Challenges And Prospects Of POS Businesses
(Case Study Of POS business owners in two selected Local Governments Areas in Anambra State)
Complete Challenges And Prospects Of POS Businesses Project Materials (Chapters 1 to 5):
This study was carried out on the challenges and prospects of POS businesses in Nigeria using POS business owners in two selected Local Governments Areas in Anambra State as case study. To achieve this 3 research objectives were formulated. The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprise of all the POS business operators in the study area. In determining the sample size, the researcher purposively selected 65 respondents while 50 respondents were validated. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables and percentage. The result of the findings reveals that; The very advantages of using POS includes; It’s convenience for performing transactions, Easily accessible, Availability and ability to perform variety of transactions, Speedy access to fund and payment; High cost of charges, Insecurity, Disclosure of account details, unreliable network, power outage, security of communication over transaction network are the identify disadvantages of using POS machine in Nigeria; the challenges the facing Point Of Sale retail business in Nigeria are; Robbery, Irregular Connectivity, Transactional Insecurity, High Cost of POS terminal, power outage, and transaction irregularities.The paper recommends that all the relevant authorities should ensure that there is an improvement of National security, Provision of Connection and network infrastructure to strengthen connectivity, Digital or internet Security should be enhanced; Reduction of POS terminal cost and Adequate power supply, meeting the above listed will help to expose the potentials of POS business to Nigeria economy.
TITLE PAGE
Certification
Dedication
Acknowledgement
Table of ContentList of Tables
ABSTRACT
CHAPTER ONE: INTRODUCTION
1.1 Background of the study
1.2 Statement of the problem
1.3 Objective of the study
1.4 Research Questions
1.5 Significance of the study
1.6 Scope of the study
1.7 Limitation of the study
1.8 Definition of terms
CHAPTER TWO: REVIEW OF LITERATURE
Literature Review
CHAPTER THREE: RESEARCH METHODOLOGY
3.1Research Design
3.2Population of the study
3.3Sample size determination
3.4Sample size selection technique and procedure
3.5 Research Instrument and Administration
3.6 Method of data collection
3.7 Method of data analysis
3.8 Validity and Reliability of the study
3.9 Ethical Consideration
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.1 Data Presentation
4.2 Answering Research Questions
CHAPTER FIVE: SUMMARYCONCLUSION AND RECOMMENDATION
5.0 Summary
5.1 Conclusion
5.2 Recommendation
References
Appendix
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 an 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.
- 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
- What are the relative advantages of using Point Of Sale Machine in Nigeria?
- 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?
- What are the prospect to the challenges faced by Point Of Sale business in Nigeria?
1.7 LIMITATION OF STUDY
In the course of this study, the researcher encountered few factors that posed to be a limitation. These include financial and time constrain
Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).
Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.
1.8 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.
The introduction of Challenges And Prospects Of POS Businesses should start with the relevant background information of the study, clearly define the specific problem that it addresses, outline the main object, discuss the scope and any limitation that may affect the outcome of your findings
Literature Review of Challenges And Prospects Of POS Businesses should start with an overview of existing research, theoretical framework and identify any gaps in the existing literature and explain how it will address the gaps
Methodology of Challenges And Prospects Of POS Businesses should describe the overall design of your project, detail the methods and tools used to collect data explain the techniques used to analyse the collected data and discuss any ethical issues related to your project
Results should include presentation of findings and interpretation of results
The discussion section of Challenges And Prospects Of POS Businesses should Interpret the implications of your findings, address any limitations of your study and discuss the broader implications of your findings
The conclusion of Challenges And Prospects Of POS Businesses should include summarize the main results and conclusions of your project, provide recommendations based on your findings and offer any concluding remarks on the project.
References should List all the sources cited in Challenges And Prospects Of POS Businesses project by following the required citation style (e.g., APA, MLA, Chicago).
The appendices section should Include any additional materials that support your project (Challenges And Prospects Of POS Businesses) but are too detailed for the main chapters such as raw data, detailed calculations etc.