I wasn’t expecting 7th, probably 4th, but that is exactly what the report disclosed by IndexMundi revealed.
According to the report, after over three years of the introduction of POS in Nigeria and less than three years in Ghana, only 21 percent of total transactions in the country are done through the PoS device, while South Africa stands at the top with 91 percent followed by Ghana 80 percent and Tunisia at 79 percent.
As to why this is so, Kevin Chung of Avante International Technology revealed at the just concluded CashlessAfrica Expo that while the communication network and bandwidth are adequate, the data centers in the financial communities in Nigeria need to upgrade from Tier 1-2 to Tier 3-4 to enable the cashless economy.
Others blame it on poor enlightenment, power epilepsy, and inefficient network services.
At the heart of these “whys” is a single, fear-inducing word.
Many Nigerians, especially the baby boomers, still find it difficult placing any trust in a new (relatively speaking) form of payment processing platform.