POS Business Booms In PH

In the wake of the Covid-19 crisis, several measures have been devised by the people to obviate the hurdles and other setbacks of the pandemic, especially in fuelling their daily existence. One of the most affected areas in coping with the Covid-19 experience had been in financial transactions, especially with the major financial institutions, shutting their doors, to avoid both structural and institutional infiltration and flaws.
The PH Metro investigations reveal that in recent times, the attitudes of financial institutions, mostly banks, have been that of restraint in services, to guard against unpleasant consequences that are fallouts of the system. There is therefore a routine inconvenience on the part of the people to crowd at various banks branches to propel their daily financial transactions.
But the populace seemed equipped by the Covid-19 experience to create alternative means of easing their financial transactions, addressing social defects and making money.
The Point of Sales (POS) service is now the popular and most regular measure of easing financial transactions.
Presently, almost all the streets of Port Harcourt are dotted with decorated stands and outlets, with intense business activities ongoing in this aspect of mobile banking.
The operator of Henzy POS outlet in Port Harcourt, Nkechi Onyeije, who spoke with The Tide Metro, said the business required authorization from banks to operate.
Onyeije is excited about the business because it opens her eyes to financial propriety.
“I love to do the business because it teaches me how to manage money, and how to render services to the public, I love to see people relieved of their stress and also make money from the process” .
Asked her challenges in the business, she said; “the challenges are mostly that of network, which is common, stamped duty charges by banks and effective capital base.
She explained that every transaction of ten thousand Naira, attracts a fine of two hundred naira, and in some cases three hundred naira.
Another operator of the POS business in Port Harcourt, Mr Gibson Doone, said he got involved in the business because he loved commercial activities.
According to him, “the POS business, needs discipline and patience to attend to people’s needs”. He said he hated to see queues of people at ATM stands in banks, frustrated and unable to do their businesses with ease.
“I am a man that likes to be productive, I found out that many of the people are always stranded at banks and unable to carry out their financial transactions with ease, I also make money from the business so I love it.”
When The Tide Metro interviewed one of the users of the POS services, Mr, Benson Aduma, he said the use of POS to service his utilities has helped him to avoid the stress of carrying out financial transactions through conventional banking services.
He said; “Most of the bank ATM swallow cards, and also fail to dispense cash, to take care of my pressing needs, I have to look for alternative means to survive, the stress of getting money in banks has resulted into fatal consequences, these must be avoided.”
Another regular user of the POS services. Mr Kingsley Obed, called for the liberalization of the POS services to accommodate more service providers.
Mr Obed who was visibly disappoointed with bank services said; “it’s right time banks and other institutions are held responsible for their promises and claims, you see inscriptions such as 24 hour ATM services at banks and when you use the ATM , they are mostly dysfunctional, we are fed up with these irregularities”. The Metro investigation reveals that the major operators of the POS business include; Kudu, Itex, Money Pay, Pam Pay, own money, among others. The service providers operate with these various groups to render their services. The availability of these services is in popular endorsement to have stimulated patronage, as people mostly consider distance, and other personal inconveniences in their choices.

By: Taneh Beemene