POS Transactions Hit N15 Trillion In Two Years

According to data obtained from the Nigeria Inter-Bank Settlement System Plc, Point of Sales transactions have grown to N15 trillion in two years

The data showed that transactions between September 2020 and 2021 stood at N6.54 trillion. 

Also, transactions rose to N8.923 trillion from September 2021 to 2022, making the aggregate of both periods under review to be  N15.465 trillion

According to the report, the volume of POS activities recorded a volume of 979.8 million between September 2020 and 2021 and 1.16 trillion from September 2021 to 2022, resulting in a total of 2.14 trillion.

The number of POS registered centres stood at 2.164 million in September of 2022, which was higher than the 1.104 million recorded in 2021 within the same month.

Speaking on the report, Gabriel Idahosa,  the Deputy President of the Lagos Chamber of Commerce and Industry (LCCI), stated that the primary factor responsible for the recorded value of PoS transactions is the increase in the supply of services

“First, the central bank approves payment services such as Momo Money from MTN and Smart Cash from Airtel.

“Then, we have a lot more fintech companies advertising payment services. Organisations are allowing payments on their platform.

"Now, power companies allow payment of electricity bills over PoS,  and even some government services let you do that.

"All the schools, both primary and secondary, allow you to use PoS too. Also, the banks have been very aggressive in promoting their PoS services.”