Why POS Transactions In Nigeria Rose By 80 Percent In 2015

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Nigeria Interbank Settlement System Plc (NIBSS) has stated that the volume of transactions conducted via point of sale (PoS) terminals in Nigeria increased by 80 percent in the period under review.

POS transaction volume across the country rose from 15 million in 2014 to 27 million in the same period under review, according to the Nigeria Interbank Settlement System Plc.

This was disclosed by the Chairman, Nigeria Interbank Settlement System Plc (NIBSS), Alhaji Sulaiman Barau, in his statement at the 22nd annual general meeting of the NIBSS at the weekend, adding that the total sum of N234 million was paid to 1,497,970 unique card holders through 21 banks in the first-half of 2015 (2015 H1).

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Barau stated that the Central Bank of Nigeria’s effort to stimulate e-payment also resulted in a 6 percent decline in cheque clearing with transaction volume falling from 15 million in first-half of 2014 to 14 million in first-half of 2015.

Barau said, “The NIP (NIBSS Instant Payment) product continues to gain increased acceptance as a funds transfer platform as evidenced by the 92 per cent growth in transaction volume from 28 million in 2014 to 54 million in 2015. However, NEFT transaction volume grew marginally by four per cent to 39 million, from 38 million in 2014, due to customers’ affinity towards instant payment.

“Despite adverse market conditions which characterized the 2015 financial year, the NIBSS was still able to generate strong financial performance across key metrics as e-payment inclusion continues to grow.

“As part of strategies to drive e-payment transaction volume and further reduce cost for banks, the company commenced NIP/NEFT transaction volume discount regime for all banks who apart from being major customers are also esteemed shareholders of the company. Consequently, a total sum of N164.89 million was paid to 21 banks as NIP/NEFT transaction volume discount during the financial year,” he added.

See Also: Mobile Payments Transactions On the Rise, Hits N815.5bn


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