Nigerian POS transactions drop N552.3 billion

In October 2021, Nigerian POS transactions fell by 0.74 percent to N552.26 billion, down from N556.36 billion the previous month.

This is according to data obtained by Nairametrics from the Nigeria Inter-Bank Settlement System, NIBSS.

Despite a 33.6 percent increase in transaction volume to 91.39 million from 87.71 million in September 2021, the value of POS transactions fell.

According to further analysis of the data, the number of POS terminals deployed in October increased by 7.6% month over month to 764,589 in the previous month.

In October 2021, the value of POS transactions fell by 0.74 percent month on month to N552.3 billion. However, when compared to the N460.95 billion recorded in the same period of 2020, it increased by 19.81 percent.

Between January and October 2021, a total of N5.17 trillion in POS transactions were recorded, which is 40.9 percent higher than the N3.67 billion recorded in the same period of 2020.

In the month under review, the number of transactions increased by 33.6 percent to 91.36 million. It increased by 4.2 percent month over month from the 87.8 million transactions recorded in September 2021.

To 764,589, the total number of deployed terminals increased by 7.6% month over month and 82 percent year over year.

The number of POS transactions continues to rise across Nigeria, as the country’s adoption of cashless transactions has increased dramatically since the Covid-19 lockdown in 2020.

Nigerians had to transact from the comfort of their homes due to the federal government’s lockdown measures in response to the virus’s spread, as they were unable to visit banking halls during this time.