South Africa ranks 1st ...Nigeria 7th on PoS use in Africa - aksu360


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South Africa ranks 1st ...Nigeria 7th on PoS use in Africa

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It has been revealed that Nigeria occupies 7th position among African countries where the use of point of sale (PoS) form part of transactions. According to a report by Indexmundi only 21% of total transactions in the country are done through the PoS device. 

South Africa stands at the top with 91% followed by Ghana 80% while Tunisia is third with 79%. Other countries ahead of Nigeria are Egypt, Morocco and Kenya in that order.

According to 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. Kevin Chung of Avante International Technology said that while the communication network and bandwidth are adequate, the data centres in the financial communities in Nigeria needs to upgrade from Tier 1-2 to Tier 3-4 to enable the cash-less economy.

The executive secretary/CEO, E-Payment Providers Association of Nigeria (E-PPAN), Onajite Regha said that operators of the payment system have worked so hard to match innovation with needs, and have battled tirelessly to ensure the integrity of the payment systems.

“Our regulators have not left any stone unturned to ensure that our payment systems meet their desire to make it nationally utilized and internationally recognized. As an Association E-PPAN has remained the bridge between the providers, the regulators and the users. It has not been an easy ride but we can proudly say we have come a long way since 2012.”

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