PoS Records 826,712 Transactions In A Day

Individuals and organisations making transactions with the Point of Sale have continued to rise, despite the occurrence of failed transactions, a new survey has shown.

A total of 826,712 PoS transactions occurred in the country on September 13, 2018, according to the latest data released on Thursday from the Nigeria Inter-Bank Settlement System Plc on the ‘PoS transaction details’.

The NIBSS data also showed that 86,851 failed transactions occurred same day as of 9pm, representing 10.5 per cent of the total transactions.

According to the NIBSS, the PoS transactions have an average processing time of 2.45 minutes.

The NIBSS is a financial sector that provides the mechanism for same day clearing and settlement of inter-bank transfers and payments

It was set up by the Bankers Committee as a shared-service infrastructure for facilitating payments finalities, streamlining inter-bank payments and settlement mechanisms, to drive and promote electronic payments across the Nigerian financial Industry.

It also initiates and develops an integrated nationwide network for the electronic or paperless payments, funds transfer and settlement of transactions, while also providing framework for elevating the level of efficiency in funds transfer services generally.