AN EVALUATION ON THE EFFECT OF COVID-19 LOCKDOWN AND POS WITHDRAWAL CHARGES IN LAGOS STATE
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- NGN 5000
BACKGROUND OF THE STUDY
In December 2019 in Wuhan, China, COVID-19 was found for the first time. Despite this, it spread quickly and had a detrimental effect on all of the nations and territories on Earth. As of the 5th of October 2020, nearly 6 million instances of COVID-19 have been documented around the globe, resulting in over one million fatalities (Johns Hopkins University, 2020). (WHO, 2020). These statistics were absolutely mind-boggling, and the epidemic quickly emerged as one of the most significant challenges facing world health in recent memory.
According to the findings of researchers in the field of medicine, the illness does not take into account a person's age, sex, gender, color, ethnicity, socioeconomic standing, or any other social traits when deciding who it will affect (WHO, 2020). On the other side, it is hypothesized that individuals who are older, families with lower incomes, indigenous peoples, and those who have underlying infectious or immunological problems would be more susceptible to the pandemic (Rose et al ,2018).
On February 27, 2020, the virus was found for the first time in Nigeria. It was found that the virus, which is caused by SARS-CoV-2, was present in an Italian resident who was visiting the nation at the time. A Nigerian individual who had contact with the Italian patient who served as the index case verified a second instance of the virus on March 9, 2020 in Ewekoro, which is located in the state of Ogun. A public health emergency has been declared in several nations throughout the globe, one of which being Nigeria, due to the rapid rise and spread of the COVID-19 virus(Sanusi , 2017).
In an effort to stop the spread of COVID-19, the federal government, in conjunction with the governments of the states, enforced a lockdown in the cities of Lagos, Abuja, and Ogun. This lockdown was eventually extended to include other areas of the nation. Because of this, the economy has been thrown into disarray, and nearly every facet of the economy has been affected. For example, the movement of people and products has been restricted, schools have been shut down, participation in social and religious activities has been made illegal, and businesses have been forced to close their doors. The most intolerable aspect was the reality that people had day-to-day financial requirements that could only be met with the assistance of the services provided by banks(shang , 2020).
Mobile banking, which is one of the major commercial banks' services, appeared to be the only alternative that could be embraced during this period because it enables multi -transactional features through the availability of smart phones, the POS, and other devices. During this time, mobile banking was the only alternative that could be embraced. Individuals were able to withdraw monies, make cash deposits and transfers, and other financial transactions with the presence of POS along the roadways. However, the lockdown that was enforced in Nigeria restricted the activities of POS firms, which led to a shortage of withdrawal terminals and other financial services(Pierce, 2020). On the other hand, this resulted in an unusually high service price from the few POS operators that were accessible in Lagos State, Nigeria. Hence it is upon this note that this study desires to evaluate the effect of covid-19 lockdown and POS Withdrawal Charges in Lagos State.
STATEMENT OF THE PROBLEM
The Nigerian government's decision to impose the lockdown precaution against the COVID-19 virus has been hailed as a wise move that would help prevent the infection from spreading in Nigeria(Rose, 2018). However, it had a detrimental impact on the residents' social lives as well as their own personal well-being. The most irritating part was that individuals had consistent financial demands that can only be met with the assistance of financial services, but they were unable to travel freely and even the banks were closed. This made it impossible for them to meet their financial obligations (Cheng, 2020). People were able to execute cashless purchases and other financial operations with the assistance of POS systems since they were easily accessible. However, because of Nigeria's imposed shutdown, point-of-sale (POS) firms were unable to carry out their normal operations, which led to a lack of withdrawal points and other financial services. However, the few available POS operators in Lagos State, imposed an odd service fee as a result of this.
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