Traders in Lagos complain of shortage of PoS terminals

Some traders in Lagos at the weekend, complained that shortage of Point of Sales (PoS) terminals might hinder the smooth take-off of the cash-less policy of the Central Bank of Nigeria (CBN).They told the News Agency of Nigeria (NAN) in separate interviews that the aim of the scheme might be defeated if the CBN did not address the shortage immediately.Correspondents of NAN, who visited some major markets in Lagos, reported that many traders were yet to key into the pilot scheme, 10 days after its commencement, due to non- availability of the terminals.Mr Uche Ugochukwu, President, Association of Alaba Traders, advised the CBN to deploy more PoS terminals, adding that this was necessary to remove any hurdle that might hinder the implementation of the policy.The association president said that the PoS terminals were still inadequate in major markets in Lagos.He said that the charges for using the terminals ranged between two per cent and three per cent, depending on the service provider.Ugochukwu said that the remittance of money to traders' accounts ``is real time as it is online process''.He also said that network connectivity was sometimes a major challenge to the efficiency of the system.Ugochukwusaid that the deposit and withdrawal limits under the policy were impacting negatively on their businesses as 'it slows down transactions'.Mr Justice Mbila, the Vice President, Ladipo Auto Central Executive Committee (LACEC), said there was the need to create more awareness on the new policy to enable more traders to key into it.He recalled that some officials of the CBN visited the market early in the year to educate traders on the policy and teach them how to use the PoS terminals.Mbila, however, said that majority of Ladipo traders were illiterate who needed more enlightenment to enable them to understand the benefits of the policy.Mr EmakaObina, a spare part dealer, said that he did not understand the new system.He said that he had not seen a PoS terminal, but he believed that it would not be difficult to operate, just like the mobile phones.Mrs Shukurat Adekunle, a beverage seller at Apongbon market, told NAN that she had only seen the demonstration of the PoS on television, but that she had not seen it physically.
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