Latest data from the Nigeria Inter-Bank Settlement System (NIBSS), shows that the value of transactions over Point of Sale (PoS) terminals in Nigeria rose to N735.6 billion in September 2022.
This is highest ever monthly record of transactions on the platform.
Year on year, the September figure shows a 32 per cent increase when compared with the amount recorded in the same month last year.
Similarly, the volume of transactions on PoS increased by 14 per cent year on year to N100.4 million in September 2022.
According to the data, Nigerians in the first 9 months of this year spent a total of N6.05 trillion over PoS, an amount which already is in excess of the N6.4 trillion transacted for the full year in 2021.
The NIBSS data further reveals that the transactions were carried out over 1,484 million active terminals deployed by merchants across the country, indicating that a total of 568,488 additional PoS terminals have been deployed over the last 9 months as the number of deployed machines stood at 915,519 as of December 2021.
