PoS Transactions Grow by 57.6% in Four Months

• PoS Transactions Increase by 57.6% in Four Months

The Nigerian Interbank Settlement System (NIBSS) has reported an increase in the total number of transactions performed on Point of Sales terminal in the first four months of the year.

The report, obtained by the News Agency of Nigeria, showed the total transactions between January to April increased by 57.6 percent or 42,817 to 117,151 when compared with the 74,314 performed in the corresponding period of 2018.

The report also revealed that 902,978 terminals were deployed during the period, representing an increase of 231,441 terminals from the same period of 2018 when 671,537 were deployed.

During the four months, 1.09 million PoS terminals were registered, up from the 789,444 registered during the same period of 2018.

According to the report, the total value of transactions performed by Nigerians on the PoS machines during the period was N879.9 billion, N232.86 billion higher than the N647.04 billion recorded in the corresponding period of 2018.

This further attests to the rising rate of electronic transactions across the country. More Nigerians are embracing cashless policy as more financial technology companies continue to push for payment integration and convenience.