Overaching N14.86 trillion in the first 10 months of 2024, point-of-sale (PoS) transaction volumes set a new record. When compared to the N10.74 trillion recorded in the same period in 2023, this sum shows a 38.27% growth.
Furthermore reflecting a 77.11% rise from the N8.39 trillion reported in 2022 is the 2024 number. Data from the Nigeria Interbank Settlement System (NIBSS) shows that most of 2024 saw PoS transaction monthly values rising. PoS transactions were valued at N850.09 billion in January 2024, N805.05 billion in February, and N958.99 billion in March, according to the New Telegraph.
It fell in April to N811.77 billion then climbed once again in May to N868.66 billion. With N1.05 trillion reported in July and PoS transactions in June at N930.76 billion, PoS activity rose still another level. PoS transaction value in August was N1.198 trillion; in September and October, it climbed to N1.231 trillion and N1.84 trillion, respectively.
The continuous cash shortage is mostly responsible for this development; many Nigerians have been compelled to embrace digital payment options. Experts at Financial Derivatives Company Limited (FDC) pointed out that cheques have lost appeal as digital payment methods, including NIBSS Instant Payment (NIP), the NIBSS Electronic Fund Transfer (NEFT), and PoS, have enjoyed “significant growth” over the previous five years.
PoS terminal rising point Comparatively to 2.30 million in the same period of 2023, NIBS notes that the number of PoS terminals installed nationally increased by 32.3% (744,533 units) to a record 3.05 million in July 2024. NIBSS claims that from 2.45 million at the end of December 2023 to 3.05 million by the end of July 2024, the sector now boasts 3.05 million deployed PoS terminals altogether.
Financial institutions so set up an extra 598,120 PoS terminals over the first seven months of the year.
