More Nigerians are opting to use POS for their daily transactions. According to the NIBSS Report, Nigerian performed 58.05 million transactions in September. This is an increase of about 8 million from the transactions registered during the previous month.
The number of POS transactions in September (58.05 million) is the highest recorded since the beginning of the year
The report also showed a rebound in POS usage from the drop recorded between July and August. Looking at the numbers, the spike in POS usage just after the lockdown in July (53.9 million) which fell to about 50.6 million August has fully recovered in September.
Francis, a banking industry expert believes the increase could be due to Merchants and vendors embracing more contactless methods of transaction like the POS. Most logistics and dispatch companies like Jumia logistics are now promoting the use of contactless delivery of e-commerce goods.
The report shows that in September alone over 30,000 new POS devices were registered with over 25,000 deployed across the country. The total number of deployed POS devices now stands at 397.5 Thousand.
In 2020 alone, over 90 thousand PoS machines have been deployed in Nigeria
Over N400 billion Worth of Transaction…
Similar to the volume of PoS transactions, the total value of PoS transactions also increased in September. The value of PoS transactions increased by about 4.76% from N386.3 billion in August to N404.9.
The over N18 billion increase shows good recovery from the drop in August but it’s still considerably lower than the N416.7 billion processed in July. Although, the COVID-19 lockdown earlier in the year caused a push to cash-transactions, the return to normalcy has probably helped POS usage bounce back.
Suggested read: Volume of Mobile Transactions Rebounds to N230bn Post COVID-19 Lockdown- NIBSS Report
Increase in volume of NIBSS instant payment
On the other hand, the NIBSS data also shows that usage of instant payment has been on a steady increase since the ease of the lockdown. In September, the total volume of instant payments increased by about 5.5 million from 189.4 million recorded in August.
The total number of transactions recorded during the month is 194.9 million.
Similarly, the value of instant payment deals also increased to about 15.39 trillion from 14. 64 trillion recorded in August. This amounts to a 5.13% increase.
In conclusion
NIBSS numbers show an all-round increase in terms of POS and instant payment in the usage in the country. Although, the use of cash payment is still pretty the high the numbers show that more are more people are accepting digital forms of payment.
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