AN ASSESSMENT OF COVID-19 LOCKDOWN AND ITS EFFECTS ON POS WITHDRAWAL CHARGES IN NIGERIA

AN ASSESSMENT OF COVID-19 LOCKDOWN AND ITS EFFECTS ON POS WITHDRAWAL CHARGES IN NIGERIA

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BACKGROUND OF THE STUDY

COVID-19 was found in Wuhan, China, in December 2019. However, it spread quickly and had a detrimental influence on all countries and territories worldwide. As of 5 October 2020, about 6 million COVID-19 cases have been recorded worldwide, with over 1,000000 deaths (Johns Hopkins University, 2020; WHO, 2020). These statistics were staggering, and the epidemic marked a watershed moment in world health history.

According to health experts, the illness does not discriminate against people based on their age, gender, race, ethnicity, socioeconomic standing, or other social traits (WHO, 2020). Older people, low-income families, indigenous peoples, and people with underlying infectious or immunological disorders, on the other hand, are thought to be more vulnerable to the pandemic (WHO, 2020).

The virus was found in Nigeria for the first time on February 27, 2020, when an Italian resident visiting the nation tested positive for SARS-CoV-2. A Nigerian person who had contact with the Italian index case verified a second case of the virus in Ewekoro, Ogun State, on March 9, 2020. The spread of the COVID-19 virus has plunged countries all over the world, particularly Nigeria, into a health catastrophe.

To counteract the spread of COVID-19, the Federal Government enforced a lockdown in Lagos, Abuja, and Ogun, which was eventually expanded to other regions of the country, in partnership with state governments. As a result, practically all elements of the economy have been disrupted - movement of persons and products has been constrained, schools have been shuttered, social and religious activities have been outlawed, and offices have been closed. The most intolerable aspect was that people had everyday financial demands that could only be met with the assistance of bank services.

Mobile banking, which is one of the major commercial banks' services, looked to be the only viable option during this time period since it enables multi-transactional capabilities through the availability of smart phones, point-of-sale terminals, and so on.

Individuals were able to withdraw dollars, make cash deposits and transfers, and so on thanks to the availability of POS along the roadsides. The imposed lockdown in Nigeria, on the other hand, hindered the activities of POS firms, resulting in a scarcity of withdrawal terminals and other financial services. This, however, amounted to an uncommon service fee by the few POS operators accessible in Lagos State, Nigeria. As a result, the purpose of this study is to analyze the impact of Covid-19 shutdown and POS withdrawal costs in Lagos State, Nigeria.

1.2 STATEMENT OF THE PROBLEM

The Nigerian government's lockdown Covid-19 preventative action was praised as a wise approach to prevent viral transmission across the country. However, it had a negative impact on the social and personal well-being of its residents. The most aggravating aspect was that individuals had regular financial demands that could only be met with the assistance of financial institutions, yet they had no freedom of movement, and even banks were inaccessible.

Individuals were assisted in making cashless purchases and other financial activities due to the availability of POS. The imposed lockdown in Nigeria, on the other hand, limited the activities of POS merchants, resulting in a lack of withdrawal terminals and other financial services. However, as a result of this, the few accessible POS operators in Lagos State charged an unusual service cost.

1.3 OBJECTIVES OF THE STUDY

To achieve this study, the researcher formulated the following objectives;

1. Investigate if the Covid-19 outbreak affected the availability of POS in Lagos State.
2. Ascertain if the Covid-19 lockdown preventive measure imposed in Lagos State Nigeria resulted to usual price hike of POS charges.
3. Investigate if the Covid-19 lockdown and POS charges affected residents accessibility to fund.

1.4 RESEARCH QUESTIONS

1. Did the Covid-19 outbreak affected the availability of POS in Lagos State?
2. Did the Covid-19 lockdown preventive measure imposed in Lagos State Nigeria resulted to usual price hike of POS charges?
3. Did the Covid-19 lockdown and POS charges affected residents accessibility to fund in Lagos State?

1.5 SIGNIFICANCE OF THE STUDY

This study on the effect of covid-19 lockdown and POS withdrawal charges in Lagos State will be so useful and informative to the Lagos State Government and the federal Government of Nigeria as it will unveil the need to consider the well-being of its citizens and making available suitable provision when imposing drastic majors in the society.

Furthermore, this study will also be useful to students, researchers etc who in their respective field of study may likely carryout a research epistle similar to the one under review.

1.6 SCOPE OF THE STUDY

The study oversee an investigation into the impact of Covid-19 outbreak on the availability of POS in Lagos State; also an assessment into quest of ascertaining if Covid-19 lockdown preventive measure imposed in Lagos State Nigeria resulted to usual price hike of POS charges and finally, Investigate if the Covid-19 lockdown and POS charges affected residents accessibility to fund.

In this study, the researcher will obtain responses to its questionnaires from residence of Ikeja, Lagos State, Nigeria.

1.7 LIMITATION OF THE STUDY

The major constrain of this study includes the language barriers, attitude of the respondents, financial constrains and time factors as the researcher had a little time frame to carry out this study.

1.9 DEFINITIONS OF TERMS

Covid-19: This is also known as the coronavirus and COVID, is a contagious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2).

Lockdown: A lockdown is a restriction policy for people or community to stay where they are, usually due to specific risks to themselves or to others if they can move and interact freely. The term "stay-at-home" or "shelter-in-place" is often used for lockdown that affect an area, rather than specific locations.

POS: The point of sale (POS) or point of purchase (POP) is the time and place where a retail transaction is completed.

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