POS Machine

PoS Transactions in Nigeria Rise to N1.05trn in 7 Months

TECH DIGEST– From N3.56 trillion in the first seven months of 2021 to N4.61 trillion in 2022, transactions processed by Point of Sales (PoS) terminals across Nigeria increased by N1.05 trillion. Nigeria Inter-Bank Settlement Systems reported  this (NIBSS)

At the same time, NIBSS disclosed that its Instant Payment platform handled transactions worth N204.5 trillion in Nigeria between January and July of this year (NIP).
In comparison to the N145.8 trillion recorded during the same period last year, this demonstrates a 40% growth in e-payments in the nation.

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The rise in electronic transactions indicates that more Nigerians are adopting the Central Bank of Nigeria’s cashless policy (CBN).

In 2011, NIBSS created the NIBSS Instant Payments (NIP), an account-number-based, real-time online Inter-Bank payment service.

It is the preferred cash transfer mechanism in the financial sector since it provides beneficiaries with immediate benefit.

A 31% increase from N22.4 trillion last year to N29.3 trillion this year was also seen in the July figures.

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