The Point of Sale (PoS) transactions done across Nigeria has hit an all-time high of N1.64 trillion from January to May 2020. This is against the backdrop of N1.14 trillion recorded within the same period of January to May 2019.
According to the report released by the Nigeria Inter-Bank Settlement System (NIBSS), it was stated that the total value of transactions from PoS machines rose by 43.8% in five months, which is valued at N500 billion.
It will please you to know that the total volume of PoS transactions also increased from 152.6 million to 228.86 million. This indicates that the volume increased by 76.26 million, or 49.9% within the same period under review.
What You Need To Know As An Entrepreneur
According to the report, Nigerians carried out most of their transactions via Point of Sale (PoS). So, this reflects the spending patterns of Nigerians via merchant outlets.
There was an upward slope in the trend from January and May 2020, excluding April when it dropped to N272 billion due to the lockdown. Compared to the preceding months, the total volume of payment transactions across Nigerian payment channels in April fell by a whopping 26%. Recall, that the Nigerian government imposed a Nationwide lockdown, which grounded all economic activities in the Country.
Breakdown Of The PoS Transactions
According to the analysis of the NIBSS data, N313.43 billion worth of transactions were carried out through PoS in January 2020, while it increased to N326.03 billion in the following month.
It will please you to know that the Month of March had the highest so far in 2020, rising to a value of N368.86. However, it fell to N272.05 billion in April due to the Nationwide lockdown, while the value in May was at N358.10 billion.
Data Of Other Transactions Which Might Be Useful To Entrepreneurs
There was a significant boost in the use of interbank instant payments on USSD platforms by bank customers. Transactions through NIBSS Instant Payment (NIP) rose by 17.28% (N7.17 trillion) amounting to N48.65 trillion from N41.48 trillion within the same period.
However, the highest value of transactions recorded through NIP was recorded in March (N10.9 trillion) while the lowest was recorded in April (N7.01 trillion).
Furthermore, the transactions done through mobile transfers (Mobile Inter-scheme Transactions) hit the roof. It increased from N183.68 billion to N853.5 billion (higher than the N828 billion recorded in 2019).
Entrepreneurs should, therefore, avail themselves the opportunity to use this data to their advantage wherever they deem fit.
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