POS transactions in Nigeria reach N11.67tn in four years

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POS transactions in Nigeria reach N11.67tn in four years

THE value of PoS transactions in Nigeria reached N11.67tn in four years.

This is according to data from the Nigeria Interbank Settlement System.

From 2017 to 2020, 1.53bn PoS transactions were carried out across Nigeria.

In 2017, there were 146.27 million PoS transactions totalling N1.41tn. In 2018, PoS transactions increased by 95.46 per cent to 285.89 million, and total value increased by 64.76 per cent to N2.32tn.

In 2019, PoS transactions in Nigeria increased by 53.42 per cent to 438.61 million transactions, and the total value increased by 37.97 per cent to N3.21tn.

In 2020, PoS transactions increased by 49.51 per cent to 655.75 million as the total value increased by 47.50 per cent to N4.73tn.

According to the NIBSS, PoS transactions in Nigeria peak from October to December, with December witnessing the most transaction volumes and values yearly.

Over the four-year period, transaction values from October to December made up 31.12 per cent of total transaction values (N3.63tn), and 31.51 per cent of transaction volumes (481.02 million).

According to the NIBSS, in 2019 and 2020, transaction volumes were highest in Lagos, Federal Capital Territory, Rivers, Oyo, and Delta states.

In both years, Lagos accounted for more than 50 per cent of transactions – 51.5 per cent in 2019 and 69.2 per cent in 2020.

Taraba, Zamfara, Sokoto, Yobe, and Kebbi were the bottom five states in both years.

The total pos transaction volume from the five states was not up to one per cent of the national transaction volumes for both years.

According to the NIBSS, in December 2017 there were 182,806 registered PoS terminals.

In 2018, it increased to 258,443. In 2019, it increased to 446,453. In December 2020, there were 690,090 registered PoS terminals.

In December 2017, the total number of deployed POS machines in the nation was 155,462. In 2018, it increased to 217,283. In 2019, it was 303,162.

In December 2020, there were 459,285 deployed PoS terminals in the country.

POS Transactions in Nigeria

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