₦airaland Forum

iwaeda:
https://punchng.com/banks-shut-229-branches/

POS withdrawal and depositing of money do not exist in Europe.
Nigerian banks out of corrupt practices engineered POS withdrawal and deposit system.

autoez:
Nobody uses the physical bank again. We do things online now including shopping. Very soon, shops, malls and markets will be affected. Many physical Offices will close. There will be a time in life we will just wake up and start pressing phone from morning till night.

Retail Shops & Malls Will Never Go In Extinction, Even As Online Ordering Culture Is Imbibed 100%

Sellers Will Always Have Pickup Points For Buyers

NaijaRoyalty:
Can't remember the last time i went to the bank or the ATM .

I use POS or cash transfer ..

Thanks to Goodluck Jonathan government for bringing POS in Nigeria

Dear Lord, what is this? 😂

PulaPower:
Una too dey lie sha. I wonder wetin be the diff between una and politicians..

Pos has been in Nigeria system since the year 2000s. Tho, low patronage and it wasn’t really known to a lot of people unlike now

No wonder you dey support Liar-nus Obuko

Agency Banking (what we "carelessly" call POS) was not in Nigeria until GEJ, possibly Buhari era.

onuman:
POS withdrawal and depositing of money do not exist in Europe.
Nigerian banks out of corrupt practices engineered POS withdrawal and deposit system.

In the US , you can withdraw cash from retail outlets either by cheques or ATM debit.

Growth is constant, the management of those banks need to look deep to the so called outsourced/contract staff welfare too, so many things is wrong with that set up.

airsaylongcome:
Agency Banking (what we "carelessly" call POS) was not in Nigeria until GEJ, possibly Buhari era.

POS terminal systems had been existence back then but was not widespread.

There were debit/credit cards back then mostly VISA, American Express and MasterCard.

The system relied first on using a mechanical etching device which the card was swiped across and a reciept of the transacgiin was issued. This was why the card number and expiry date as well.as card owners name was written on the card in etched form.

In the 2,000s there were select outlets (5 star hotels , boutiques, high end resturants ) that accepted card payments.

The machines had upgraded by this time to look excatky like what modern day POS looked like but they were connected to the bank switch by LAN connections.

I recall Sheraton and Eko Hotel accepting VISA, MasterCard and American Express.

The technology exited way back in the 80s although there was no way to authenticate the owner of the card or if there was enough cash on the account (debit card) or if the credit limit had been exhausted (credit card). The retailer will contact the issuing bank and present reciepts of transactions on their terminal and collect money owed .

In the late 90s to early 2000s the system had upgraded to LAN connection that allowed the retailer to decline a transaction based on account balance.

If you had passes through Duty free zones at MM2 back then you will see most shops back then with signs with VISA, MasterCard and American Express on their doors .

Banks in Nigeria were slow to roll out ATMs. The drst being Union Bank but they were stupid enough to put their ATM machines inside the banking halls which made withdrawing cash outside banking hours impossible.

Union Bank will later get sense and put the ATM outside the banking hall within the bank premisses and outside banking hours they will allow only one person into the premises to access the machine. Just forget trying to.withdraw anytime after 6pm. The security staff won't let you in. This was sometime in 2001-2002.

So yes, POS have been in existence in Nigeria since the mid to late 90s but only at exclusive outlets and all cards were either MasterCard, VISA and American Express and never issued by Nigerian banks. The only bank then that had this service on offer was ECOBank because it was the preferred bank for travelling businessmen and other fracanphone countries had already adopted ATM transactions long before Nigerian banks.

Brendaniel:
Which POS where you going to in the 2000s?

The way you people lie...

Lie with so much confidence and arrogance...


POS for cash withdrawal?

What exactly is wrong with you people?

I graduated from university in 2010, there was nothing like POS withdrawal anywhere in Nigeria even at that time, you guys just lie anyhow destroying the country...

