The Nigerian Inter-Bank Settlement System has revealed that in 2017, N1.41 trillion worth of transactions were carried out via Point of Sales terminals across the country. It revealed that there are 155,462 active terminals across the country and are being offered by mobile money merchants.
This was the highest value since the introduction of PoS in Nigeria by the Central Bank of Nigeria (CBN) in 2012 when they were rolled out to boost the apex bank’s cashless policy to enhance the payment system in Nigeria.
The highest transaction valued at N167.58bn was recorded in December while the lowest payment of N91.29bn on the PoS was done in January.
In 2017, PoS transactions in Nigeria rose by 85.75 per cent from N0.758 trillion recorded in 2016. The value of electronic bills payment also rose in 2017 peaking at N550.75bn. This is a 62.3 per cent increase in the value of transactions compared with N339.42bn recorded in 2016.
Meanwhile, the rate at which payment of bills were done electronically declined last year compared with the previous years as only 905,980 transactions were recorded in the report. This is a 12 per cent decrease from the 1.03 million electronic bill payments made in the country in 2016.