Point of Sale and Cashless Policy in Nigeria: Challenges and Prospects

Abstract

The study examined the impact of Point of Sale (POS) on cashless policy, issues and prospect in Nigeria economy; research questions were formulated and distributed to the sample population of 500 drawn from various POS operating centers in line with the objectives of the study. Four hundred and fifty responses were returned while fifty copies were not returned; the responses were categorized according to strongly agreed, agreed, strongly disagreed, disagreed and neutral with weight of (5,4,3,2,1) assigned to each category respectively to generate acceptable raw data for econometric analysis. The raw data were analyzed using cointegrated, ordinary least squares, autoregressive distributed lag, unit root and Grange causality; the result shows that POS has significant and positive impact on cashless policy in Nigeria. We therefore recommend that POS should be deployed to various areas to facilitates exchange transactions and ultimately reduces cash based related transactions in the economy.

The Syzygy of the Operations and Drawbacks of POS (Point of Sale) in Nigeria as a Financial Inclusion Product

“…Kayode (2021). (18) The actual function of a POS machine varies as used which are for withdrawal (6) and savings, but one of the purposes in industrialized nations which is being intensified in Nigeria is to encourage cashless caveats and reduce the volume of money being carried by citizens, (5) (10) more so, the advantage to pay at onsite market with cards instead of cash as termed point-of-sale, but as Nigerian banks even use it for withdrawals that is why it is popularly used for agency banking and withdrawal purposes in Nigeria. That explains why, a random survey of several PoS points shows that cash withdrawals make up 90% of their daily transactions.…”