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Abstract
This study examines the relationship between Point of sales business and employment generation in Rivers State. The survey research design was adopted for the study. The study was focused on POS operators in Bori. Data obtained for analyses was obtained through self-administered questionnaires. In addition, simple percentage ranking, Chi-Squares analytical techniques were used to analyse the questionnaires. The result obtained indicates that point of sales business is a good policy and it has positive impact on employment generation. This study recommends that the CBN should enact a law on how to protect the interest of the POS customers, so that fund will not be withdrawn in their account unauthorized. Government should encourage the use of pos to encourage unemployment reduction in Rivers state.
Table of Contents
Cover Page i
Declaration iii
Certification iv
Dedication v
Acknowledgements vi
Abstract vii
Table of Contents viii
List of Tables x
List of Figures xi
CHAPTER 1 1
INTRODUCTION 1
1.1 Background of the Study 1
1.2 Statement of the problems 4
1.3 Objectives of the Study 5
1.4 Research Questions 5
1.5 Significance of the Study 5
1.6 Scope of the Study 6
1.7 Limitation of the Study 6
1.8 Definition of Terms 7
CHAPTER 2 8
LITERATURE REVIEW 8
2.1 Conceptual Framework 8
2.1.1 Concept of Point of Sale Business 9
2.1.2 Dimensions Point of Sale Business 10
2.1.3 Concept of Employment generation 12
2.1.4 Measures of Employment generation 12
2.1.5 Responsiveness and Employment generation in Rivers State 15
2.2 Theoretical Framework 17
Technological Acceptance Theory 17
2.3 Empirical Reviews 17
CHAPTER 3 22
RESEARCH METHODOLOGY 22
3.1 Research Design: 23
3.2 Population of the Study: 23
3.4 Sampling Techniques Used 23
3.5 Sample Size Determination 23
3.6 Source of Data 24
3.6.1 Primary Source (s) of Data 24
3.6.2 Secondary Source of Data 25
3.7 Research Instrument for Data Collection 25
3.8 Techniques for Data Analysis 25
CHAPTER 4 26
DATA PRESENTATION AND ANALYSIS 26
4.1 Data Collection and Presentation 26
4.2 Data Analysis 27
4.3 Discussion of Findings 30
CHAPTER 5 32
SUMMARY, CONCLUSION AND RECOMMENDATION 32
5.1 Summary 32
5.2 Conclusion 32
5.3 Recommendations 32
References 34
Appendix I 40
Appendix II 41
List of Tables
Table 4.1: Questionnaire Administration and Retrieval 25
Table 4.2: showing the age of respondents 26
Table 4.3: Showing the Gender/Sex of Respondents 26
Table 4.4: Showing the Level of the Respondents 27
Table 4.6: Assurance and employment generation in Rivers State 27
Table 4.7: Reliability and employment generation in Rivers State 28
Table 4.8: Responsiveness and employment generation in Rivers State 28
List of Figures
Fig 2.1: A Conceptual framework showing the relationship between Responsiveness and Employment generation. 9
CHAPTER 1
INTRODUCTION
1.1 Background of the Study
As the country battles with high unemployment rate, a quest to increase financial inclusion anda struggle to counter the impact of the COVID-19 pandemic, more Nigerians, especially theyouth, are taking to Point of Sale (POS) banking services as a trade. According to a report by theNational Bureau of Statistics (NBS) in March 2022, Nigeria’s unemployment rate rose to 33.3
per cent in the fourth quarter of 2021, rising from 27.1 per cent in the first uarter (June) of lastyear. An analysis by Bloomberg this year revealed that a third of the 69.7million strong labourforce in Nigeria either did nothing or worked for less than 20 hours a week, making themunemployed, according to the Nigerian definition. Another 15.9m worked less than 40 hours a
week, making them underemployed. However, with advancement in financial technology (fintech), Nigerians are taking to the POS services subsector of the financial sector, also knownas agency banking, to become self-employed while creating jobs for others.
