Lagos - Network connectivity problems are hindering the usage of Point of Sale (PoS) in Nigerian according to a recent field market research conducted by Financial Derivatives and sponsored by Nigeria Inter-Bank Settlement System ( NIBSS).
Other challenges aside connectivity, which accounts 58.5 percent, include transactions charges, customer insistence to pay in cash, transactions rejected and card reading difficulties.
Although there is increasing effort to deploy PoS to Lagos’ merchants, the report noted that it is not fully accepted as 26.8 percent of merchants still do not accept PoS payments.
The report further revealed that 40 percent of the merchants that still did not accept payments with card using the PoS are merchants that typically had facilities above the common standard in Nigeria.
The report also revealed merchants were reluctant to embrace PoS because of a fear of defaulters and fraud as well as bank's refusal to deploy terminal among others.
The report concluded that nonetheless, the consumers understand the PoS and its value, as more than 70 percent would recommend its usage as a mean of payment to other people.
- CAJ news