Tho na supermarket the thing been dey before he spread out wide....i dey see am for supermarket those yr 2010s

oluwaseunamos33:
No sir. They share them with other branches that are short staffed

Don't mind the ignorant dude , he thinks banking stops in halls and doesn't know banks have other departments and subsidiaries they will post staff to .

DomPerignon:
POS terminal systems had been existence back then but was not widespread.

There were debit/credit cards back then mostly VISA, American Express and MasterCard.

The system relied first on using a mechanical etching device which the card was swiped across and a reciept of the transacgiin was issued. This was why the card number and expiry date as well.as card owners name was written on the card in etched form.

In the 2,000s there were select outlets (5 star hotels , boutiques, high end resturants ) that accepted card payments.

The machines had upgraded by this time to look excatky like what modern day POS looked like but they were connected to the bank switch by LAN connections.

I recall Sheraton and Eko Hotel accepting VISA, MasterCard and American Express.

The technology exited way back in the 80s although there was no way to authenticate the owner of the card or if there was enough cash on the account (debit card) or if the credit limit had been exhausted (credit card). The retailer will contact the issuing bank and present reciepts of transactions on their terminal and collect money owed .

In the late 90s to early 2000s the system had upgraded to LAN connection that allowed the retailer to decline a transaction based on account balance.

If you had passes through Duty free zones at MM2 back then you will see most shops back then with signs with VISA, MasterCard and American Express on their doors .

Banks in Nigeria were slow to roll out ATMs. The drst being Union Bank but they were stupid enough to put their ATM machines inside the banking halls which made withdrawing cash outside banking hours impossible.

Union Bank will later get sense and put the ATM outside the banking hall within the bank premisses and outside banking hours they will allow only one person into the premises to access the machine. Just forget trying to.withdraw anytime after 6pm. The security staff won't let you in. This was sometime in 2001-2002.

So yes, POS have been in existence in Nigeria since the mid to late 90s but only at exclusive outlets and all cards were either MasterCard, VISA and American Express and never issued by Nigerian banks. The only bank then that had this service on offer was ECOBank because it was the preferred bank for travelling businessmen and other fracanphone countries had already adopted ATM transactions long before Nigerian banks.

Agency banking bro! AGENCY BANKING!!! The device that you refer to as "POS" is a generic term. I am referring specifically to the service of Agency Banking that those devices are now used for. The POS terminals from the 2000s that you are referring to are "different" from today's "POS" terminals. Today, most of the so-called POS terminals are used by "POS-vendors" are agency banking platforms, functionally different from payment POS terminals of the 2000s you refer to. It's pretty much like TVs of the 2000s are completely different from Smart TVs of today even though from the external, they look the same.

onuman:
POS withdrawal and depositing of money do not exist in Europe.
Nigerian banks out of corrupt practices engineered POS withdrawal and deposit system.

It's not corruption. Withdrawal of cash from so-called POS terminal is called agency banking. Look it up. It's a legitimate, valid financial service

airsaylongcome:
Agency banking bro! AGENCY BANKING!!! The device that you refer to as "POS" is a generic term. I am referring specifically to the service of Agency Banking that those devices are now used for. The POS terminals from the 2000s that you are referring to are "different" from today's "POS" terminals. Today, most of the so-called POS terminals are used by "POS-vendors" are agency banking platforms, functionally different from payment POS terminals of the 2000s you refer to. It's pretty much like TVs of the 2000s are completely different from Smart TVs of today even though from the external, they look the same.

Same thing.

Only difference was the first generation technology relied on retailers forwarding all.transactions to the card issuer to recoup their money at the end of the month .
In the 2,000s the money was credited directly to the retailers own VISA/ MasterCard/American Express account and this was instantaneous via LAN connection.

Wireless technology aka GSM upgrades is the only difference between what you have now from back then with Nigerian banks having access to the system unlike the past when it was only the aforementioned credit/debit card system.

So yes, we had same service back then although not widespread and only available to an exclusive niche. Most people with Ecobank account had access to any of the VISA and MasterCard service.

