PoS Transactions hit a monthly all-time high of N735.6 billion in September 2022.
Newsonline reports that the value of transactions over Point of Sales (PoS) terminals in Nigeria jumped to N735.6 billion in September 2022.
This came as the highest monthly record of transactions on the platform as more Nigerians go cashless.
According to data released by the Nigeria Inter-Bank Settlement System (NIBSS), Nigerians have in the first 9 months of this year spent a total of N6.05 trillion over PoS. With 3 months to go, this is almost the same amount recorded in the full year 2021, which stood at N6.4 trillion.
Year on year, the September figure shows a 32% increase when compared with the N5556.4 billion recorded in the same month last year.
Similarly, the volume of transactions on PoS went up as it increased by 14% year on year to 100.4 million in September 2022.
The growth of PoS transactions in Nigeria is being driven by many factors, part of which include rapid adoption by merchants for receiving payments.
In recent times, it has also served as a means of employment for Nigerian youths, who are building businesses through the offering of POS services.
Although the use of PoS machines in Nigeria is growing steadily, a recent report by NIBSS indicated that a majority of this growth is concentrated in the country’s economic capital, Lagos.
According to NIBSS Instant Payment data, the state recorded the largest number of PoS transactions in the country in 2020.
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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