The POS extends the services offered by financial institutions like banks to customers by making the service more convenient. There is at least one POS kiosk on many Nigerian streets in urban and rural areas, with most of them having variations of “POS is available” written on them. But, whatever the terminology, the message is the same. You can withdraw and send money here. And expectedly, understanding the present day reality demands that real time payments and banking services to be available on requests, and whenever required, banks and other financial institutions have waded in.
Owning a (Point of Sale) POS outlet is probably one of the most lucrative businesses in Nigeria currently. These outlets provide banking services, including cash deposits and withdrawals, fund transfer, utility bill payments, airtime recharge or top up to all networks and other related services. It is a portable device that is easy to carry about and there is in that another big advantage.
Mr Ahangba Aôndoakaa (Student)
Point of sale popularly called POS cash transactions which started years back have come to gain wide acceptance within the Nigerian populace. When POS was introduced into the Nigerian economy, it was strange until the break out of COVID-19 pandemic which shut down most sectors and made entrance into financial buildings difficult, it became widely accepted and used.
POS, though not used for all financial issues serves the majority of Nigerians in cash withdrawals and deposits, which are the major functions of the bank.
There are little charges for each POS transactions but those charges account for nothing when compared to the time one will spend in the bank. Another benefit of the POS is that it is fast with less network challenges that usually characterises the bank. Accessibility is one factor to be celebrated when dealing with POS terminals. It is everywhere. One does not need to go far to get access it. More importantly, it is far reaching. One can access their accounts even in places where there are no banks.
Mrs Chinyere Ojukwu (Businesswoman)
The advent of POS has given a total compliment to financial institutions like banks. And one of the benefits of POS is that, you can withdraw a huge amount of money where as ATMs have limits. Most of the ATMs give you a chance to withdraw a maximum of Two hundred thousand a day. A lot of transactions are made easier via POS. The linear fashion of bank deposits that recognizes only sisterly banks like UBA to UBA, FCMB to FCMB and the like manner does not apply to POS. Here you can send money to any bank and location, the platform has agents all over the country.
POS service is a very good automated product because it mitigate the stress and bulk of carrying cash around, and it helps in transacting directly with cash, etc. The service is also fast and reliable as it gives instant notification of payment and transactions. This is seen as customers receive alert whenever they do cash transfer with a POS agent. Its services are accessible and available at all times; weekends and even during public holidays
Mr Michael Orhena(Law Student)
Of a truth, despite the push for a cashless society by bank mobile apps, digital banks, and other players in the industry, Nigeria’s economy remains predominantly cash based.
Sometime ago, when I was travelling to Wudil in Kano state, for my admission at the Police College, I stopped in Kafanchan, Kaduna state. I ran out of cash, and it was raining cat and dog, there was no ATM on sight and I needed some cash to continue with my journey. I was a bit worried and as i was thinking of the next line of action to take, i spotted a Point of Sale (POS) kiosk. I dashed there and withdrew some money without delay.
That was the day I nicknamed POS agents super agents for swooping in to save the day. And if I were to make a hazard guess, I would say six out of ten Nigerians had at one time or the other in their daily lives,, wore this shoes elsewhere.
I vividly can remember having been stranded on long queues in order to make withdrawals via ATMs and on reaching my turn, the bank save was either empty or “out of service” inscription boldly written on their screens.
Mr Kundushima Tyôlanga (Student)
POS, is a lucrative business in Nigeria, where people make money legitimately.
It has opened many business opportunities for entrepreneurs, reducing bank costs and extending the banking services to wider range for customers.
Its services are highly effective in Nigeria, especially in communities without banks and places where ATM’s points are not enough to serve the financial needs of the community.
It has also helped and encouraged, “The cashless policy” whereby, one can easily withdraw, transfer funds, recharge phones and even pay utility bills without carrying any cash around, it is an avenue where people do their financial transactions easily.
There are different types of POS’; Mini POS device, Android POS and the Traditional POS machine which is more common and most effective because it has more function keys and wider square display screen, and it allows transaction entries and activations as long as it is connected to the internet. And it automatically prints out a receipt at the end of every transaction.
Mrs Olawunmi Adeyanju Promise (Journalist)
As the name implies, the Point of Sale (POS) is basically built to simplify and complete faster, the cumbersome process of sales or purchases that are made through bank transactions.
POS services have been so effective to Nigerians, it helps decongestion of the banks, by creating a medium for transfer, deposit and withdrawals.
Typically, a POS terminal helps customers to pay for good and services in person or online, with receipts printed immediately. As we have come to see, they are found in stores and used for debit card purchases. Personally, i often patronizes POS agents and hasn’t visited the bank for the past two to five months because there are closer to house than banks and can be found anywhere and there are the only option available in many places in Nigeria.
So from all indications, customers do not mind paying to use POS service and with higher amount of money, there appears to be room for negotiation so as far as I’m concerned, there are no disadvantages or challenges in POS services to Nigerians.
Sunday Obande (Civil Engineer)