Some traders in Lagos have identified telecommunication network failure as a major challenge hindering the operation of CBN cash-less policy, the News Agency of Nigeria (NAN) reports.
The affected traders are located in Balogun, Apongbon, Ojuelegba, Oshodi and Mushin markets.
They said that the poor functioning of the Point of Sale (PoS) terminals was causing delays in completing transactions.
NAN recalls that the pilot stage of cash-less policy started in Lagos in April 2012 and the full implementation of the policy has been scheduled for Jan. 1, 2013.
The Nigerian Inter-Bank Settlement System (NIBSS) said that it had deployed a total of 30,000 PoS in Lagos since 2011.
Mr John Benson, a trader at Balogun market, said that the PoS terminals had not been working effectively as expected due to network problems.
He said that the poor functioning of the PoS was discouraging customers from using the facility.
Benson said that the Automated Teller Machines (ATM) that were supposed to complement the PoS were also not working well due to the same telecommunication problem.
He recalled an experience on May 2 when a customer wanted to make payments after purchasing some electronic items, but could not do so because the terminal failed.
The trader said that the customer opted for ATM as a mean of paying for the goods, but the ATM also had the same problem.
He said that he had to send one of brothers to follow the customer to his office so that the customer could issue a cheque for the payment.
``This network challenge will continue to affect business activities adversely until the apex bank addresses the problem,’’ he said.
Mr Kingsley Okekere, a pharmacy store operator at Ojuelegba, said that the main problem of the terminals was mostly with the server.
According to him, another challenge facing the PoS is battery, which he said ran out fast.
He said that he had to use generator to charge the battery before the terminal could be used.
Okekere said that he was incurring additional expenses running his business with the PoS.
He said that the terminals had also slowed down transactions as it took a longer time before the battery could be fully charged.
Mr Wale Aderemi, a customer, said that sometime he had to return the goods he bought when he could not pay electronically.
He said that he to go to the bank to pay for the goods, but still could not pay due to ATM’s problem.
``I inserted my card into the machine and confirmed that the transaction was completed, but no cash came out of the machine.
``I have to return the goods due to my inability to raise cash from the ATM,’’ Aderemi said. (NAN)