Transaction volumes on Point of Sales (PoS) terminals increased to N735.6 billion in September 2022, setting a new monthly record as more Nigerians embrace cashless transactions.
Nigerians have spent a total of N6.05 trillion through PoS in the first nine months of this year, according to data made public by the Nigeria Inter-Bank Settlement System (NIBSS). This amount, which stands at N6.4 trillion with three months left in the year 2021, is nearly the same.
Recall that in 2020, NIBSS said Lagos State recorded the largest number of PoS transactions in the country.
The report shows that Lagos accounted for about 70% of the total volume of PoS transactions in 2020. This represents a 100% growth in the volume of PoS transactions in the state as the volume of PoS transactions rose from 226 million in 2019 to over 453 million at the end of 2020.
Abuja came as distant number 2 with a 4.9% contribution after completing over 32 million transactions during the year. Rivers followed closely at number 3 with a contribution of 4.7% after completing 31 million transactions in 2020.
Other states in the Top 5 PoS locations by volume include Oyo with a contribution of 2.6% (17.2 million) and Delta with a contribution of 2.5% (16.6 million).
At the bottom of the pile, the northern states of Zamfara (210, 069), Yobe (118, 609), and Kebbi (98,000) dominated the list with less than 1% of the total PoS volume.
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