Full Project – Assessment of the impact of POS business in reducing unemployment rate

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CHAPTER ONE: INTRODUCTION

1.1 Background to the Study

The first POS systems originated in the late 1980s and early 1990s, with Gene Mosher’s View Touch touch-screen and Martin Goodwin and Bob Henry’s first Windows-based POS system (IT Retail).Today’s POS systems empower merchants to choose between conventional counter-top systems and interactive configurations, in which they control all aspects of their POS operations through an online portal. They can also use a smart-phone link to access their POS systems when on the move. In a grocery store, a point of sale (POS) is a device that allows you to sell actual products. The checkout, order processing, and bill payment all take place at the POS in a super market. The overall hardware and software device used for billing in a POS Store is known as a POS System. It typically consists of the following hardware units for showing the order number, product weight, and other details, as well as other hardware units for scanning product bar-codes, a receipt printer, and a cash register. Card readers have now been an essential feature of today’s POS systems, (Rose, P.S. and Hudgins, 2018),

All is now in the “internet.” This also prompted retailers to improve their point-of-sale systems. Due to too many shoppers reaching for their phones to pay for products and use retail membership discounts and coupons, it’s no longer enough for POS programs to merely encourage cash, credit, debit, or gift card transactions any more, (Nwaolisa, and Ezu, 2012),

However, Today’s POS applications are supposed to do far more than just process transactions. This is why businesses like Clover created highly effective and technically advanced point-of-sale systems capable of monitoring employee behavior and inventory, distributing invoices, supplying real-time reports, running even when the internet is down, providing retailers with easy-to-use applications. That makes running an organization easier. Therefore it is based on the above that this study, seek to look in to the assessment of the impact of pos businesses in reducing unemployment rate in takum local Government Area.

1.2 Statement of the Problem

. In Nigeria, running a POS company is a legal way to earn money. It’s more lucrative in areas where there are no deposits and ATMs aren’t enough to meet the community’s financial needs. It’s also known as agent banking, because it’s an expansion to financial institutions’ facilities that allows for quick service provision to a wide variety of clients. Funds transfer and withdrawal, airtime sales, bill payments for GOTV, DSTV, Star times, PHCN, and other utility bills are all services offered by POS (Point of Sale) businesses. It is found in a variety of locations where products and services are sold or made, such as department stores, malls, gas stations, hospitals, and restaurants. By facilitating financial transfers in a variety of locations, this POS business has reduced unemployment and given individuals and business owners additional means of income. Therefore, the consequences of Nigeria’s high unemployment rate cannot be overstated. Though there is no accurate estimate of the unemployment rate, the reality of its magnitude is undeniable out of place. It was found out that corruption, lack of good governance, insufficient infrastructural services, lack of human capital growth, ineffective educational system, neglect of agriculture, the impact of globalization process, among other factors were responsible for the high rate of unemployment in Nigeria. However, it is based on the above that this study seek to investigate the significant of POS businesses in reducing unemployment rate in Takum local Government Area.

• Objective of the Study

The broad objective of this study is to examine the impact of this study seek to investigate the significant of POS businesses in reducing unemployment rate in Takum local Government Area. However, the study seeks to achieve the following specific objectives;

1. To assess the impact of POS business on unemployment.
2. To know if POS is being used by small business in Nigeria
3. To learn if POS business decreased unemployment in Nigeria.
   • Research Questions

In line with the above research objectives, the following research questions are raised:

1. What is the significant of POS business affect employment in Nigeria?
2. Do small businesses in Nigeria use POS?
3. Have POS business decreased unemployment?

1.4.1   Research Hypotheses

In line with the above research questions, the following research hypotheses formulated in null form to guide the study:

1. There is no significant of POS business affect employment in Nigeria?
2. small businesses in Nigeria does not use POS Machines in carrying out transactions
3. POS business have not decreased unemployment in Takum local Government.

1.5 Significance of the Study

The significance of this research work is to prove beneficial for other academics, intellectuals, and students that might want to organize similar research.

1.6 Scope of The Study

This research work concentrate on the role of POS business on unemployment in Nigeria, The study was carried out in Takum Local Government for the period of two years

1.7 Limitation of Study

The researcher experienced major challenges when conducting the study including lack of material and time limitations.

1.8 Definition of Terms

For detail understanding the following terms are briefly define:

1. POS: A point-of-sale terminal (POS) is a piece of hardware that allows you to accept credit cards at a shopping store. The hardware includes software that reads magnetic strips from credit and debit cards.
2. Unemployment: Unemployment refers to people who are employable and actively looking for work but are unable to find one. Many in the workforce that are employed but are not in the right position are included in this category.
3. Business: A business is characterized as an association or enterprising individual engaged in economic, manufacturing, or technical activities. Businesses may be for-profit corporations or non-profit organizations that work to further a charitable project or a social cause.

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Full Project – Assessment of the impact of POS business in reducing unemployment rate