PoS Transactions Drops by 2% to 85.2m

The Nigerian Interbank Settlement System (NIBSS) recent data has indicated that the volume of Point of Sales (PoS) transactions fell Month-on-Month (MoM) by two percent to 85.2 million in December 2022 from 86.7 million in November.

However, the value of PoS transactions rose MoM by 8.8 percent to N826.3 billion in December from N759.28 billion in November 2022.

Economic Confidential gathered that the findings in the electronic payment data volume of electronic bills transactions fell MoM by 19 percent to 43.7 million from 54.02 million in November and its value declined by 45 percent to N117.08 billion from N213.5 billion in November.

Further analysis showed that the volume of Mobile Interscheme (Mobile transfers) rose MoM by 19.7 percent to 105.17 million from 87.8 million in November and its value increased by 18.5 percent to N2.49 trillion from N2.10 trillion in November.

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The data also showed that the volume of NIBSS Instant Payment (NIP) rose MoM by 14 percent to 561 million in December from 492 million in November and its value increased by 8.02 percent to N42.02 trillion in December from N38.9 trillion in November.

The data also showed that the volume of electronic payment transactions rose MoM by 7.5 percent to 1.14 billion in December 2022 from 1.06 billion in November 2022.

Similarly, the value of e-payment transactions increased MoM by 8.3 percent to N46.09 trillion in December from N42.56 trillion in November. This reflects Nigerians’ increased adoption of e-payment channels during the festive period.