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ASSESSMENT OF THE IMPACT OF POS BUSINESSES IN REDUCING UNEMPLOYMENT RATE IN ASABA

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

With Gene Mosher’s ViewTouch touch-screen gui and Martin Goodwin and Bob Henry’s first Windows-based POS system, the first POS systems appeared in the late 1980s and early 1990s (IT Retail). Merchants can now select between traditional counter-top systems and interactive arrangements, in which they can manage all aspects of their POS operations through an internet interface. They can also access their POS systems from their smartphones when they’re on the go. A point of sale (POS) is a device that allows you to sell actual things at a supermarket shop. In a supermarket, the checkout, order processing, and bill payment all take place at the POS. A POS System is the complete hardware and software system used for billing in a POS Store. Everything is now on the “internet.” Retailers were also motivated to enhance their point-of-sale systems as a result of this. It’s no longer enough for POS solutions to just encourage cash, credit, debit, or gift card transactions since too many shoppers are grabbing for their phones to pay for things and use retail membership discounts and coupons. Today’s point-of-sale systems are expected to perform far more than simply process transactions. This is why companies like Clover developed highly effective and technologically advanced point-of-sale systems capable of monitoring employee behavior and inventory, distributing invoices, providing real-time reports, operating even when the internet is down, and providing retailers with simple-to-use applications that make running a business easier.

STATEMENT OF PROBLEM

The definitions and usage of the term “unemployment” appear to be in agreement. Udu and Agu (2005) define unemployment as “a state in which people who are capable and eager to work are unable to obtain adequate paying work.” Individuals may also become unemployed if they accept jobs that are incompatible with or inferior to their educational credentials or fields of expertise. For example, a first or second degree holder who enlists as a recruit in any of the paramilitary armed services or a degree holder working as a clerk in an office is underutilized and hence could be classified as unemployed even when employed. Nigeria’s high unemployment rate has far-reaching repercussions that cannot be understated. Despite the fact that there is no precise assessment of the unemployment rate, its magnitude is undeniably out of place. Corruption, a lack of strong governance, insufficient infrastructure, a lack of human capital growth, an ineffective educational system, agricultural neglect, and the impact of the globalisation process, among other issues, were found to be responsible for Nigeria’s high unemployment rate. Running a POS company is a legal way to make money in Nigeria. It pays off better in locations where there are no deposits and ATMs are insufficient to meet the community’s financial demands. It’s also known as agent banking because it’s a financial institution’s growth that enables for speedy service provision to a wide range of clients. Transferring and withdrawing funds, selling airtime, and paying bills

OBJECTIVES OF THE STUDY

To determine the impact of the POS industry on unemployment.

To find out if small businesses in Nigeria employ point-of-sale systems.

To see if POS businesses in Nigeria helped to reduce unemployment.

RESEARCH QUESTIONS

I. How does the point-of-sale industry effect employment in Nigeria?

II. Do Nigerian small enterprises employ point-of-sale systems?

III. Has the POS industry helped to reduce unemployment?

SIGNIFICANCE OF THE STUDY

The significance of this research is that it will be useful to other academics, intellectuals, and students who desire to do similar studies.

SCOPE OF THE STUDY

This study was conducted in Lokoja, Kogi state, and focused on the influence of POS businesses in reducing unemployment in Nigeria.

LIMITATION OF THE STUDY

When completing the study, the researcher faced numerous obstacles, including a lack of materials and time constraints.

DEFINITION OF TERMS

A point-of-sale terminal (POS) is a piece of hardware that enables you to accept credit cards at a retail establishment. Software for reading magnetic strips from credit and debit cards is included in the device.

UNEMPLOYMENT: Unemployment refers to persons who are willing and able to work but are unable to find it. Many people in the workforce are in this group because they are working but not in the right job.

BUSINESS: A company or an innovative individual involved in economic, manufacturing, or technological activity is referred to as a business. Businesses can be for-profit enterprises or non-profit organizations dedicated to advancing a philanthropic endeavor or social purpose.

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