The number of agency banking and POS operators has kept rising since 2017, data shows,bringing to the fore, the gains being accrued to those behind the initiatives. A point of sale, alsoknown as a point of purchase, is a system that helps local debit cardholders to make withdrawalof money and pay for goods and services.
This apparatus is mostly used in retail stores where consumers use their ATM cards to pay forgoods or services. Any utility bills, such as power, airtime, cable or decoder subscriptions, areoften paid using a POS device. Hence, with the growing use of advanced innovative electronictechnologies for e-funds round the world, the introduction of POS into the Nigerian economyhas facilitated the ease of doing business without having to carry large sums of cash in one’swallet.
The use of POS terminals to make financial payments in Nigeria was introduced by the CentralBank of Nigeria (CBN) in 2012 to promote its cashless policy with the aim of improving thepayment system. Ever since the introduction, there has been increasing growth in the numberof active POS terminals provided by banks to mobile money merchants. This was due to theacceptability of POS transactions in society. However, this opportunity was explored by themajority of Nigerians who were desperately seeking an employment opportunity and daily
source of revenue (Carlos 2014). The desire to make a living, despite Nigeria’s devastatedeconomy and unpalatable rate of unemployment, resulted in an astonishing increase in thenumber of money merchants or POS businesses in the country, because the opportunity wasregarded as a potential and lucrative business and employment opportunity.
Traceably, in thefirst three months of 2018, it was reported that a total of 17,193 POS terminals were registeredby banks for carrying out cashless transactions in Nigeria (Ogunfuwa, 2018). Statistical figuresfrom the Nigeria Inter-Bank Settlement Scheeme (NIBSS) indicated that as of 2018, the numberof active POS terminals in Nigeria was 164,607. This evidence therefore clarifies the fact thatthere is a massive increment in the number of POS businesses and money markets in Nigeria.
Thus, this study is riveted towards assessing the very impact of POS as a business endeavor onemployment generation in Nigeria.
Many nations of the world have developed an effective and efficient payments system whosetransactions are required to guarantee and sustain their economic development. One of such inNigeria is the POS, following the introduction of the cashless policy in Nigeria. A point of sales(POS) is the point at which a retail transaction is finalized, usually coinciding with the moment acustomer makes a payment in exchange for goods and services using his or her debit/credit
cardinstead of cash. It is a device allowing the use of payment cards such as debit cards at a physicalpoint of sale in making payments for transactions or demands made. Hence, this made itadvantageous following its convenience and speed of operation. According to the report from the apex money regulatory body in Nigeria (CBN 2011), the e- payment system has helped tosolve many of the associated challenges arising in the country ranging from the exuberant cost
arising from frequent printing of currency notes, currency sorting, cash movement, keepinglarge amount of cash, security cost of checking high incidences of robbery among others(Akerejola, 2017).
For years, analysts have predicted the transition of physical cash as a transaction medium to anelectronic cash transaction medium referred to as a “cashless policy” (David, 2012). The basicproduct which is ‘point of sale’ (POS) terminal has a significant role to play in driving a cashlessinitiative owing to the fact that they are ubiquitous, easy to use and portable. POS are found in
stores, restaurant, hospitals, schools, churches and other service centers. If the whole cashlessscheme will be successful, the responsibilities of payment terminal service providers (PTSPs) inPOS terminal management and support should be given maximum scrutiny. The responsibilitiesinclude purchase and replacement of spare parts, provision of connectivity, training, repairs,and development of value added services. This fact thus necessitates a periodic evaluation ofthe performance of the payment terminal service providers (Ifeakandu, 2011).
1.2 Statement of the problems
Unemployment is one of the fundamental developmental challenges facing Nigeria at the moment. Although research has shown that unemployment was high in the 1980s, available reports from various local and international bodies, as well as the glaring evidence of joblessness in these decades, indicate that there was no time in Nigeria’s history when unemployment was not a problem.
Youth and non-youth unemployment in Nigeria has been increasing as the number of students graduating from institutions has increased. The Nigerian National Bureau of Statistics (NBS) (2017) while inferring from the International Labour Organization’s (ILO) definition of unemployment, states that the unemployed population are those in the labour force, or people
of working age, that is, between ages 15-64, who were willing and actively looking for work, but could not find for not less than 20 hours (NBS, 2017).
