Home Banking PoS transactions in Nigeria grow by N500bn to N1.64 tr

PoS transactions in Nigeria grow by N500bn to N1.64 tr

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Point of Sales (PoS) transactions in Nigeria grew by N500 billion between January and May 2020.
This represents an increase of 43.8% year on year.
It signifies more popularity of the payment system in the Nigerian economy and partly attributable to the coronavirus outbreak that forced banks to close and most transactions relying on alternatives.
The total volume of transactions through Point of Sale (PoS) channels in Nigeria surged from N1.14 trillion recorded between January and May 2019 to N1.64 trillion within the same period in 2020.
The latest data released by the Nigeria Inter-Bank Settlement System (NIBSS) disclosed this. The report implies that the total value of transactions from PoS machines rose by N500 billion, which represents a 43.8% increase in five months.

The total volume of PoS transactions also increased from 152.6 million to 228.86 million within the period under review. This indicates that the volume increased by 76.26 million, or 49.9%.
What it means: The development implies that Nigerians spent more using PoS, which reflects spending patterns of Nigerians via merchant outlets such as restaurants, supermarkets, retail markets and shops, shopping malls, etc than they did since 2017 (January – May alone).
SOURCE:NIBSS

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