Philips head screw instead of a pip on the 5th string?

After many years of playing guitar I decided to learn banjo. I bought a cheap one online (as unfortunately in Australia banjos aren’t in my price bracket, a Deering Goodtime costs $850 USD here). I’ve noticed however I don’t have a pip l but instead a screw? The string won’t sit on top but doesn’t ring much if tucked under like currently shown. Please help.

After many years of playing guitar I decided to learn banjo. I bought a cheap one online (as unfortunately in Australia banjos aren’t in my price bracket, a Deering Goodtime costs $850 USD here). I’ve noticed however I don’t have a pip l but instead a screw? The string won’t sit on top but doesn’t ring much if tucked under like currently shown. Please help.