Point of Sale (POS) transactions have risen to N13.67 trillion as Nigerians continue to abandon cheque transactions over the past three years. This was disclosed in a data obtained from the Nigeria Inter-Bank Settlement System (NIBSS) Plc portal.
The NIBSS stated in its ‘Instant Payments – 2020 Annual Statistics’ that the COVID-19 pandemic impacted the e-payments landscape, which made most Nigerians adopt the electronic means for fund transactions amidst the lockdown imposed by the government.
The data analysis revealed that accumulated PoS transactions between January 2019 and November 2021 were estimated at N13.67 trillion while the total cheque transactions at the same period was N10.67 trillion.
In 2018, cheque transactions were worth N5.04tn while PoS transactions were worth only N2.32tn
The value of cheque transactions in the nation dropped to N4.48 trillion while the value of PoS transactions rose to N3.21 trillion in 2019.
By 2020, the value of cheque transactions have dropped further to N3.27 trillion while the value of PoS transactions rose to N4.73 trillion.
The value of cheque transactions between January and November 2021, dropped further to N2.92 trillion, while the value of PoS transactions increased to N5.73 trillion.
According to NIBSS, the surge in PoS transactions is being driven by Lagos, Federal Capital Territory, Rivers, Oyo, and Delta states, with the states leading transaction volumes in 2019 and 2020.
