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.”