Nigeria Point Of Sale Transactions Increased by 39% to N8.3 Trillion

Point of Sale (PoS) has become a mainstream way of making financial payments for goods and services in Nigeria, despite the country’s obvious challenges.

It has also become an important means of sending money and withdrawing cash and even created thousands of jobs. 

Data obtained from Nigeria’s Interbank Settlement System shows that PoS transactions have jumped by 39 percent to N8.03 trillion in 2022. 

Aggregated transactions between July 2020 and July 2021 were estimated at N5.77 trillion while transaction volume between July 2021 and July 2022 astronomically rose to N8.03 trillion indicating a 39.16 percent increase within the period under review. 

The number of transactions increased from a total volume of 921.19 million between July 2020 and July 2021 to 1.20 billion from July 2021 to July 2022. According to the NIBSS, July 2022 recorded the highest number of POS transactions registered in a month at a volume of 2.067 million. 

The deputy president of the Lagos Chamber of Commerce and Industry, Mr. Gabriel Idahosa interpreted the driving force behind the data as a result of an increase in the supply of services and a strong market. 

“First, the central bank approves (some) payments services such as Momo Money from MTN and Smart Cash from Airtel”. 

He also noted that the growth of the fintech industry and the rigorous awareness of alternative payment methods are also part of the major drives. 

The Nigeria point of sales (pos) transactions and the overall fintech industry will possibly continue with this growth. The cashless policy of the Central Bank of Nigeria (CBN) and the introduction of electronic naira (e-Naira) are some of the factors that will lead to the growth.

The nationwide acceptance of electronic payment, access to a broadband connection, the ease that comes with using a point of sales system, and the job opportunities attached to it are other possible factors that could further drive this financial revolution.