Nigeria’s POS Transactions Rises To N3trn In Six Months- NIBSS

Point of Sale transaction in Nigeria recorded N3.01trn in value during the first six months of 2021, according to official data.

The Nigeria Inter-Bank Settlement System disclosed this in a report for June, seen by THE WHISTLER.

NIDSS said the N3.01trn was recorded through 462.11 million transactions.

The Covid-19 pandemic has helped accelerate the use of POS and other e-payment platforms in the country.

In the first half of 2020, a total of N2trn was recorded from POS transactions, but has surged by over 50 per cent in the same period of 2021.

POS sales transactions in the second half of 2020 was N2.72trn which is 10 per cent less than the amount generate in the H1 of 2021.

The NIBSS further revealed that the number of registered POS terminals increased from 523,488 recorded in the first six months of 2020 to 976,898 in June 2021.

Also, as at June this year, it disclosed that 638,983 POS machines have been deployed in Nigeria.

The NIBSS report also disclosed that the NIBSS Instant Payment (NIP) systems transaction rose from N97.29trn recorded in the H2 2020 to N123.38trn in the first half of 2021.