PoS Transactions: 826,712 Transactions Done in One Day

point of sales
  • PoS Transactions: 826,712 Transactions Done in One Day

Point of Sales (PoS) transactions continued to rise across the country as more Nigerians embrace cashless policy.

A total of 826,712 PoS transactions were carried out on September 13, 2018 alone, according to the data released by the Nigeria Inter-Bank Settlement System.

According to NIBSS data, a total of 86,851 transactions failed same day, representing 10.5 percent of the total transactions.

The data showed PoS transactions have an average processing time of 2.46 minutes.

The NIBSS is a financial sector that provides the mechanism for same day clearing and settlement of inter-bank transfers and payments

It was set up by the Bankers Committee as a shared-service infrastructure for facilitating payments finalities, streamlining inter-bank payments and settlement mechanisms, to drive and promote electronic payments across the Nigerian financial Industry.

It also initiates and develops an integrated nationwide network for the electronic or paperless payments, funds transfer and settlement of transactions, while also providing framework for elevating the level of efficiency in funds transfer services generally.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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