PoS TRANSACTION IN NIGERIA HAS INCREASED BY 65% IN THE PAST 11MONTHS

Despite the challenges facing the country, a total of N651.37 billion POS transactions took place from January to November 2016.

According to the data gathered from NIBSS (Nigeria Interbank Settlement System), the value of POS transactions increased significantly by 65% to N651.37 billion between January and November 2016, compared to the N395.05 billion recorded in 2015.

As a matter of fact, in November 2016 alone, Nigerians made about N81.15 billion transactions via POS as opposed to N40.25 billion in November 2015.

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Despite these impressive results, the statistics also showed an increase in cheque transactions — the banks processed 8.74 million cheques worth N4.31 trillion — which has been attributed to the challenges associated with the ATMs and PoS.

In terms of web payments, there were 8.91 million transactions with a total worth of N88.73 billion.