AN ASSESSMENT OF COVID-19 LOCKDOWN AND ITS EFFECTS ON POS WITHDRAWAL CHARGES IN NIGERIA

ABSTRACT: The focus of this study is to examine the present a critical investigation of the effect of covid-19 lockdown and POS withdrawal charges using Lagos State as case study. The study oversee an investigation into the impact of Covid-19 outbreak on the availability of POS in Lagos State; also an assessment into quest of ascertaining if Covid-19 lockdown preventive measure imposed in Lagos State Nigeria resulted to usual price hike of POS charges and finally, Investigate if the Covid-19 lockdown and POS charges affected residents accessibility to fund.

The study adopted a survey research design and with the aid of convenient sampling techniques, 147 participants who are resident of IMainLand axis  in Lagos State was enrolled for the study. A well structured questionnaire was issued to the respondent of which a total of 141responses were received and validated for the study. Data was analyzed using simple percentage as well as frequencies and table. Findings from the study revealed that The accessibility of POS aided individuals in performing cashless transactions and other financial activities. However, Nigeria's enforcing lockdown restricted the activities of POS businesses, resulting in a shortage of withdrawal points and other banking services. Findings concluded that the few available POS operators in Lagos State, imposed an odd service fee as a result of this leading high charges per transaction which was inimical to the survival of the common man during those crises situations. The study therefore recommends that POS Retailer should stick to the stipulations of CBN and as well be considerate to customers while placing charges on transactions. POS merchants should learn to stop taking undue advantage of circumstances in order to make their personal profits as this hike in transaction charges is always detrimental to survival common man during crisis period.