POS transactions surge by 45% in Nigeria

According to the Nigeria Inter-Bank Settlement System (NIBSS), point of sale transactions in the first 8-months of the year have surged by 45% compared to the same period last year. 

A total of N4.06 trillion worth of POS transactions have been made so far this year, compared to N2.81 trillion recorded in the corresponding period of 2020.

In terms of volume, 146.27 million, 285.89 million, 438.61 million, and 655.75 million transactions were carried out in 2017, 2018, 2019, and 2020, while 619.28 million transactions have been recorded so far this year.

The figures indicate an increased interest in the use of POS as a transaction method. This has been put down to several factors. It is easier and safer to make payments through your ATM or virtual cards than cash, with robbery and snatching cases increasing in Nigeria. It has also been stated that avoiding long wait times at banks has contributed to the increased adoption in use.