CRITICAL INVESTIGATION OF THE EFFECT OF COVID-19 LOCKDOWN AND POS WITHDRAWAL CHARGES IN LAGOS STATE
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CRITICAL INVESTIGATION OF THE EFFECT OF COVID-19 LOCKDOWN AND POS WITHDRAWAL CHARGES IN LAGOS STATE
CHAPITER 1
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
In Wuhan, China, COVID-19 was found in December 2019. However, it spread quickly and had a detrimental effect on all nations and territories worldwide.
As of October 5, 2020, there had been more than 6 million COVID-19 cases reported globally, with more than 1,000,000 deaths (Johns Hopkins University, 2020; WHO) (2020). These staggering numbers made the pandemic a major global health concern in recent times.
The disease does not discriminate against people based on their age, sex, gender, colour, ethnicity, social status, or other social characteristics, according to health researchers (WHO, 2020).
On the other side, it is thought that those who are older, come from low-income families, are of Native American descent, or have immunological or infectious diseases are more susceptible to the pandemic (WHO, 2020).
On February 27, 2020, an Italian citizen travelling to Nigeria tested positive for the virus, which is brought on by the SARS-CoV-2 virus. In Ewekoro, Ogun State, on March 9, 2020,
a Nigerian national who had contact with the Italian index case reported a second case of the virus. Nigeria is one of the nations experiencing a health catastrophe as a result of the COVID-19 virus’s global expansion.
The Federal Government, along with state governments, instituted a lockdown in Lagos, Abuja, and Ogun to stop the spread of COVID-19. Later, the lockdown was extended to other areas of the nation. As a result, nearly every aspect of the economy has been impacted, causing the movement of people and goods to be restricted,
schools to close, social and religious activities to be outlawed, and offices to close. The most distressing was that they had basic financial demands that could only be met with the assistance of banking services.
The only option that could be adopted during this time seemed to be mobile banking, one of the main commercial banks’ services, which supports several transactional features through the availability of smart phones, POS systems, etc.
People were able to withdraw money, make cash deposits and transfers, and other things thanks to the presence of POS along the roadsides. However, the lockdown that was imposed in Nigeria restricted POS businesses’ ability to operate, which led to a shortage of withdrawal points and other banking services.
However, the few POS operators in Lagos State, Nigeria, charged an unusual service fee in exchange for their services. In light of this, the purpose of this study is to ascertain how the Covid-19 lockdown and POS withdrawal fees have affected Lagos State, Nigeria.
1.2 STATEMENT OF THE PROBLEM
The Nigerian government’s implementation of the lockdown Covid-19 preventive step was praised as a wise choice to stop the virus from spreading throughout Nigeria. However, it had an unpleasant impact on the residents’ social and personal well-being.
The most intolerable situation was when people had regular financial needs that could only be met with the help of financial services but were unable to move around freely and even had access to banks.
People were able to conduct cashless transactions and other financial operations thanks to POS’s accessibility. However, the imposed lockdown in Nigeria limited the operations of POS companies, leading to a lack of withdrawal points and other banking services. However, as a result of this, the few POS providers in Lagos State tacked on an odd service charge.
1.3 OBJECTIVES OF THE STUDY
The researcher created the following goals to complete this study:
Examine whether the Covid-19 outbreak had an impact on the POS’s accessibility in Lagos State.
Check to see if the Covid-19 lockout precautionary measure implemented in Lagos State, Nigeria, led to the customary increase in POS prices.
Examine whether the Covid-19 lockdown and the POS charges impacted the residents’ access to funds.
1.4 RESEARCH QUESTIONS
Did the Covid-19 outbreak have an impact on the POS’s accessibility in Lagos State?
Has the typical price increase of POS charges been caused by the Covid-19 shutdown preventive action implemented in Lagos State, Nigeria?
Did the Covid-19 lockout and POS fees influence Lagos State residents’ access to funds?
1.5 RELATIONSHIP TO OTHER STUDIES
The Lagos State Government and the federal government of Nigeria will benefit greatly from and learn a great deal from this study on the impact of the COVID-19 lockdown and POS withdrawal charges in Lagos State because it will highlight the necessity of taking into account the welfare of its citizens and making adequate provisions when enacting drastic social changes.
Additionally, this study will be helpful to students, researchers, etc. who may likely conduct a research article similar to the one under review in their respective fields of study.
1.6 SCOPE OF THE STUDY
The study looked into how the Covid-19 outbreak affected the availability of POS in Lagos State, whether the Covid-19 lockdown preventive measure imposed in Lagos State,
Nigeria, led to the usual price hike of POS charges, and whether the Covid-19 lockdown and POS charges had an impact on residents’ access to funds.
Residents of Ikeja, Lagos State, Nigeria will be asked to respond to questionnaires for this study.
1.7 LIMITATIONS OF THE STUDY
The main limitations of this study are the language barriers, the respondents’ attitudes, the financial limitations, and the limited time the researcher had to complete the study.
1.9 DEFINITION OF TERMS
The severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) is the cause of Covid-19, also known as the coronavirus and COVID.
Lockdown: A lockdown is a limitation policy that forces a community or group of individuals to remain in one place, typically because moving around and interacting freely poses specific threats to them or to others.
When a lockdown affects an entire area rather than a single facility, the terms “stay-at-home” or “shelter-in-place” are frequently employed.
POS: The time and location at which a retail transaction is completed are referred to as the point of sale (POS) or point of purchase (POP).
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