IMPACT OF POS BANKING ON CHURCH
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IMPACT OF POS BANKING ON CHURCH
INTRODUCTION
HISTORY OF THE STUDY
As we progress deeper into the twenty-first century, the church and modern technologies appear to become increasingly intertwined” (Hoover 2006).
This argument clearly outlines the relationship between religious belief and the new information and communication technologies that are the most defining media tools of the twenty-first century. ICT-driven technology can be used in nearly every aspect of church life, including the payment system (Ovia, 2005).
Members of the church, on the other hand, make various sorts of payments. Tithe, general offering, special offering, thanksgiving, harvest, covenant offering, offering for the less privileged/needy, building development donations, and other common payments made during church service are listed below.
Monetary authorities in all countries have closely watched and promoted the role and relevance of effective payment systems. However, the Nigerian cash-based payment system cannot and has not ensured the much-needed efficient and effective transactions essential for long-term economic development.
Armed robberies, the use of counterfeit bank notes, frauds, the inconvenience of carrying large amounts of currency notes, long periods of waiting in bank halls, frequent trips to banks, and the frequent printing of bank notes are among the problems frequently associated with cash transactions (Nnanna and Ajayi, 2005).
However, churches in Nigeria are beginning to participate in this cashless payment system by embracing modern and cashless payment methods, particularly the use of PoS.
For many years, point-of-sale (PoS) systems have existed in various forms. Many firms utilise these systems not only to accept payments, but also to provide bookkeeping, sales monitoring, and inventory management.
So far, this approach has gone a long way towards improving consumer experiences through customer loyalty programmes and company proposals (Ojo, 2004).
Nowadays, POS systems are used not just in corporate settings but also in churches, which has had a significant impact on churches.
Though there have been different debates and objections among Christians in Nigeria that the use of POSsystem in church is sinful, and this has been one of the primary issues faced by the usage of this system in Nigerian churches.
Some church executives in Nigeria have come to the conclusion that the banks offered it to the church and that, with the world turning digital, the members should also strive to fit in.
They also claim that it would alleviate the stress of searching for cash every Sunday, as well as those who forget to bring money to church.
So, when you come to church, all you have to do is use your ATM card at the designated spots and receive your receipts! You deliver these receipts as an offering at the altar to promote efficiency and responsibility.
STATEMENT OF THE PROBLEM
The reliance on cash-based systems of donation and offering in churches, on the other hand, has been found to be risky and inconvenient because money outside of banks cannot be subjected to regulatory and operational procedures, and the ability of monetary policy to achieve set objectives in the presence of significant currency out of bank (COB) is thus limited.
As a result, many churches employ POS to collect offerings and donations from members in order to avoid the risks associated with carrying cash about.
Nigerians’ cash-carrying nature is also responsible for a big pool of money in the hands of unbanked citizens. There has been no research into the influence of POS on churches. The researcher, on the other hand, is looking into the impact of POS on churches.
OBJECTIVES OF STUDY
The following are the study’s objectives:
To investigate the effect of POS on churches.
To investigate the current payment method/system in churches.
To investigate the POS constraints on the church payment system
RESEARCH QUESTIONS
1. What effect does POS have on churches?
What payment methods/systems are currently in use in churches?
What are the restrictions of the church payment system while using POS?
1.5 RESEARCH HYPOTHESIS
H0: the use of point-of-sale (POS) in churches does not enhance efficiency or accountability.
H1: Using POS in churches increases efficiency and accountability.
1.5 SIGNIFICANCE OF THE STUDY
The following are the study’s implications:
The study’s findings will educate church leaders and executives, as well as the general people in Nigeria, on how to use the CBN’s cashless policy to increase efficiency in the churches.
This research will also serve as a resource base for other academics and researchers interested in conducting additional research in this sector in the future, and if implemented, will go so far as to provide new explanations for the topic.
1.6 SCOPE/LIMITATIONS OF THE STUDY
This study will compare the present payment structures in churches to the modern POS payment system, taking into account the benefits of POS in the collection of offerings and donations in churches.
Limitations Of Study
Financial constraint- A lack of funds tends to restrict the researcher’s efficiency in locating relevant materials, literature, or information, as well as in the data collection procedure (internet, questionnaire, and interview).
Time constraint- The researcher will conduct this investigation alongside other academic activities. As a result, the amount of time spent on research will be reduced.
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