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POS transactions in Nigeria fall to N552.3 billion in October

The total number of deployed terminals also increased by 7.6% month-on-month and 82% year-on-year to 764,589.

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POS transactions in Nigeria fell marginally by 0.74% to N552.26 billion in October 2021 compared to N556.36 billion recorded in the previous month. 

Techeconomy.ng obtained this from the Nigeria Inter-Bank Settlement System (NIBSS‘) latest report, despite a 33.6% increase in the volume of transactions to 91.39 million from 87.71 million recorded in September 2021.

Further analysis of the data showed that the number of POS terminals deployed in October rose by 7.6% month-on-month to 764,589 in the review month.

See the Major Highlights Below:

  • The value of POS transactions dropped marginally by 0.74% month-on-month to N552.3 billion in October 2021. However, it rose by 19.81% compared to N460.95 billion recorded in the corresponding period of 2020.
  • So far in the year, a total of N5.17 trillion POS transactions have been recorded between January and October 2021, which is 40.9% higher than N3.67 billion recorded in the same period of 2020.
  • The volume of transactions rose by 33.6% to 91.36 million in the month under review. On a month-on-month basis, it increased by 4.2% compared to 87.8 million transactions recorded in September 2021.
  • The total number of deployed terminals also increased by 7.6% month-on-month and 82% year-on-year to 764,589.

Meanwhile, Techeconomy.ng report POS transactions hit its highest levels for any eight-month period, increasing by 44.8% and 108% compared to N2.81 trillion and N1.96 trillion recorded in the similar period of 2020 and 2019 respectively.

This was contained in the NIBSS’ latest report, saying the point of sale transactions carried out in the country for the first eight months of the year stood at N4.06 trillion.

The figure is representing a 45% increase compared to N2.81 trillion recorded in the corresponding period of 2020.

In the same vein, the volume of POS transactions recorded between January and August 2021 stood at 619.3 million, increasing by 61.8% compared to 382.9 million recorded in the corresponding period of 2020.

It is worth noting that a total of 686,577 POS terminals were deployed nationwide as of August 2021, representing an 84.4% increase compared to 372,333 recorded as of the same period of 2020

 

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