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.

The Apex bank noted that ignoring the rules guiding e-payment product development will henceforth attract sanctions. 

In its new rules tagged “Digital Financial Services Awareness Guidelines,” released, weekend, the CBN said it is primarily packaged to ensure that customers get value for their deposits.

According to the financial regulator, banks should first seek its approval for their e-payment product and service development.

The apex bank said the directive aligns with the digital financial services awareness scheme meant to bridge the gaps in consumer knowledge and practices for e-products.

It also directed the financial institutions to submit developed educational materials to its Director of Consumer Protection for review.

“Develop and deliver educational materials to prospective and existing customers through basic channels such as Short Message Service (SMS), Unstructured Supplementary Service Data (USSD), and at agent locations. In addition to App, web, and social media platforms and submit developed educational materials to the Director of Consumer Protection, CBN for review.”

The CBN said digital financial services have the potential to expand access to financial services for the Nigerian population and spur innovation in the financial service industry.

It said: “The guidelines provide for a set of principles and expectations for financial service providers to integrate with the provision of digital financial services to ensure consumer understanding, good treatment, and positive outcomes.