THE CHALLENGES AND PROSPECTS OF POS BUSINESSES IN NIGERIA

ABSTRACT: This study was carried out on the challenges and prospects of POS businesses in Nigeria using POS business owners in two selected Local Governments Areas in Anambra State as case study. To achieve this 3 research objectives were formulated.  The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprise of all the POS business operators in the study area. In determining the sample size, the researcher purposively selected 65 respondents while 50 respondents were validated. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables and percentage. The result of the findings reveals that; The very advantages of using POS includes; It’s convenience for performing transactions, Easily accessible, Availability and ability to perform variety of transactions, Speedy access to fund and payment; High cost of charges, Insecurity, Disclosure of account details, unreliable network, power outage, security of communication over transaction network are the identify disadvantages of using POS machine in Nigeria; the challenges the facing Point Of Sale retail business in Nigeria are; Robbery, Irregular Connectivity, Transactional Insecurity, High Cost of POS terminal, power outage, and transaction irregularities. The paper recommends that all the relevant authorities should ensure that there is an improvement of National security, Provision of Connection and network infrastructure to strengthen connectivity, Digital or internet Security should be enhanced; Reduction of POS terminal cost and Adequate power supply, meeting the above listed will help to expose the potentials of POS business to Nigeria economy.