After three solid years since POS was introduced into this country, it is sad to know that according to a report, Nigeria stills ranks on a far 7th on POS transactions in Africa with country like Ghana and South Africa far above. According to a report by Indexmundi only 21 percent of total transactions in the country are done through the PoS device.

According to Central Bank of Nigeria (CBN), the PoS density per 100,000 people in Nigeria is 13, while India’s is 67; Uganda, 453; Namibia, 338. It might also feel good to know that Nigeria has a target, and that is to meet Brazil’s PoS deployment rate of 2,247 per 100,000 people by 2020. The only headache here is that proper moves are not being made to meet the stipulated target.

On what may be the reason behind this number, Kevin Chung of Avante International Technology, at the just concluded CashlessAfrica Expo, said that while the communication network and bandwidth are adequate, the data centres in the financial communities in Nigeria needs to upgrade from Tier 1-2 to Tier 3-4 to enable the cash-less economy.

But if you ask me for a reason, I’d tell you that it is the fear of Nigerians to trust a new payment system. We are already fully engrossed in the cash payment system that it took some time to even accept the online payment fully. And may I note that it has not been fully accepted in the country YET.

“There is high percentage of unbanked in the country and uneven access to money, these hobbles cashless initiative in the country.” These were the words of Tunde Ogungbade, managing director, Global Accelerex Limited, who said that cash places a huge toll on GDP and that in Nigeria cost of cash management is projected by CBN to be N250billion by 2020.

He also added that a cashless future must serve society at large, and that it cannot be about corporate interest, governmental control or surveillance and monitoring. “It must be about providing endless consumer choice for payment”.

Well, to me, I think a lot of awareness should be done on how safe payment with a PoS could be, because as an average Nigerian, I fear to part with my money without getting any value in return.

http://www.techproducts.com.ng/nigeria-ranks-7th-on-pos-transactions-in-africa/

I finally made it to FTC seun n lalasticlala anytin for d boys



back to d mata WE WANT BIAFRA not pos

We're getting there.

Congrats to them

Did anyone say it is safe. I am even contemplating on campaigning against its use by some banks.

Imagine having an uncompleted transaction on a POS and not getting an automatic reversal within 48hrs, even while I had to visit d bank to make a formal complai. I was told to exercise patience for 7 working days, after the days elapsed. the customer care lady said again "Uncle, let me be frank with you, someone whose complaint I worked on since march 16th just got his refund last week (April4th), so, it may take up to 15 working days".

I left there immediately knowing nothing I could do will bring back the money untill they finish their manual sorting out.

Who else POS transaction don delay pls, how long b4 u got it sorted.

1st bank is just far behind, dnt know abt oda banks.

share ur experiences pls

Well, there hasn't been proper awareness and the availability of the pos device is another problem. Credit should even be given to MMM that made it possible for Nigeria to even occupy the 7th position.

Is POS just three years old in Nigeria? I doubt

Naija

This is good news...... cashless all d way!

we are supposed to rank first based on our population. we still have a long way to go

And is this supposed to be a good news

pls fellow nairalanders, am a student in my HND 1 Estate management. Pls the semester is just ending, as we all know the country is tight right now, I need any work either factory, company, daily, weekly or office job I can do within the two months break before school resumes to have my school fees paid.
Pls I am all alone for myself.
Pls help a striving brother, am currently staying in Abeokuta.
This is my contact both what'sapp and direct call are allowed O7O 33 26 61 93. May the Lord surprise us all IJN
AMEN

Buhari whyyyyyy

Top for PoS na better thing? when people still dey suffer

yes, many dont even have idea and CBN does not help matter.

I don bath, wear shoe dey pretend say i wan commot but this my friend that slept over doesn't want to stand up from bed and go home.

When una no get reliable internet service

McKc22:
p

q

POS, many complains about it.... There are situation where user account got hacked after using.

What is the rate of electronic fraud in these countries compared to Nigeria. No bank would compensate customers if they are exposed to fraud.

The system is too loose in Nigeria.

Movingcoil:
I don bath, wear shoe dey pretend say i wan commot but this my friend that slept over doesn't want to stand up from bed and go home.

Open your door then rush back in and start shouting Fire!fire!fire.

Thank me later

Click on link to register and start uploading properties... http://evilla.com.ng/en/register-as-a-nigeria-real-estate-agent

Pos limitation of t+1 days including bad netwk service in Nigeria is partly responsible. Mobile banking will naturally take over pos with time

CBN is not helping at all, incessant increase in tariff, if they really want to promote the use of POS, they should remove or limit the charges on them to the barest minimum.

With the rate at which fraud is being perpetrated in the country, it won't be easy convincing people, especially people above 40

slex:


Open your door then rush back in and start shouting Fire!fire!fire.

Thank me later

Person wey dey carry matches 24/7 dey fear fire...

Nigeria is truly a failed nation. It is only in Nigeria you hear that banks charge about N200 or N100 for every P.O.S transaction.

When I lived abroad I remember buying stuff worth the equivalent of N100 using POS but here in Nigeria I have been told severally that there's a limit to transactions that can be carried out using POS, tragic.

The really annoying thing about this country is how we rush at technology without getting the basics right. To employ competent people or train the incompetent ones alone is a problem.

Get the underlying problems sorted and see if people won't embrace the PoS. The number one problem, mind you, is network quality and availability.

@oluwadanie1

Thanks for sharing.

It's not a contest, though.

Do all the countries have the same level of awareness?

Are error issues promptly resolved in all the countries?

Or are you told to "Oga, send a mail to our complaint desk and wait for ONLY 23 working days"?

Or "call our 24-7 customer support where you'll spend 35 minutes listening to ALL our products"?

Shey you understand?

Movingcoil:
I don bath, wear shoe dey pretend say i wan commot but this my friend that slept over doesn't want to stand up from bed and go home.

Pour cold water for him body.