Only 3,000 Functioning PoS Terminal in Nigeria

Contrary to what those manning our financial sector would have us believe, there are only 3,000 functioning Point of Sales (PoS) terminals in Nigeria. Insider sources have pointed out that with such abismal number of PoS, Nigeria is not ripe for such transition.

Industry analysts have always argued that Nigeria’s low PoS density constitutes a significant drawback to the success of the CBN-led 'cashless Nigeria Project' which is scheduled to go live nationwide by June 2012. They say in comparison with other nations of the world, Nigeria is lagging behind in the relevant infrastures (softwares in particular) that drives the transition to a cashless society.

Juliet Anammah, director, real sector, Accenture Nigeria, confirmed that 3,000 PoS were operational in the country, but stated that connectivity issues resulting in frequent downtime in communications, merchant apathy and lack of awareness, were some of the factors responsible for Nigeria’s low PoS density.

In case you don't know; a PoS device is an electronic device used for verification and processing of financial transactions through electronic cards, including debit and credit cards.