PROSPECTS AND CHALLENGES OF POS AS ELECTRONIC PAYMENT SYSTEM

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PROSPECTS AND CHALLENGES OF POS AS ELECTRONIC PAYMENT SYSTEM

CHAPTER ONE

INTRODUCTION

1.0 BACKGROUND OF THE STUDY

With the increasing use of advanced electronic technologies for e-funds worldwide, the introduction of POS into the Nigeria economy has facilitated the ease of doing business without necessarily going about with huge cash in wallet.

The use of POS terminals to make financial payment in Nigeria was introduced by the Central Bank of Nigeria (CBN) in 2012 to promote its cashless policy with the aim of improving payment system. Ever since the introduction, there has been increasingly growth in the number of active POS terminals provided by banks to mobile money merchants. In the first three months of 2018, for example, it was reported that a total of 17,193 POS terminals were registered by banks for carrying out cashless transactions in Nigeria (Ogunfuwa, 2018). Statistical figures from the Nigeria Inter-Bank Settlement Scheeme (NIBSS) indicated that as of 2018, the number of active POS terminals in Nigeria was 164,607. Also, in addition to this development, a record of 66.6% rise in transactions using POS across the country was registered as at January, 2018 compared to the value registered using POS for transaction in January, 2017. This trends was maintained in February, 2018 where an increase of 60.61% was registered compared to February, 2017. The attribution to this growth can be acceptance of POS terminals for making payment and increasing ICT network penetration in Nigeria.

Point of Sale also called Point of Purchase, is a device that allows local debit cardholders to make withdrawals or make payment for product and services.

this machine is mainly used in retail shops where customers pay for good or services using their ATM cards. POS machine is also used to pay some utility bills like electricity, airtime, cable or decoder subscription etc.

However, because the services of the banks does not serve everybody in Nigeria especially those in remote village. Banks created POS business as a terminal to bring financial services closer to the unbanked and under banked segment of the society. Hence this is a huge relief to decongest the already crowded banks in the rural areas and the often crowd witnessed at ATM spots and also encourage entrepreneur who would be interest to be bank agent while earning their own commission.

1.2 Statement Of The Problem

Every business has its pros and cons as POS business is not exemption. According to Nzaro and Magidi (2014) who examined the role of e-payment, they observed that although the using of POS have been beneficial such as convenience, product and service variety, easy access to funds and speedy payment, issues such as high cost of charges, insecurity question over frauds via e-banking and the issue of being debit without credit have being the problem faced by POS users. Adeoti (2013) when he examined the challenges to the efficient use of POS terminals in Nigeria, the study indicated that the efficient use of POS terminal in Nigeria is challenged by issues such as unreliable network, power outage and security of communication over transaction network. therefore it is on this note that this study seek to examine the challenges and prospects of POS Business in Nigeria.

1.3 Objective Of The Study

The purpose of this study is to examine the challenges and prospect of POS business in Nigeria. Specifically this study will also seek:

To examine the relative advantage of using Point Of Sales machine in Nigeria.

To examine the challenges facing Point Of Sale retail business in Nigeria.

3. To examine the prospect to the challenges faced by Point Of Sale business in Nigeria

1.4 Significance Of The Study

This research study would enlighten the stakeholders in the banking sector on the need to encourage more entrepreneurs by making setting up of POS business easier for them. , it would be relevant to the general public, respective bank customers, banks regulatory authorities, the academia and interested persons and organizations on the adoption of electronic payment system.finally this study will contribute to the general body of knowledge and give room for further studies.

1.5 Scope Of The Study

The study shall examine the relative advantages, problems and prospects of electronic payment system at the point of sale terminals in Nigeria. The study shall rely on empirical evaluation of the adoption of electronic payment system at the point of Sale terminal in Nigeria.However the study is delimited to 2 local government in Anambra State.

1.6 Research Question

1. What are the relative advantages of using Point Of Sale Machine in Nigeria?

2. What are the disadvantages of using Point of Sale machine in Nigeria?

What are the challenges the facing Point Of Sale retail business in Nigeria?

4. What are the prospect to the challenges faced by Point Of Sale business in Nigeria?

1.7 Operational Definitions

Challenges:This is the situation of being faced with something that needs great mental or physical effort in order to be done successfully.

Prospects: prospect is the possibility or likelihood that something will happen or something will succeed. It also mean the chances and solution on which something or a course succeeds.

POS: The full meaning of POS is “point of sale,” or, in other words, it’s where your transaction is finalized.The point of sale or point of purchase is the time and place where a retail transaction is completed.

POS business: POS business is a legitimate way to make money in Nigeria. It is also called agent banking business, and it’s an extension of the services offered by financial institutions to enable easy service offering to a wide range of customers

POS Agents/Retailers: This any individual that has a POS business. They are agents who carry out financial and banking services on behalf of the bank while earning their own commission.

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