However, the increasing rate of economic recession has worsened the unemployment in Nigeria. This has led to many of the citizens in scummy poverty. But however, the introduction and availability of POS in Nigeria has in the long run brought smiles to people’s faces and provided income opportunities for many jobless Nigerians. As a result, there has been an increase in the number of individuals who ventured into POS businesses owning up to 2, 3 and above number of POS business outlets, thereby employing workers to manage the outlets.
1.3 Objectives of the Study
The aim of the study is to investigate the relationship between Responsiveness and employment generation in Rivers State. Specifically, other objectives are as follows;
1. To examine the extent to which assurance relates with employment generation in Rivers State.
2. To examine the extent to which Reliability associate with employment generation in Rivers State.
3. To examine the extent to which Responsiveness relates with employment generation in Rivers State.
1.4 Research Questions
1. To what extent does assurance relates with employment generation in Rivers State?
2. To what extent does Reliability associate with employment generation in Rivers State?
3. What is the relationship between Responsiveness and employment generation in Rivers State?
1.5 Significance of the Study
This study will be of benefit to university lecturers, students, government and the university management. The study will show to them the causes, the effects of employment generation and the need for Responsiveness in solving the problem of youth unemployment in Rivers State and Nigeria at large.
To university lecturers, the study will unveil to them the areas to concentrate in the school syllabus in order to develop entrepreneurial minds of students for creative employment and also help them show the need for introducing Responsiveness into the school curriculum in Nigeria.
To the parents, the study of their children during child birth and training cannot be determined towards the course of study in higher institution. Lastly, the findings from the study will show to the government the role of Responsiveness in solving the problem of unemployment in Nigeria.
1.6 Scope of the Study
The study is delimited under the following heading: content scope, geographical scope and unit of analysis.
Content Scope: The content scope of this study involves an investigation to ascertain the relationship between Responsiveness and employment generation in Rivers State. The dependent variable is Employment generation, measured by job creation and business opportunities. While independent variable is Responsiveness measured by assurance and Reliability.
Geographical Scope:This study is delimited in Rivers State with reference to some selected POS operators in Bori, Rivers State.
Unit of Analysis: The unit of analysis in this research involves the respondents at the time of the study. Hence it is a macro level study.
1.7 Limitation of the Study
In course of carrying out this research, I met with a lot of constraints. Among these constraints is: The time frame which this research was expected to be completed which was too short.
Secondly, the cost in carrying out this research work act as a barrier as I was not financially buoyant to carry out all investigation.
Finally, assembling the relevant materials needed this work was a problem. It is difficult due to the fact that some of the respondents were not willing to give me the required coorperation.
1.8 Definition of Terms
For better understanding of this research work, some of the terms and concepts used need further explanation. These includes
Unemployment: Unemployment occurs when people are without work and actively seeking for work. It is a situation where someone of working age is not able to get a job but would like to be in full time employment. Unemployment is a measure of the prevalence of unemployment and it is calculated as a parentage by dividing the number of unemployed individual by all individuals currently in the labour force.
Responsiveness:Responsiveness seeks to provide students with the Reliability, assurance and motivation to encourage Responsiveness focuses on realization of opportunity, where management education is focused on the best way to operate existing hierarchies. Both approaches share an interest in achieving “profit” in some form and variations of Responsiveness are offered at all levels of schooling from primary or secondary schools through graduate university programs.
Perception: Perception is the act or facility of perceiving or apprehending by means of the senses or of the mind, perception is the organization identification, and interpretation of sensory information in order to represent and understand the environment. All perception involves signals in the nervous system, which in turn result from physical or chemical stimulation of sense organs.
Employment generation: A self-employed individual does not work for a specific employer who pays them a consistent salary or wage. Self-employed individuals, or independent contractors, earn income by contracting with a trade or business directly.
Employment: It is an agreement between an employer and an employee that the employee will provide certain services on the job.