AN EVALUATION OF THE ROLE OF POS BUSINESS IN EMPLOYMENT GENERATION IN NIGERIA
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AN EVALUATION OF THE ROLE OF POS BUSINESS IN EMPLOYMENT GENERATION IN NIGERIA
CHAPITER 1
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
A point of sale, sometimes referred to as a point of purchase, is a device that enables debit cardholders in a given area to withdraw cash and make purchases.
When customers use their ATM cards to purchase goods or services, this machine is typically employed in retail establishments. A POS device is frequently used to pay utility bills, such as those for electricity, airtime, cable, or decoder subscriptions.
Therefore, the introduction of POS into the Nigerian economy has enhanced the convenience of doing business without having to carry significant sums of cash in one’s pocket, especially with the expanding use of modern electronic technology for e-funds around the world.
In order to advance its cashless policy and enhance the payment system, the Central Bank of Nigeria (CBN) introduced the usage of POS terminals for financial transactions in Nigeria in 2012. Since the program’s launch, banks have been giving mobile money merchants a growing number of active POS terminals.
This was brought on by society’s acceptance of POS transactions. Most Nigerians, however, who were desperately looking for a job chance and a regular source of income, looked into this prospect (Carlos 2014).
Despite Nigeria’s crippled economy and intolerable unemployment rate, the need to survive led to an astonishing rise in the number of money merchants or point-of-sale (POS) businesses operating there because the opportunity was seen as a potentially lucrative business and employment opportunity.
According to traces, banks registered 17,193 POS terminals for use in cashless transactions in Nigeria during the first three months of 2018 (Ogunfuwa, 2018).
According to statistics from the Nigeria Inter-Bank Settlement Scheeme (NIBSS), there were 164,607 active POS terminals in Nigeria as of 2018.
This information demonstrates that there has been a significant increase in the number of money markets and point-of-sale firms in Nigeria. As a result, the focus of this study is on evaluating the effect that POS has on creating jobs in Nigeria.
1.2 STATEMENT OF THE PROBLEM
One of Nigeria’s primary developmental challenges at the time is unemployment. There has never been a period in Nigeria’s history when unemployment has not been an issue,
according to records from numerous local and international organisations that are now available. This is despite data showing that the 1980s saw a high level of unemployment.
In Nigeria, both youth and non-youth unemployment rates have been rising along with the number of graduates from educational institutions.According to the International Labour Organization’s (ILO) definition of unemployment,
which the Nigerian National Bureau of Statistics (NBS) (2017) inferred, the unemployed population consists of those who are in the labour force, or people of working age, that is, between the ages of 15 and 64, and who were willing and actively looking for work but were unable to find for at least 20 hours (NBS, 2017).
However, Nigeria’s unemployment has gotten worse as a result of the recession’s escalating pace. This has caused widespread squalor and poverty among the populace.
But ultimately, the adoption and accessibility of POS in Nigeria has made people happy and given many unemployed Nigerians alternatives for employment. Because of this, there has been a rise in the number of people starting POS businesses and owning 2, 3, and more POS company outlets, hiring staff to run the outlets.
1.3 PURPOSE OF THE STUDY
This research epistle’s main goal is to assess the contribution of Nigeria’s POS industry to job creation. Regarding the aforementioned, the following are the precise goals:
Look at if the POS business is a successful endeavour for unemployed Nigerians.
Examine whether the development of POS in Nigeria has provided job opportunities for the country’s unemployed.
Consider the extent to which the availability and use of POS have provided POS business centre operators with a stream of income.
1.4 RESEARCH QUESTIONS
Is the POS industry profitable for Nigerians who are jobless?
Has Nigeria’s POS industry provided job opportunities for the country’s unemployed?
How much of a revenue stream has the use and availability of POS provided for the owners of POS business centres?
1.5 RELATIONSHIP TO OTHER STUDIES
The results of this study, which examines how the banking industry’s use of POS has given many initially unemployed Nigerians a chance to find work and eased the strain of unemployment in the nation, would be of enormous importance to the banking industry.
Additionally, this study will be a source of knowledge for students, professors, lecturers, and researchers who may likely do a study similar to this one.
1.6 SCOPE OF THE STUDY
The study’s scope is constrained to;
determining whether the creation of POS in Nigeria has provided unemployed Nigerians with a means of finding work, determining the extent to which the availability and use of POS have contributed to the financial well-being of POS business centre owners, and so forth.
As a result, the respondents to this survey will only include POS business owners in Warri, Delta State, Nigeria.
1.7 LIMITATIONS
The main drawback of this research is time limitations, among others, because the author had little time to complete it. Significant limiting elements in this research included budgetary restrictions and linguistic problems, in particular.
1.8 DEFINITION OF TERMS
Business: The term “business” also describes coordinated individual efforts and activities that manufacture and market goods and services for a profit.
Point of sale is referred to as POS. When a customer purchases a good or service, a point-of-sale (POS) transaction occurs between the merchant and the customer, typically using a point-of-sale system to complete the transaction.
A POS system is often used by retailers to complete a sale. In addition, it provides a variety of other banking services, including cash deposit, cash transfer, and cash withdrawal.
A relationship between two parties known as “employment” is one that is typically based on a contract and in which work is compensated.
In an employment relationship, one party—which could be a business, a for-profit or non-profit organisation, a co-operative, or another entity—is the employer, while the other is the employee.
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