According to a report by Indexmundi only 21 percent of total transactions in the country are done through the PoS device.
South Africa stands at the top with 91 percent followed by Ghana 80 percent while Tunisia is third with 79 percent. Other countries ahead of Nigeria are Egypt, Morocco and Kenya in that order.
According to Central Bank of Nigeria (CBN), the PoS density per 100,000 people in Nigeria is 13, while India’s is 67; Uganda, 453; Namibia, 338.
The target for Nigeria, according to the bank, is to meet Brazil’s PoS deployment rate of 2,247 per 100,000 people by 2020.
As to why this is so, Kevin Chung of Avante International Technology revealed at the recentlg 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.