The value of transactions through Point of Sale (PoS) terminals declined marginally by 0.76 per cent (N3.9 billion) in May, the latest data from the Nigeria Interbank Settlement System Plc (NIBSS) shows.
According to the report, PoS payments in May were valued at N503.96 billion compared with N507.86 billion in the previous month, despite growing demand and push for cashless transactions.
Further analysis of NIBSS’ data showed that there had been an intermittent reduction in the value of PoS payment since January. It was observed that the value of PoS payments dropped by 4.6 per cent in April to N507.86 billion as against N531.38 billion recorded in March.
Also, PoS transactions dropped to N468.9 billion in February from N489.24 billion in January. This is an indication that out of five months, there had been a reduction in the value of transactions in three months this year.
However, the uptake of PoS business for cashless payment has been on the rise with NIBSS’ data showing that the total number of PoS terminals deployed in the country increased by 67.1 per cent to 510,773 at the end of March this year, from 305,725 in the corresponding period of last year.
The data also indicates that the total number of registered PoS terminals as of the end of March 2021 stood at 783,136 compared with 470,122 in the same period of last year.
Also, a further review of NIBSS’ data showed that the value of POS transactions has maintained an upward trend in the last three years.