If memory serves me right, I think I have once talked about how lucrative point of sales which is well known as POS. If you live in Nigeria, you will understand very how this business has been of help create job opportunity and being used poverty alleviation programme. The business has been one of the small scale businesses that's ever rising business. The business keeps rising in such a way that there's no junction you will not see a POS stand. Aside that it creates job opportunity, it has helped to bring some functions of banking transactions closer to the people ball you have to do is pay for the convenience fee.
The evolution of the new CBN and the effect it might have on this kind-hearted business.
Basically, CBN has made new policy of curbing the amount of cash that can be withdrawn from banking hall counter and also the highest denomination that can be withdrawn from Automated Teller Machine will N200. If one looks inwardly,one will notice that part of what the policy is trying to promote is internet banking plus cashless police. Though I can't categorically castigate such move because there are lot of advantages attached to that policy if things go right.
But that policy might negative impact on those running point of sales(POS) business. Even if the business doesn't go into extinction, tactically the sales record that business might reduce and can even make of the business owners to opt out or abandon the business since the new policy promotes internet banking and cashless policy. Majorly, most of the business transactions that will be done, will be done cashless. So if you are to even have cash at hand, it would only be few and that will affect the POS business.
Please note that, this isn't a cryptocurrency, financial or businessadvice,it's just an opinion. If you need a cryptocurrency, financial or business advice, consult a cryptocurrency or financial experts. Thank you.
