A CRITICAL ANALYSIS OF THE EFFECTIVENESS OF POS AND AVAILABILITY OF FUND DURING THE COVID-19 LOCKDOWN IN NIGERIA
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A CRITICAL ANALYSIS OF THE EFFECTIVENESS OF POS AND AVAILABILITY OF FUND DURING THE COVID-19 LOCKDOWN IN NIGERIA
CHAPITER 1
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The Coronaviridae family of viruses includes a group of viruses known as coronaviruses that can infect both humans and animals. Human coronaviruses can cause a common cold-like illness in some cases, or more severe illnesses like MERS (Middle East Respiratory Syndrome) and SARS (Extreme Acute Respiratory Syndrome).
A new corona virus that had never before been identified in humans was found in Wuhan, China, in December 2019. Signs and symptoms of respiratory conditions include fever, coughing, and shortness of breath. In the most severe cases, infection can result in pneumonia, extremely acute respiratory syndrome, and even death.
As per standard recommendations, when coughing or sneezing, cover the mouth and nose with a flexed elbow or a disposable towel, and keep your distance from anyone who has a fever or a cough.
In order to quickly raise scientific awareness about this newly discovered virus and to provide timely advice on how to safeguard people’s health and prevent the disease from spreading,
WHO is collaborating with international scientists, governments, and allies. The government created a “Corona-virus preparedness team” through NCDC (Nigeria Centre for Disease Control), the nation’s top public health agency, prior to the importation of COVID-19 into Nigeria.
Based on either a direct connection, an indirect relationship, or a significant volume of traffic to and from China, Nigeria is one of the top thirteen countries indicated as having a high likelihood of importing COVID-19.
STATEMENT OF THE PROBLEM
In order to accept credit cards at a retail location, you need a point-of-sale terminal (POS). Software for reading magnetic strips from credit and debit cards is part of the hardware.
In addition to contactless capabilities for new kinds of mobile payments, the next wave of POS solutions includes proprietary and third-party portable machines (as opposed to terminals fixed to a counter).
The total number of payment transactions made using Nigerian payment networks decreased by a startling 26% in April when compared to the previous month. The Nigerian government stopped all economic activity in March.
The outcomes covered transactions involving checks, ATM withdrawals, POS transactions, electronic bills, and NIP (interbank transfers). The CBN data for April did not include information from additional transaction networks, including Web, mobile, NEFT, and others.
Nigeria last had 159.9 million payment transactions for the subsets in February 2018, which was below the 190 million mark. (CBN, 2020) Numerous parts of the economy have been impacted by the lockdown.
The number of sales processed by Point of Sale (PoS) terminals and mobile devices has started to increase as businesses resume regular operations after falling dramatically in April as a result of the COVID-19 lockout.
The lock-down caused the number of PoS transactions to decline by more than 20% in April, from 52.2 million at the end of March, to 40.85 million.
The trend is changing, as evidenced by the Nigeria Interbank Settlement System’s study, which found that POS recorded about 48.37 million transactions in May. (NIBSS).
1.3 OBJECTIVE OF THE STUDY
The availability of POS funds during the coronavirus lock-down.
To ascertain if POS vendors were reachable during the Coronavirus lock-down.
1.4 RESEARCH QUESTIONS
How much POS cash was available during the lock-down?
During the lock-down caused by the Coronavirus, were POS vendors accessible?
1.5 RELATIONSHIP TO OTHER STUDIES
This research’s importance centres on the availability of POS during the lock-down, and it will be useful to other academics, intellectuals, and students who might want to organise research of a similar nature.
1.6 SCOPE OF THE STUDY
This study was conducted in Enugu, Enugu state, and it focuses on the availability of POS during the lock-down.
1.7 LIMITATION OF THE STUDY
It was difficult to manage finances while I was studying. Significant obstacles the researcher encountered while doing the investigation included material availability and time constraints.
1.8 DEFINITION OF TERMS
CORONA-VIRUS: The large family of corona viruses is known to cause illnesses ranging from the common cold to more serious conditions like Severe Acute Respiratory Syndrome (SARS) and Middle East Respiratory Syndrome (MERS).
(SARS).
POS: In order to accept credit cards at a retail location, you need a point-of-sale terminal (POS). Software for reading magnetic strips from credit and debit cards is part of the hardware.
LOCK-DOWN: A lock-down is a defence or safety measure that imposes a state of seclusion or limited access.
A fund is a group of funds set aside for a specific purpose.
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