Importance of POS Operation to Nigerian Economy
System of Banking in Nigeria has seriously evolved over the years. From the time of using cash books over the counter, to the introduction of ATM machines and cards. Then, in 2013, the Central Bank of Nigeria (CBN) launched agent banking and point-of-sale systems to increase financial inclusion in the country. Since then, cash transactions have been easier with almost no need to visit the banks. 24/7 AVAILABILITY True, most ATM machines have written on them, 24/7 but most of them don't have cash all the time. PoS operators or agents are always available for most part of the day. Some are in hotels, stadia, business environments, inside the streets etc. Their availability have made it easier for business transactions to either transfer or withdraw cash. Also, because they are available everywhere, it has reduced the need for people to incur much transportation cost to go to the bank. Most streets in Nigeria have multiple POS shops that one can transact...