Business

Lagos Traders Decry Shortage Of PoS Terminals

Published

14 years ago

April 18, 2012

Traders in Lagos have complained that the unavailability of Point of Sales (PoS) terminals might hinder the implementation of the cash-less policy by the Central Bank of Nigeria (CBN) in the state.

They told newsmen in separate interviews that the aim of the scheme might be defeated if the CBN fails to address the shortage of PoS immediately.

Our correspondents, who visited some major markets in Lagos, recently reported that many traders were yet to key into the pilot scheme, 10 days after its commencement, due to non- availability of the terminals.

President, Association of Alaba Traders, Uche Ugochukwu, advised CBN to deploy more PoS terminals, adding that it 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.

According to him, the deposit and withdrawal limits under the policy were impacting negatively on their businesses. “It slows down transactions,” he said.

The Vice-President, Ladipo Auto Central Executive Committee (LACEC), Justice Mbila, 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 banks 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 illiterates, insisting that they needed more enlightenment to enable them to understand the benefits of the policy.

Emaka Obina, 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 The Tide source that she had only seen the demonstration of the PoS on television, but that she had not seen it physically.

She admitted that there were enough enlightenment campaigns on the scheme, but that the apex bank should have extend the campaign and ensure that enough PoS terminals were made available.

The acting Chief Executive Officer, Nigeria Inter-Bank Settlement System (NIBSS), Niyi Ajao, said that 30,000 terminals had been deployed and connected to NIBSS central switch since January.

He said that the issue of delay in debiting merchants accounts after transactions had been addressed and customers’ account were being debited within one day.

The governor of CBN, Malam Lamido Sanusi, said in January, that bank customers would not pay charges for using Point of Sale (PoS) machines.

He said that the cost of such deals would be borne by merchants by paying 1.25 per cent of the transaction fee.

Meanwhile, Interswitch Nigeria, provider of cards and other e-payment services, has assured that there would be an improvement on Point of Sales (PoS) terminal and other e-transaction channels facing challenges.

According to the company, solution to public complaints on the e-payment challenges was in areas that have drawn immediate attention of both the regulator and stakeholders. The company described them as issues instituted from infrastructural and technology instability.

The Director, Payment, Infrastructure and Transaction Processing, Akeem lawal said the newness of PoS and other e-payment methods, aside from ATM, couple with infrastructure are some of the factors militating against the development of the cashless policy.

Speaking to newsmen in Lagos, over the weekend, he said: “The Central Bank of Nigeria has licensed several PTSP operators to focus on the PoS market and ensure that first and second level supports are given to business and merchant outlets that have PoS terminals.”

Business

Agency Gives Insight Into Its Inspection, Monitoring Operations

Published

2 days ago

January 12, 2026

The Tide

The Director, South South Zone National Agency for Food Drug Administration and Control (NAFDAC), Pharmacist Chujwuma P.Oligbu has said its thorough implementation of its core mandate of monitoring has no link with witch-hunting or fault finding as perceived at some quarters.

Oligbu, made this known when he spoke as as guest at the maiden Rivers state Supermarkets stakeholders’ Seminar/Workshop in Port Harcourt recently.

Rather, he said they were mere opportunities for education, correction and continuous improvement.

The Agency’s South South Boss, noted that Supermarket operators who maintain transparent records, cooperate during inspections, and promptly address identified gaps demonstrate professionalism and commitment to public health standard.

He listed the deserving essence of supermarket operation to include the key aspects of supermarket operation that deserves emphasis is product sourcing.

“Supermarkets must ensure that all regulated products stocked on their shelves are duly registered with NAFDAC and sourced from legitimate manufacturers or distributors”, he said .

According to him, the presence of unregistered, expired, counterfeit, or improper labelled products undermines consumer confidence and poses serious health risks.

He pointed out that such has the likelihood of exposeing supermarket operators to legal sanctions that could damage their reputation and financial stability.

The NAFDAC Operator, further enlightened the participants that mere registration of a particular product with the Federal agency do not guarantee absolute consumption safety.

“Temperature control, cleanliness, pest control, stock rotation, and proper shelving are not optional practice; they are essential components of compliance”, he said.

The South South zonal director also told the operators of supermarket that their employees rotine training on the basis of the product they display for sale is of utmost importance.

In her presentation a Breast Milk Nutrition Expert , Professor Alice Nte of University of Port Harcourt Teaching Hospital (UPTH), was against the body’s prime attention to breast milk substitute or baby milk in supermarkets as well as its advertisement or promotion.

Nye jerked up the importance of mothers breast milk to the newborn baby and added that it help in fighting against childhood diseases, infections and combating cancer in breastfeeding mothers.

Meanwhile, NAFDAC Deputy Director, South – South Zone , Mrs. Riter Chujwuma educated the participants on the guidelines for global listing, and the need to adhere strictly to rules guiding global listing to avoid confiscation of their imported products.

By: King Onunwor

Business

BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS

Published

2 days ago

January 12, 2026

The Tide

The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.

In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.

According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.

NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.

Analysts linked the growth largely to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024.

The policy compelled many customers to regularise their biometric records to retain access to banking services.

Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.

The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.

A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.

However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.

The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.

Business

AFAN Unveils Plans To Boost Food Production In 2026

Published

5 days ago

January 9, 2026

The Tide

The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.

The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.

The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.

In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.

He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.

Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.

According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.

He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.

The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.

He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.

He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.

Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.

He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.

Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.

As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.

Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.

Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.

He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.

Lady Usendi