Nigeria Records N735.6 Billion Worth of PoS Transactions in September 2022

The value of Point of Sales (PoS) transactions in Nigeria, hit a monthly all-time high of N735.6 billion in September when compared to the same period last year which recorded N556.36bn.

This is reportedly the highest-ever monthly record of transactions as the September figure shows a 32 percent increase when compared with the amount recorded in the same month last year.

Similarly, the volume of transactions on PoS went up as it increased by 14% year-on-year to 100.4 million in September 2022.

According to data released by the Nigeria Inter-Bank Settlement System, so far in the first 9 months of this year, Nigerians have spent a total of N6.05 trillion on PoS transactions. With 3 months before the year ends, the transactions recorded is almost the same amount recorded in the full year 2021, which stood at N6.4 trillion.

The NIBSS data further revealed that the transactions were carried out on over 1,484 million active terminals deployed by merchants across the country, indicating that a total of 568,488 additional PoS terminals have been deployed over the last 9 months as the number of deployed machines stood at 915,519 as of December 2021.

This reveals that a total of 568,488 additional PoS terminals have been deployed over the last 9 months as the number of deployed machines stood at 915,519 as of December 2021. 

However, it has been disclosed that there is still a gap between the number of registered PoS and the number of deployed machines.

According to NIBSS, a total of 2.164 million PoS machines had been registered across the country as of September this year, which showed that a total of 680,991 terminals are either yet to be deployed or have become inactive.

After the adoption of the cashless policy by the Central Bank of Nigeria (CBN) in 2011, PoS transactions have become the preferred option for Nigerians to make payments for goods and services.

It should be recalled that Investors King on September 3, 2022, reported that Nigeria’s Point Of Sale (PoS) Transactions Increased by 39% to N8.3 Trillion in 2022.

It has been predicted that the increase in PoS transactions will continue on this growth trajectory as the cashless policy of the Central Bank of Nigeria (CBN) and the introduction of the electronic naira (e-Naira) will bolster such transactions.