As of the close of 2014, Nigeria had deployed over 350,000 PoS terminals across the country, an increase on the 120,191 units in 2013. A recent Nigeria Inter-Bank Settlement System (NIBSS) report shows that 72.5 per cent of non-users claim to be unaware of the benefits of using PoS.
The report put PoS adoption rate in Lagos at 62%. It noted that 62% of merchants provided PoS payment option and 63% of individuals owned and used debit/credit cards that is 70.4% ownership among 90.2% banked adults in the state.
eCommerce is a popular vendor choice for PoS systems. When working both customer and vendor are left satisfied. However, network problems may cause customer accounts' to be debited on the PoS terminals without the money being fully transferred to the eCommerce platform as set up by the commercial banks. This can then lead to disputed transactions that may take up to 14 days to rectify
Card processors that contributed to the NIBSS report argued there are too many stakeholders involved in the processing of PoS transactions, leading to aforementioned inefficiencies.
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