Brendaniel:
Which POS where you going to in the 2000s?

The way you people lie...

Lie with so much confidence and arrogance...


POS for cash withdrawal?

What exactly is wrong with you people?

I graduated from university in 2010, there was nothing like POS withdrawal anywhere in Nigeria even at that time, you guys just lie anyhow destroying the country...

There has been POS, but it was later used for cash withdrawals from mid 2010's which blew the popularity.

ceejayluv:
There has been POS, but it was later used for cash withdrawals from mid 2010's which blew the popularity.

In the early 2000's there was nothing like POS, I think it was around mid or late 2000's that happened...

cash withdrawals started in 2013 by the CBN under Jonathan

Pls shut more like a thousand since the banking hall has failed ATM failed and POS ENTHRONED AND CROWN.

POS started in 2009 as at 2009, 2010, 2011 banks uses POS whenever you want to initiate a new pin on a new ATM card issued, as at then few banks uses it to withdraw at counter, and few business/ shops uses it to receive purchases.

Lol. Not surprising. My usage of banks ATMs dropped sharply last year. It's mostly POS,

As for physically visiting banks, wetin I dey find there? Since 2024, I doubt I have visited banking halls up to 10 times

airsaylongcome:
It's not corruption. Withdrawal of cash from so-called POS terminal is called agency banking. Look it up. It's a legitimate, valid financial service

What did you understand from my take on POS?
I didn't say it's an illegitimate business, after all, corruption in a sector of an economy can give birth to legitimate businesses.
I stand with my take: corruption in Nigeria's banking system gave rise to every corner POS.

They can close a million branch who cares ?
The banking industry in Nigeria is fraught with illegalities .
However , I visited a southern state this past festive season and I noticed one of the A list bank putting finishing touches in three new branches in the state capital .

onuman:
What did you understand from my take on POS?
I didn't say it's an illegitimate business, after all, corruption in a sector of an economy can give birth to legitimate businesses.
I stand with my take: corruption in Nigeria's banking system gave rise to every corner POS.

Explain your thinking behind that position. Would you say it's corruption in the banking system that gave rise to ATMs? Because on a high level, both are the same. There are "private" ATM stands (i.e ATMs not owned by a specific bank) which are for all intents and purposes similar to agency banks (what we call POS today).

airsaylongcome:
Explain your thinking behind that position. Would you say it's corruption in the banking system that gave rise to ATMs? Because on a high level, both are the same. There are "private" ATM stands (i.e ATMs not owned by a specific bank) which are for all intents and purposes similar to agency banks (what we call POS today).

Corruption in the banking sector gave rise to ubiquitous POS shops in Nigeria.
At the beginning, the bank workers were owners of the POS outlets. The outlets proliferated all over the place such that the bank workers lost control of the spread.
Now Nigerian banks are closing shops and sacking workers due to proliferation of POS outlets and internet banking.

But the private ATM outlets in Europe are not as ubiquitous as the POS outlets in Nigeria. Banks in Europe are rather closing shops due to Internet banking, not due to proliferation of POS outlets.

Make them come charge me for ATM card wey I no even get...

onuman:
Corruption in the banking sector gave rise to ubiquitous POS shops in Nigeria.
At the beginning, the bank workers were owners of the POS outlets. The outlets proliferated all over the place such that the bank workers lost control of the spread.
Now Nigerian banks are closing shops and sacking workers due to proliferation of POS outlets and internet banking.

But the private ATM outlets in Europe are not as ubiquitous as the POS outlets in Nigeria. Banks in Europe are rather closing shops due to Internet banking, not due to proliferation of POS outlets.

I don't know if I agree with your positions. For example, agency banking (which we refer to as "POS" was set up to provide banking services to the unbanked and under-banked. That wasn't driven by corruption as you assert. Has our corrupt tendencies hijacked it? For sure. But this is am inherent Nigerian behaviour not a "corruption in banking sector" issue.

But we will have to agree to disagree.

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