Point of Sale (PoS) companies are still battling the repercussions of Nigeria’s contentious 2022 cashless policy, which is still having an impact on the banking industry. The policy, which was first put into place to encourage digital payments and decrease cash transactions, inadvertently made things more difficult for Nigerians who depend on cash and small businesses.
PoS operators are currently dealing with lower transaction volumes, higher operating costs, and stricter regulations after once flourishing as convenient cash dispensers. Many businesses were obliged to raise their costs due to high service charges imposed by banks during the early 2023 cash shortage, which alienated customers.
Furthermore, PoS businesses found it difficult to stay relevant as a result of the 2022 policy’s increased competition from mobile banking apps. In order to address persistent problems like exorbitant withdrawal fees and improved financial inclusion tactics for underprivileged areas, operators are urging the government to step in.
PoS businesses must innovate to thrive in the quickly changing world of digital finance, but the cashless policy’s lingering effects remain a significant obstacle.
