Prospect of POS Business in Nigeria: Merit and Challenges Facing the Business Owners

Abstract

One of the contemporary small scale businesses gaining recognition and creating job opportunities in Nigeria is the POS business. This business quickly creates jobs for the youths as the level of unemployment in Nigeria is obviously high with a lot of frustrated graduates finding ways to earn a living and give back to their parents who invested so much in them for them to go to school. The emphasis of this paper focuses on the merit and challenges facing the POS business and empirical exploration of global discussions on the topic at hand. The problem statement can be traced to the seemingly unstructured nature of the POS business formation. This issue tends to make one ponder on the future of the POS business.

The study adopted both primary and secondary methods of data collection. The findings of this study show that one of the greatest challenges to the POS business operator is the lack of security due to the cash nature of the business. Recommendations such as, creation of POS union and banking of cash 2-3 times daily were suggested among others.