1.1 BACKGROUND OF THE STUDY
A point-of-sale terminal (POS)is a piece of hardware that allows you to accept credit cards at a shopping store. The hardware includes software that reads magnetic strips from credit and debit cards. The next wave of POS solutions includes proprietary and third-party portable machines (as opposed to terminals anchored to a counter), as well as contactless capabilities for new types of mobile payments.As compared to the previous month, the total amount of payment transactions through Nigerian payment networks dropped by a staggering 26% in April. In March, the Nigerian government put an end to all economic activity. Cheque, ATM, POS, E-bills, and NIP (interbank transfers) transactions were all included in the results. Other transaction networks such as Web, Mobile, NEFT, and others were not included in the CBN data for April.The last time Nigeria recorded lower than 190 million payment transactions for the subsets was in February 2018, when it had 159.9 million.(CBN, 2020) The lock-down has had an effect on many aspects of the economy.
As business resume normal activities, the number of purchases processed by Point of Sale (PoS) terminals and mobile devices has begun to rebound since declining dramatically in April due to the COVID-19 lockout. Due to the lock-down, the number of PoS transactions fell by more than 20% to 40.85 million in April, from 52.2 million at the end of March.According to a study published by the Nigeria Interbank Settlement System, the trend is reversing, with POS recording about 48.37 million transactions in May. (NIBSS).
1.2 STATEMENT OF THE PROBLEM
Economic growth is a dynamic, long-term phenomena that is constrained by factors such as demographic growth, scarce capital, insufficient facilities, poor resource use, undue governmental interference, structural and cultural models that render growth challenging, and so on. Economic growth is achieved by an optimal utilization of the available capital and by growing the ability of output of a nation. It promotes the allocation of wages between population and society. For stretches of a decade or more, the longitudinal results, or minor variations in increase rates, become important.In a diverse, increasing society, redistribution of wealth is simpler than in a stagnant society.As the rate of economic growth is high, the supply of goods and services increases, and as a result, the unemployment rate declines, the number of work openings increases, and the population's standard of living grows.GDP growth is the continuous increase in the volume of output in a single country, while economic growth is the continuous increase in the volume of production in two or more countries.economic growth is not just changes in quantity,but as well as quality that lead to better meet their needs.The accumulation of capital is linked to economic growth. Under the capital we mean permanent manufacturing goods that act as a work tool in the production of other goods. We define investment as investing in fixed and revolving funds, that is, the portion of the social product that is not spent but is used for capacity replacement and growth. POS systems will lower the cost of doing business while still increasing efficiency and improving the end performance. as well as assisting in economic growth and development.
1.3 OBJECTIVE OF THE STUDY
I. To know if POS business plays any role in the growth and development of the economy.
II. What is the effectiveness of POS business on employment in Nigeria.
1.4 RESEARCH HYPOTHESIS
H0 POS business does not play any role in the growth and development of the economy.
H1 POS business does not have any effect on employment in Nigeria.
1.5 SIGNIFICANCE OF THE STUDY
The significance of this reseach work focus on the role of POS business on the growth and development on Nigeria economy, This study would also serve as material for researchers researching on the same topic.
1.6 SCOPE OF THE STUDY
This research work concentrate on the role of POS business on the growth of Nigeria economy, The study was carried out in Owerri, Imo state.
1.7 LIMITATION OF STUDY
Availability of material and time are some challenges the researcher faced.
1.7 DEFINITION OF TERMS
POS: A point-of-sale terminal (POS)is a piece of hardware that allows you to accept credit cards at a shopping store. The hardware includes software that reads magnetic strips from credit and debit cards.
GROWTH: When comparing one period of time to the next, economic growth is described as an increase in the supply of economic goods and services. It can be expressed in nominal or actual (inflation-adjusted) terms. Although alternative metrics are often used, aggregate economic growth is traditionally calculated in terms of gross national product (GNP) or gross domestic product (GDP).
DEVELOPMENT: Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The goal of growth is to improve people's living standards and quality of life, as well as to create or expand local regional income and job opportunities while preserving the environment's resources.
ECONOMY:An economy is a vast system of related production, consumption, and trade processes that help determine how finite resources are distributed. The production, use, and delivery of goods and services are used to meet the needs of those who live and work in an economy, also known as an economic structure.
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