The News DietThe News Diet
    What's Hot

    ANLCA Spokesman ‘Onyeme’ Vies For President Of Ex-Commandos Association

    September 29, 2023

    NIMASA Emerges Best Federal Agency On Digital Transformation

    September 28, 2023

    Endangered Species: Seme Customs Intercepts 62 African Parrots, 1 Hawk

    September 25, 2023

    Subscribe to Updates

    Get the latest efficient and accurately analysed news from The News Diet.

    Facebook Twitter Instagram
    Friday, September 29
    Facebook Twitter Instagram
    The News DietThe News Diet
    • Home
    • News
    • Editorial
      • The Verdict
      • Interviews
      • Special Report
    • Maritime

      NIMASA Emerges Best Federal Agency On Digital Transformation

      September 28, 2023

      FG Shops For Bashir Jamoh’s Replacement As NIMASA DG

      September 25, 2023

      Women In Maritime Seek Legislation, Incentives To Curb Plastics Pollution

      September 21, 2023

      WIMA-Nigeria Tasks Blue Economy Ministry To Address Multiple Charges, EoDB

      September 21, 2023

      N180bn Customs Boats Rotting Away At Lagos Marina – MARAN laments

      September 18, 2023
    • Business
    • Politics

      LP, Obi Couldn’t Prove Tinubu’s Conviction In US – Tribunal

      September 6, 2023

      NNPP Suspends Kwankwaso Over Anti-Party Activities, Aniebonam Resigns

      August 29, 2023

      APC Vice Chairman Lukman Resigns Over Illegalities, Interference

      July 26, 2023

      Tinubu Suspends Buhari’s 11th Hour Tax Changes

      July 7, 2023

      FG Declares Monday ‘June 12’ Public Holiday

      June 8, 2023
    • Sports

      AIU Clears Amusan To Participate At World Championships

      August 18, 2023

      Chelsea Agree £23.2m Deal For French/Nigerian Teenage Midfielder ‘Ugochukwu’

      July 30, 2023

      Security Agencies To Commence Sports, CSR Projects At Zongo Community

      June 17, 2023

      Osimhen Leads Napoli To First Serie A Title In 33 Years

      May 5, 2023

      Iwobi Rescues Point For Toffees, Ends 7-month Goal Drought

      May 2, 2023
    • Photo Diet

      2023: ANLCA, APFFLON Presidents Ponder Headway For Freight Forwarding Sector

      January 13, 2023

      Sambo, Lai Mohammed Discuss National Issues At Transport Ministry Headquarters

      November 1, 2022

      Sambo Felicitates With NIMASA DG ‘Jamoh’ On OFR Honours

      October 12, 2022

      St Augustine’s Anglican Church Youths Visit Lagos Ports Complex

      September 15, 2022

      NCAC Presents Partnership-That-Works Award To Governor Sanwo-Olu

      July 14, 2022
    • Lifestyle

      Mohbad’s Death: Valuable Lessons For Young Nigerians

      September 23, 2023

      Marital Bliss: NIWA Celebrates As Engr. Ororo’s Daughter ‘Tare’ Weds ‘Anderson’

      July 4, 2023

      Ezeobi Wins Peak Performing Woman of the Year Award

      July 4, 2023

      OMIS Awards Labeled Africa’s Maritime Oscars

      September 26, 2022

      NATOP, NCAC Deepen Collobaration To Develop Tourism Sector

      September 23, 2022
    • Contact
    The News DietThe News Diet
    Home » PoS Transactions Hit N8trn In 2022 – NIBSS Report
    Business

    PoS Transactions Hit N8trn In 2022 – NIBSS Report

    Kenneth JukporBy Kenneth JukporSeptember 1, 2022Updated:September 1, 2022No Comments49 Views
    Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    PoS Transactions Hit N8trn In 2022 – NIBSS Report
    PoS transaction
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The value of Point of Sale transactions in Nigeria has jumped 39 percent to N8.03trillion in 2022, according to data obtained from the Nigeria Interbank Settlement System.

