Home » PayTech » Point of Sale Transactions in Nigeria Hit N634 billion in Q1 2019, Records 33% Increase – NIBSS Report
PayTech

Point of Sale Transactions in Nigeria Hit N634 billion in Q1 2019, Records 33% Increase – NIBSS Report

NIBSS
Premier Oiwoh, Chief Executive Officer, Nigeria Inter-Bank Settlement System Plc (NIBSS)

The Nigeria Interbank Settlement System Plc (NIBSS) report has revealed that the country recorded N633.804 billion transactions through point of sales (PoS) channels nationwide between January and March 2019.

This represents an increase of 33 per cent, compared with the first three months of 2018 which was N474.730 billion and 121 per cent when compared with the first three months of 2017, which was N285 billion.

However, compared with the last three months of 2018, which was N714 billion, the amount represented a decline of 11 per cent.

The data showed that as at the end of January 2019, the value of PoS transaction was N222.921 billion. This represented an increase of 46 per cent and 114 per cent compared with the N152.099 billion recorded in January 2018 and the N91.290 billion achieved in January 2017.

As of February 2019, the total value of PoS transactions was N193 billion, which was higher than the N144.876 billion recorded in February 2018; just as the value of transactions also jumped by 22 per cent from the N177.755 billion attained in March 2018, to N217.457 billion as of March 2019.

YOU MAY ALSO READ: PoS Financing Startup Julla Launches Operations in Kenya to Enable Users Pay for items at a Later Date

Conversely, in terms of volume of PoS transactions, the NIBSS data revealed that as of January 2019, it was 28,162,720. This represented an increase of 75 per cent in one year, compared with the 16,102,960 realised in January 2018.

As at February 2019, the total volume of PoS transactions was 25,778,640 and 29,820,750 as of March 2019.

The data also put the total value of electronic bills transactions in the country in June 2019 at N281.563 billion, higher than the N256.61 billion recorded in the first six months of 2018.

A breakdown of the figures for 2019 showed that as at January 2019, e-bills payment stood at N49.763 billion; February – N44.948 billion; March –N46.933 billion; April – N47.858 billion; May – N49.306 billion and June – N42.755 billion.

NCC Ads

Video

The MD, Systemspecs, John Tani Obaro, on Why Nigerians need to use indigenous software.