CEM REPORT, FINANCE | More Nigerians are embracing the cashless policy as Point of Sales (PoS) transactions in September 2022 stood at N735.6 billion.
The transactions which were carried out over 1.484 million active terminals is the highest monthly record of transactions on the platform.
According to data released by the Nigeria Inter-Bank Settlement System (NIBSS), 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.
NIBSS data further reveals that Nigerians have in the first 9 months of this year spent a total of N6.05 trillion over PoS, this is almost the same amount recorded in the full year 2021, which stood at N6.4 trillion.
The data also shows that a total of 568,488 additional PoS terminals have been deployed over the last 9 months as the number of deployed machines stood at 915,519 as of December 2021.
However, there is still a gap between the number of registered PoS and the number of deployed machines. According to NIBSS, a total of 2.164 million PoS machines had been registered across the country as of September this year, which showed that a total of 680,991 terminals are either yet to be deployed or have become inactive.
The growth of PoS transactions in Nigeria is being driven by many factors, part of which include rapid adoption by merchants for receiving payments.
PoS is also bridging the gap created by the shortage of Automated Teller Machines (ATMs) deployed by banks, as many Nigerians now withdraw through PoS agents.