Nigerians spent N313bn through PoS in January






Nigerians transacted businesses valued at N313.4 billion over the Point of Sales (PoS) terminals in January this year, New Telegraph has learnt.



This showed a 40 per cent increase when compared with N222.9 billion recorded in the same period of last year.

Statistics released by the Nigeria Inter-bank Settlement Systems (NIBSS) showed that the e-payment channel continued to gain traction on a monthly basis as many Nigerians go cashless.



According to NIBSS, the volume of PoS transactions in January stood at 41.3 million. This also indicates 46.9 per cent growth over 28.1 million recorded in the same period in 2019.The value of transactions in January was, however, slightly lower than N372.9 billion recorded in December 2019, which was a festive month.
Indicating an increase in demand for PoS machines by merchants, the NIBSS report showed that registered terminals rose from 446,453 in December last year 449,998 in January this year.
However, while there is still a gap between the number of registered PoS machines and deployed ones, the NIBSS data revealed that 3,247 new machines were deployed in January this year.

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