Banking Sector Records N633.8bn POS Transactions in Q1 2019

• Banking Sector Records N633.8bn POS Transactions in Q1 2019

Growing adoption of electronic payments in Nigeria is aiding Point of Sales (PoS) transactions.

According to the data released by the National Bureau of Statistics (NBS) on Monday, the banking sector recorded 83,762,144 million transactions valued at N633,805,669,960.24 through the PoS in the first quarter of the year.

Breaking down the report, a total of 28,162,746 transactions worth N222,921,881,793 were performed in January this year, while 25,778,644 transactions valued at N193,425,962,976 were carried out in February.

In March, the total transactions performed surged the most, rose to 29,820,754 valued at N217,457,825,191.

The report also showed a total volume of 55,083,712 transactions valued at N34.02 trillion were carried out on various electronic payment channels in the Nigerian Banking Sector in Q1 2019.

However, NIBSS Instant Payments (NIP) dominated most of the transactions in the quarter. NIP transactions were 232,816,102 valued at N24.17 trillion in the quarter.