Monthly PoS transactions in Nigeria hit 591,000

…As E-PPAN deepens e-payment

The cashless economy initiative being driven by the Central Bank of Nigeria continues to gain traction, as Point of Sales now records an average volume of 591,000 transactions on a monthly basis.

This was contained in a second quarter report on the electronic transaction activities for the year released by the Nigerian Interbank Settlement System, NIBSS, which is the official PoS aggregator in the country.

According to the latest report, a copy of which was obtained by National Mirror yesterday, 591, 000 PoS transactions were carried out in June alone with the transaction value standing at N11 billion. In April and May, the PoS transaction volumes were below 500, 000 with transactions value reaching N9 billion and N10 billion respectively.

According to NIBS, “The cash-less story is definitely a success in Lagos state with a steady growth rate in the second quarter of the year.

“PoS recorded an average volume of 591,000 transactions on a monthly basis while the value of transactions also increased as the confidence level of customers in the payment device increased.”

NIBSS also predicts that the trend would likely continue once Value Added Services (VAS) are deployed on PoS terminals and merchants earn incentives from accepting payments on the terminals.

Till date, National Mirror gathered that the number of PoS already deployed in the country has reached a whopping 200, 000, surpassing its projection by the CBN. Also, the report shows that the NIBSS Instant Payment (NIP) has grown steadily since inception.

NIP recorded an average volume of 1.13 million and transaction value of N761 billion on a monthly basis during this period. According to NIBSS, “This can be attributed to the reliability of the Electronic Funds Transfer product which has also increased product patronage.”

The report also showed there was a steady growth in the volume of cheques processed in the second quarter of the year with June recording 19 per cent growth rate over the previous month.

“This can be attributed to the adoption of cheque truncation nation-wide. There was also a noticeable increase in the value of cheque transactions during the same period,” the NIBBS report submits.

Meanwhile, the Chief Executive Officer, Electronic Payment providers Association of Nigeria, Mrs. Onajite Regha, while commenting on the report yesterday, stressed that E-PPAN would continue to promote awareness that would make more Nigerians to embrace cashless transactions

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