants. According to Ifegbo (2002), the best way to understand entrepreneurship is as a set of resourceful abilities that enable a person to become self-sufficient, autonomous, and productive.
Small and medium-sized enterprises operated by entrepreneurs are equipped with point-of-sale terminals that allow for cashless business transactions. Customers may pay for products and services using their bank cards using a Point of Sale (POS) Terminal. Cardholders may use debit or cash cards to have real-time online access to their bank accounts' money and information. To generate money off of the debit or credit card transactions that they provide their clients, some small company owners even go so far as to offer their clients a chance for cashback. With cash back, a credit card customer receives a tiny portion of their purchase price back on their account (Investopedia). The normal cashback incentive rate is from 1% to 3% of a purchase, although some may go as high as 5%. When this payback is done through a business point-of-sale terminal, the account terminal receives the reward, which allows the entrepreneur an opportunity to generate extra profits in addition to the product's sales (Ugwueke C. 2014). Even though this is a new frontier for Nigerian enterprises, the ease with which they may pay for products and services at any point of sale using a mobile payment system has emerged as a critical concern. As a result of this, this research will explore the role of POS in Nigeria's entrepreneurial development.
1.2 DEFINITION OF THE ISSUE
As a result, account holders in Nigeria have found it difficult to access their cash in the banking system lately. The long lines at ATMs and the arbitrary limits on the number of people who may be served by a teller only serve to aggravate individuals who need to do business at a bank. Unemployment in the nation, however, led to a rise in POS businesses by people who were willing to take advantage of the opportunity. The CBN cashless policy supported this new business trend by allowing banks to set up their own POS terminal agents. As a result of Nigeria's cashless economy, the volume, breadth, and security of Nigerian commerce would be considerably improved. Small and medium-sized company owners, in particular, have benefited immensely from this growth, which has helped them expand their operations both domestically and globally, therefore fostering entrepreneurship in the country.
1.3 PURPOSE OF THE EXAM:
The study's overall goal is to find out how POS may help to foster entrepreneurship in Nigeria. The research will, in particular:
Consider the role of point-of-sale (POS) systems in the banking sector.
Analyze the difficulties you'll face while launching a POS venture.
Investigate whether or not POS has aided entrepreneurship.
1.4 IMPORTANCE OF THE RESEARCH
The broader public, particularly individuals with entrepreneurial potential, will benefit from this research. An in-depth look at the issues that prospective POS company owners will encounter and how to prepare for them will be provided in this course. Additionally, it'll help educate the jobless on the need of starting a POS company while they're looking for a white-collar employment. Finally, this study will serve as a reference for future academic research in this sector and add to the broader body of knowledge as a source of information. It will inspire financial institutions to encourage interested businesses to set up POS by making the processes less laborious.
The Study's Purpose and Scope
The study's overall goal is to find out how POS may help to foster entrepreneurship in Nigeria. In particular, the research will look at the role of point of sale (POS) in monetary transactions. To what extent will starting a POS company prove difficult will depend on this factor. A study will examine if POS has encouraged Nigerian enterprises. It is only in Calabar Municipality, Cross River State, that the study's focus is narrowed.
A QUESTION FOR YOUR RESEARCH
For the purpose of this investigation, we will focus on answering the following questions:
When it comes to financial transactions, what is the significance of the point-of-sale system?
What are some of the difficulties in starting a POS company?
What do you think of POS's impact on entrepreneurship in Nigeria, specifically?
In Calabar, how much of a role has POS business played in promoting entrepreneurship?
The study's limitations
Throughout the course of the research, various problems were faced, including but not limited to the following. These are the items.
financial restraint: A lack of funds might hinder a researcher's ability to find relevant materials, literature, or information as well as to conduct data collecting and analysis (internet, questionnaire and interview)
Due to the demands of other academic projects, it was not feasible to conduct this research with the breadth and depth that would have been appropriate given the available time.
1.8 Term Explanation
Terminals for processing card payments at retail outlets are called point-of-sale (POS) terminals. Credit and debit cards' magnetic strips can be read by the device's software. The moment and location at which a retail transaction is completed are referred to as the point of sale or the point of buy, respectively.
There is a genuine method to generate money in Nigeria via the POS business. Additionally, it is referred to as the "agent banking industry" and allows financial institutions to provide more comprehensive client care across a broader spectrum of demographics.
The term "POS Agent/Retailer" refers to someone who owns a POS firm. Financial and banking services are carried out on behalf of the bank by these agents while they are paid their own fee.
Promoting: promoting implies supporting or actively encouraging (a cause, endeavor, etc.); advancing anything.
In entrepreneurship, value is either created or extracted. Start-up is taking on financial risks in the hopes of profiting from them.
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