PoS transactions, instant payments hit N64.34tn in Q1 2021

By Yesirat Kazeem

Not less than a whopping total transactions turnover of N64.34trillion was recorded on Point of Sale (PoS) terminals for the first three months of 2021, statistics from the Nigeria Inter-Bank Settlement Scheme (NIBSS) has shown.

A breakdown of the latest data showed that both NIBSS Instant Payment (NIP) and PoS recorded 87.1 per cent growth in value of payments when compared to a total of N32.25 trillion in the corresponding period of 2020.

When compared to the fourth quarter of 2020 in which the NIP and PoS payments were valued at N53.61trillion, this indicates a 12.55 per cent increase.

Analysis of the data showed that NIP grossed N58.85 trillion in the first quarter of 2021, while PoS deals were worth N1.49 trillion during the same period.

The instant payments were carried out by bank customers via bank branches, Internet banking, mobile apps, Automated Teller Machines and Unstructured Supplementary Service Data.

Further analysis of the NIBSS data showed that the volume of transactions conducted using NIP and PoS were 967.51 million, a 91 per cent increase from 506.53 million recorded in Q1 2020.

This represents a 6.47 per cent increase from 908.70 million transactions conducted in the last quarter of 2020.

The Central Bank of Nigeria (CBN) is intensifying an effort to close the financial inclusion gap in Nigeria and achieve 95m per cent financial inclusion by 2024.