Nigeria is currently occupying the seventh position among African countries where the use of Point of Sale, PoS forms part of their transactions.
According to a recent report only 21 percent of total transactions in Nigeria are done through the PoS device.
The report by Indexmundi places South Africa at the top with 91 percent closely followed by Ghana 80 percent while Tunisia is third with 79 percent. Other countries ahead of Nigeria are Egypt, Morocco and Kenya in that order.
According to the Central Bank of Nigeria (CBN), the PoS density per 100,000 people in Nigeria is 13, while India’s is 67; Uganda, 453; Namibia, 338
The target for Nigeria, according to the bank, is to meet Brazil’s PoS deployment rate of 2,247 per 100,000 people by 2020.
The initiative would lead to GDP contributions and job creation with a ripple effect on the economy while boosting national pride and reducing exposure of national security in the area of espionage.