IMPACT OF POS ON PROMOTING ENTREPRENEURSHIP IN NIGERIA (A CASE STUDY OF CALABAR MUNICIPAL)

IMPACT OF POS ON PROMOTING ENTREPRENEURSHIP IN NIGERIA (A CASE STUDY OF CALABAR MUNICIPAL)

ABSTRACT

This study was carried out on the  impact of POS on promoting entrepreneurship in Nigeria using businesses in Calabar Municipal, Rivers State as case study. To achieve this 4 research questions were formulated.  The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprise of all the owners/manager of selected businesses in the study area. In determining the sample size, the researcher conveniently selected 65 respondents while 50 respondents were validated. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables and percentage. The result of the findings reveals that;

the importance of POS in carrying out financial transactions are found to be; it helps in solving urgent need of physical cash,  easy deposition of money into accounts, easy transfer of cash across states in Nigeria, increases consumers buying power, and  easy payment of bills; the study also revealed that robbery, connectivity, transactional insecurity, high cost of pos terminal, power outage and transaction irregularities, among others are the major challenges in establishing POS business in Nigeria. Further more, on ways through which POS has promoted entrepreneurship in Nigeria, the study revealed that POS aids entrepreneurs in goods and financial  status overview, it provide them with in-depth analyses about customers' buying behaviour, POS itself has served as a businesses opportunity to potential entrepreneurs, It provides detailed receipts and it aids entrepreneurs in managing their inventory and POS has to a certain favourable extent promoted entrepreneurship in Calabar. Based on the finding of the study, the researcher recommends that all the relevant authorities should ensure that there is an improvement of National security, provision of connection and network infrastructure to strengthen connectivity, digital or internet Security should be enhanced; reduction of POS terminal cost and adequate power supply, meeting the above listed will help to expose more potentials to the use POS, thereby promoting it in the society. More so, regulatory agencies should carry out enlightenment programs that will inform both customers, potential entrepreneurs and businesses on the benefits of adopting electronic payment systems, especially POS terminals.This is expected to further encourage its adoptability and usage.

 

 

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