ASSESSMENT OF THE EFFECT OF COVID-19 LOCKDOWN AND POS AVAILABILITY IN NIGERIA
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ASSESSMENT OF THE EFFECT OF COVID-19 LOCKDOWN AND POS AVAILABILITY IN NIGERIA
CHAPITER 1
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Global pandemic of the new coronavirus illness 2019 (COVID-19). The first case of this contagious respiratory illness was discovered in Wuhan, China, in December 2019 [WHO 2020].
Cough, fever, exhaustion, and breathing problems are symptoms of COVID-19 that are frequently present, but sore throats, diarrhoea, muscle soreness, nasal congestion, and new loss of taste or smell are also possible (CDC 2020).
As of May 12, 2020, there were 283,271 confirmed deaths globally and 4,098,018 confirmed cases worldwide, according to WHO (2020).
The COVID-19 pandemic, which was brought on by the SARS-CoV-2 virus, caught everyone off guard in the early months of 2020 as it spread to numerous nations. According to McLord (2020),
the coronavirus is thought to have originated in China in December 2019 and then moved to Thailand, Japan, the Republic of Korea, the United States, Vietnam, Singapore, and other countries in the Western Pacific and South-East Asia. After that, the virus is thought to have migrated to Russia, Africa, and Latin America.
The first index case of COVID-19 was identified as unexplained acute pneumonia in a hospital in Wuhan, China. Following its designation as a “Public Health Emergency of International Concern (PHEIC)” on January 30, 2020 (Wang et al., 2020), the virus was consequently proclaimed a global pandemic by WHO on March 11, 2020 (Cai et al., 2020; Wang et al., 2020).
Over the course of six months, the virus infected roughly 7 million individuals, killing about 434,796 and only curing 4,272,909 (Worldometer, 2020).
The international community decided to implement lockdown measures due to a lack of therapeutic vaccines to combat the virus. These measures were initially implemented by China’s central government in Wuhan on January 23, 2020.
Between April and June 2020, massive declarations of lockdown occurred in more than 100 nations. Due to potential macroeconomic shocks brought on by the growing virus, including both anticipated and unplanned ones, this lockdown option became unavoidable.
People must stay inside during a lockdown, which is a government-mandated emergency reaction in the event of an outbreak. In the case of COVID-19, the lockout measures’ ultimate goal was to flatten the gradient of the virus.
As part of the exercise, both activity-based centers—including banks, hotels, shops, places of worship, and other places where a significant number of people could gather—were shut down (NCDC, CDC, WHO, 2020).
Due to this restriction on human movement, people were unable to appraise the amount of money in banks. However, the adoption of smart phones and point of sale (POS) devices for mobile banking services made it easier to withdraw money, make transfers, get cash back, pay bills, etc.
Notably, because customers could conduct cashless transactions, POS machines were crucial in managing the problem of lack of finances. Therefore, in light of the foregoing, a study is conducted to determine how the Covid-19 lockout and POS availability in Nigeria will affect each other.
1.2 STATEMENT OF THE PROBLEM
Nigeria is one of the countries experiencing a health catastrophe as a result of the COVID-19 virus’s global spread. The optimum method for halting the spread of the virus was determined to be the installation of lockdown procedures. But this essential shift had a big effect on many areas of the nation, most notably on how people moved around.
As a result, it was difficult for people to move around freely and they were unable to access funds in banks, complete urgent transactions, pay local bills, etc.
This may have presented a serious problem for the nation at the time. However, services that were able to address these issues were made possible by mobile banking.
1.3 PURPOSE OF THE STUDY
The main goal of this study is to determine how Covid-19 lockout and POS availability in Nigeria affect one other. However, the precise goals are listed below;
Analyse how the Covid-19 lockout impacted Nigeria’s POS businesses’ accessibility and functionality.
Check to see if the Covid-19 Stay at Home preventative measure that was introduced in Nigeria limited the evaluation and payment of funds by POS operators in Nigeria.
Examine whether POS significantly reduced the difficulty of funding availability for Nigerians during the Covid-19 Lockdown.
1.4 RESEARCH QUESTIONS
What impact did the Covid-19 lockout have on POS company availability and operations in Nigeria?
Did the precautionary Covid-19 Stay at Home policy imposed in Nigeria restrict the evaluation and distribution of funds by POS operators in Nigeria?
Did POS significantly contribute to reducing the difficulty of Nigerians’ access to funds during the Covid-19 Lockdown?
1.5 RELATIONSHIP TO OTHER STUDIES
Results from this study will be presented on the applicability of POS and how it handled the problem of Fund non-availability during the Covid-19 lockdown. Thus, the banking industry, point-of-sale (POS) operators, students, researchers, professors, etc. will all find this study to be pertinent.
1.6 SCOPE OF THE STUDY
Only a few POS businesses in Anambra State are covered by the study on the assessment of the impact of the COVID-19 lockout and POS availability in Nigeria. The scope of the Covid-19 lockdown’s impact on the availability and operation of POS businesses in Nigeria is also examined in this study.
It also looks at whether the Covid-19 Stay at Home precautionary measure implemented in Nigeria restricted the assessment and disbursement of funds by POS operators in Nigeria and whether POS played a significant role in limiting the challenge of fund availability for Nigerians during the Covid-19 Lockdown.
1.7 LIMITATIONS OF THE STUDY
Challenges faced during the study included, but weren’t limited to, the following;
Inadequate funding: This issue prevented the researcher from visiting as many locations as possible during the research.
Time: Another restriction is that this research had to be completed while still fitting in with the deadlines for other academic assignments, making it hard to conduct a larger, more representative study.
1.8 DEFINITION OF TERMS
Severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2; formerly known as 2019-nCoV), which was first discovered during an outbreak of respiratory illness cases in Wuhan City, Hubei Province, China, is the illness that is known as Coronavirus disease 2019 (also known as Covid-19).
Lockdown: If people are permitted to move around and interact freely, they may pose a threat to themselves or others. As a result, a lockdown is a device that forces people to stay in their current place.
Point of Sale (POS): A POS is a location where a customer completes the payment for goods or services and may be required to pay sales taxes. A POS transaction can take place offline or online, and receipts can be printed out or created electronically.
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