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PoS Transactions in Nigeria Rise to N1.05trn in 7 Months – NIBSS

NIBSS revealed that transactions worth N204.5 trillion were performed electronically in Nigeria between January and July

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NIBSS, POS Machine, PoS transactions
PoS Machines

Transactions done on the Point of Sales (PoS) terminals across Nigeria rose by N1.05 trillion from N3.56 trillion in the first seven months of 2021 to N4.61 trillion in 2022.

This was repored by Nigeria Inter-Bank Settlement Systems (NIBSS), according to Sunnewsonline news story.

This is even as NIBSS revealed that transactions worth N204.5 trillion were performed electronically in Nigeria between January and July this year through its Instant Payment platform (NIP).

This shows a 40 per cent increase in e-payments in the country when compared with N145.8 trillion recorded in the same period last year.

The surge in electronic transactions shows that more Nigerians are embracing the cashless policy of the Central Bank of Nigeria (CBN).

The NIBSS Instant Payments (NIP) is an account-number-based, online-real-time Inter-Bank payment solution developed in the year 2011 by NIBSS.

It is the financial industry’s preferred funds transfer platform that guarantees instant value to beneficiaries.

The data for July also reflected a 31 per cent increase from N22.4 trillion last year to N29.3 trillion this year.

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