Business

PoS transactions hit N1trn in Q1 2020

Not less than a whopping total transactions turnover of N1.01trillion was recorded on Point of Sale (PoS) terminal for the first three months of 2020, statistics from the Nigeria Inter-Bank Settlement Scheme (NIBSS) has shown.

A breakdown of the data shows that in January 2020, N313.43 billion worth of transactions were carried out, an amount which is 41 per cent higher than the N222.92 billion recorded in January 2019.

In February 2020, the value increased by 69 per cent from N193.43bn in 2019 to N326.03bn. In March 2020, N368.86bn worth of transactions was conducted, an amount which is 70 per cent higher than the N217.46bn recorded in 2019.

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Out of a total of 470,122 terminals registered by Nigerian banks, only 305,725 had been deployed for use as of March, NIBSS data revealed. 

Stakeholders in the industry have also said the growth in transactions on the PoS terminals is as a result of the expansion of agent bankers across Nigeria.

The Shared Agency Network Expansion facility has promised to boost the number of agents to 500,000 across the six geopolitical regions by 2020.

Also, analysts foresee a further rise in PoS transactions in the second quarter of the year due to shut down of banking activities as a result of the Coronavirus pandemic, paving way for PoS operators to take centre stage.

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Ada Ada

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