POS transactions surge hit N4.1 trillion in eight months

Point of sale transactions carried out in Nigeria in the first eight months of the year stood at N4.06 trillion, representing a 45% increase compared to N2.81 trillion recorded in the corresponding period of 2020.

This is based on data obtained from the Nigeria Inter-Bank Settlement System (NIBSS).

According to the data, POS transactions hit its highest levels for any eight-month period, increasing by 44.8% and 108% compared to N2.81 trillion and N1.96 trillion recorded in the similar period of 2020 and 2019 respectively.

Similarly, the volume of POS transactions recorded between January and August 2021 stood at 619.3 million, increasing by 61.8% compared to 382.9 million recorded in the corresponding period of 2020.

It is worth noting that a total of 686,577 POS terminals were deployed nationwide as of August 2021, representing an 84.4% increase compared to 372,333 recorded as of the same period of 2020.

Credit: NAIRAMETRICS

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