A CRITICAL ASSESSMENT OF THE EFFECTIVENESS OF POS AND AVAILABILITY OF FUND DURING THE COVID-19PANDEMIC LOCKDOWN PERIOD IN NIGERIA

A CRITICAL ASSESSMENT OF THE EFFECTIVENESS OF POS AND AVAILABILITY OF FUND DURING THE COVID-19PANDEMIC LOCKDOWN PERIOD IN NIGERIA

BACKGROUND OF THE STUDY

The family Coronaviridae is home to a group of viruses known collectively as the coronaviruses. These viruses may infect both animals and humans. Human corona viruses may either induce a minor sickness comparable to the common cold or a more dangerous illness (such as MERS or SARS, which stand for Middle East Respiratory Syndrome and Extreme Acute Respiratory Syndrome, respectively) (Severe Acute Respiratory Syndrome). In December of 2019, researchers in Wuhan, China, found a novel corona virus that has never been seen in people previously. There are a number of respiratory disorders that might be indications and symptoms, including fever, coughing, and shortness of breath. In the most severe situations, an infection may lead to pneumonia, serious acute respiratory syndrome, and even death (Anadolu , 2020). According to established standards, it is best to avoid making physical contact with someone who has a fever and cough, especially while coughing or sneezing, and to cover the nose and mouth with a flexed elbow or a disposable towel instead. WHO is collaborating with scientists from across the world, as well as governments and allies, in order to immediately boost scientific understanding about a newly discovered virus and to provide timely advise for how to safeguard people's health and prevent the illness from spreading (Azlan, 2020). A "Corona-virus readiness team" was created by the government of Nigeria via the National Center for Disease Control and Prevention (NCDC) in the days leading up to the introduction of COVID-19 into the nation (Nigeria Centre for Disease Control). Based on a direct connection, an indirect link, or a significant quantity of traffic to and from China, Nigeria is one of the top thirteen nations that is classified as having a high risk of importing COVID-19. This listing is based on either a direct connection or an indirect relationship (Austrian, 2020).

1.2 STATEMENT OF THE PROBLEM

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).

 

1.3 OBJECTIVE OF THE STUDY

1. To determine whether POS funds were available during the corona virus lock-down.

 2. To determine whether or not POS vendors were accessible during the Corona virus lock-down.

1.4 RESEARCH QUESTIONS

I. Was there enough POS cash on hand during the lock-down?

II. Was there access to POS vendors during the Corona virus lock-down?

1.5 SIGNIFICANCE OF THE STUDY

The significance of this research work focus on the availability of POS during the lock-down, and this research would also prove beneficial for other academics, intellectuals, and students that might want to organize similar research.

1.6 SCOPE OF THE STUDY

This research work concentrate on the availability of POS during the lock-down, The study was carried out in Enugu, Enugu state.

1.7 LIMITATION OF STUDY

finance was a challenge during the course of study. Availability of material and time constraints were major challenges the researcher also faced will carrying out the research.

1.8 DEFINITION OF TERMS

CORONA-VIRUS: Corona-viruses are a large family of viruses that are known to cause illness ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS) and Severe Acute Respiratory Syndrome (SARS).

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.

LOCK-DOWN: Lock-down is a state of isolation or restricted access instituted as a defense or protection precaution.

FUND: A fund is a collection of money set aside for a particular reason.

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