Transactions made through Point of Sale ( PoS) channels across Nigeria between January and May 2020 were valued at N1.64 trillion, according to data released by the Nigeria Inter-Bank Settlement System (NIBSS).
This is N500 billion higher than the N1.14 trillion reported in January – May 2019. This is also the highest transaction volume reported in the same months since 2017.
The study also showed an improvement in the overall volume of PoS transactions. During the period under study , the amount rose from 152.6 million to 228.86 million.
This rise could be related to the lockout of economic activities implemented by the federal government to curb coronavirus spread.
During the time, financial institutions were closed while “essential” institutions were allowed to operate.
Medical services, food processing , distribution and retail companies, oil and retail distribution companies, power generation , transmission and distribution companies and private security companies were considered to be important during the time.
The overall PoS reported during the time under review also increased from 1.3 million (2019) to 2.3 million in 2020.
Deployed PoS terminals have increased from 1.1 million (2019) to 1.7 (2020) over the same span.
The use of instant interbank payments on USSD platforms by bank customers got a major boost, as transactions via NIBSS Instant Payment (NIP) grew to N48.65 trillion , up from N41.48 trillion over the same period.
This means that NIP transactions have risen by N7.17 trillion over five months.
The highest value of transactions recorded by NIP was recorded in March (N10.9 trillion) while the lowest was recorded in April (N7.01 trillion).
A further breakdown of the report shows that mobile transfer transactions (Mobile Interscheme Transactions) increased to N853.5 billion, out of N183.68 billion reported during the same period in 2019.
According to data, the largest mobile transfer recorded was in May (N230.23 billion) compared to N133.21 billion in January 2020.