In the first eleven months of the year, Nigerians performed transactions worth N7.56 trillion on Point of Sale (PoS) terminals, according to the data released by the Nigeria Inter-Bank Settlement System (NIBSS).
In the period under review, the total number of PoS terminals deployed by both merchants and individuals rose by 500,000 to 1.6 million when compared to 915,519 deployed in 2021.
A critical analysis of the report revealed that the value of transactions performed via PoS in the month of November 2022 stood at N759.2 billion, the highest monthly transaction ever recorded.
The growth of PoS transactions in Nigeria is being driven by many factors, part of which include rapid adoption by merchants for receiving payments. Its growth is also partly connected to the growing number of youths launching various PoS businesses.
Similarly, the transition from the old naira notes to the new ones, which have started entering circulation, is expected to spur the use of electronic banking channels ahead of the expiration of the old notes by January 31, 2023.
While the withdrawal limit on both individuals and corporate bodies set by the Central Bank of Nigeria (CBN) will also lead to the increase in the usage of Pos and the overall cashless policy.
Meanwhile, data from the Nigeria Inter-Bank Settlement System (NIBSS) has also revealed that bank customers in Nigeria transferred a total of N2.1 trillion over mobile transactions in November 2022.
The value of transactions in November is also the highest monthly record on the platform.
Year on year, the NIBSS data showed that the value of mobile transactions has grown by 148 per cent in the 11 months of this year compared to the N6.8 trillion recorded in the same period last year.