AN INVESTIGATION OF THE EFFECTIVENESS OF POS AND AVAILABILITY OF FUND DURING THE COVID-19 LOCKDOWN IN NIGERIA
- Project Research
- 1-5 Chapters
- Quantitative
- Simple Percentage
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 5000
BACKGROUND OF THE STUDY
Coronaviruses are a kind of virus that infects both animals and humans. They are members of the Coronaviridae family. Human corona viruses can cause moderate sickness, similar to a common cold, or severe illness (such as MERS - Middle East Respiratory Syndrome and SARS - Extreme Acute Respiratory Syndrome) (Severe Acute Respiratory Syndrome). A novel corona-virus that has never been observed in humans before was identified in Wuhan, China, in December 2019. Signs and symptoms include respiratory disorders such as fever, cough, and shortness of breath. Infection can cause pneumonia, severe acute respiratory syndrome, and, in the most severe instances, death. When coughing or sneezing, use a flexed elbow or a disposable towel to screen the nose and mouth, and avoid physical contact with someone who has a fever and cough, according to established guidelines. WHO is collaborating with worldwide scientists, governments, and allies to raise scientific understanding about this new virus and provide timely information on how to safeguard people's health and prevent disease spread. Prior to the arrival of COVID-19 in Nigeria, the government formed a "Corona-virus readiness team" through the NCDC, the country's major public health organization ( Nigeria Centre for Disease Control). Nigeria is one of the top thirteen nations with a high likelihood of importing COVID-19, based on either a direct or indirect relationship or a high volume of traffic to and from China.
1.2 STATEMENT OF THE PROBLEM
A point-of-sale terminal (POS) is a piece of hardware that allows a retailer to take credit cards. The device comprises software that scans credit and debit card magnetic strips. The next generation of POS systems will incorporate proprietary and third-party portable devices (rather than terminals attached to a counter) as well as contactless capabilities for new sorts of mobile payments. In April, the overall number of financial transactions using Nigerian payment networks fell by a stunning 26% when compared to the previous month. The Nigerian government halted all economic activities in March. The findings comprised transactions such as cheques, ATMs, POS, E-bills, and NIP (interbank transfers). Other transaction networks, including as Web, Mobile, NEFT, and others, were not included in the April CBN statistics. Nigeria last had less than 190 million financial transactions for the subsets in February 2018, when it had 159.9 million (CBN, 2020) The lock-down has had a wide-ranging impact on the economy.
As businesses resume normal operations, the volume of purchases handled by Point of Sale (PoS) terminals and mobile devices has begun to recover after falling precipitously in April owing to the COVID-19 lockout. Because of the lockdown, the number of PoS transactions plummeted by more than 20% in April, to 40.85 million, from 52.2 million at the end of March. The trend is reversing, according to a survey issued by the Nigeria Interbank Settlement System, with POS registering around 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
The following questions guide this study:
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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