PoS transactions in Nigeria rise by ₦1.05tr in 2022

Reports in the Nigeria Inter-Bank Settlement Systems (NIBSS) have shown that the value of transactions done on the Point of Sales (PoS) terminals across Nigeria has risen by ₦1.05 trillion in 2022.

The report contained in Business day 22 shows that transactions done on the PoS across the country rose from ₦3.56 trillion in the first 7 months of 2021 to ₦4.61 trillion in 2022.

According to the industry data, PoS transactions hit their highest levels for any 7 month period, increasing by 29% of ₦3.56 trillion and ₦4.61 trillion in 2022 and 2021.

However, a month-on-month analysis revealed that the value of PoS transactions dropped in April and June, after an ₦143 billion increase in March, 2022.

Similarly, the volume of PoS transactions from January to June rose to 679 million, a 25% increase compared to 543 million in the corresponding period in 2021.

In the first 7 months, PoS banking agents increased to 8.04 million, while registration increased to 11.8 million which was deployed from January to June, compared to 4.4 million banking agents and 6.8 million registered in the same period of 2021.