    The data showed that the aggregate PoS transactions between July 2020 and July 2021 were estimated at N5.77trillion. However, between July 2021 and July 2022, the volume of transactions increased to N8.03tn, indicating a 39.16 per cent increase over the period.

    PoS transactions increased from a total volume of 921.19 million between July 2020 and July 2021, to 1.20billion from July 2021 to July 2022.

    According to the NIBSS, July 2022 alone recorded the highest number of PoS transactions registered at 2.067 million in just one month.

    The Deputy President of the Lagos Chamber of Commerce and Industry (LCCI), Gabriel Idahosa, stressed that the primary factor responsible for the recorded value of PoS transactions was an increase in the supply of services and a strong market.

    “First, the central bank approves payment services such as Momo Money from MTN and Smart Cash from Airtel.”

    He noted that the rise of fintech companies and the use of technology for awareness of this payment method were also major propellers.

    “Then, you have a lot more fintech companies advertising payment services. Organisations are allowing payments on their platform. Now, power companies allow payment of electricity bills over PoS, and even some government services let you do that. All the schools, both primary and secondary, allow you to use PoS too. Also, the banks have been very aggressive in promoting their PoS services.”

    Idahosa noted that the culture of cashless policy was also fast becoming a trend largely due to the lingering impact of the COVID-19 period.

    “The culture of non-cash payment is catching up very fast. Even for the illiterate that ordinarily cannot use the service, the increasing offer of USSD service which you can do over your phone means that many people with cellphones can now make payment.”

    “These were initially triggered by COVID-19 when people could not easily walk to the banks to cash. So, during that time, banks were partially closed for some time, and it became difficult. Those people who were not familiar with electronic payment options now began to learn it. And now, it is the preferred mode of payment.”

    Commenting on the increase, an economist, Bismarck Rewane, said that the increment was influenced by technological advancement.

    “There’s a shift from cash and cheques to electronic payment. That’s why there has been an increase. There is broadband penetration, more mobile phone subscribers, and Nigerians are becoming more internet-savvy. So, they are making payments electronically rather than going by brick and mortar.”

    A Senior Lecturer at Pan Atlantic University, Dr. Olusegun Vincent, further explained that the increase was inevitable due to inflation.

    “Inflation is part of the surge. Prices of goods and services have gone up. Another major aspect is the issue of insecurity. People are being very careful. That’s why they adopt PoS because of the ease of payments. You will discover that if you don’t use PoS, you can’t get money. Most Automated Teller Machines are often running out of funds. So, nobody wants to waste time and they go to the merchant.”

    He added that the national acceptance of electronic payment was a revolution, and the central bank never foresaw this amount of adoption.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email

    Related Posts

    ANLCA Spokesman ‘Onyeme’ Vies For President Of Ex-Commandos Association

    September 29, 2023

    NIMASA Emerges Best Federal Agency On Digital Transformation

    September 28, 2023

    Endangered Species: Seme Customs Intercepts 62 African Parrots, 1 Hawk

    September 25, 2023

    Leave A Reply Cancel Reply

    Latest Post
    News

    ANLCA Spokesman ‘Onyeme’ Vies For President Of Ex-Commandos Association

    September 29, 2023

    The National Publicity Secretary of the Association of Nigeria Licensed Customs Agents (ANLCA), Mr. Emmanuel…

    NIMASA Emerges Best Federal Agency On Digital Transformation

    September 28, 2023

    Endangered Species: Seme Customs Intercepts 62 African Parrots, 1 Hawk

    September 25, 2023

    Emmanuel Onwuka Nominated For Future Awards Africa OAP Category

    September 25, 2023

    FG Shops For Bashir Jamoh’s Replacement As NIMASA DG

    September 25, 2023

    Mohbad’s Death: Valuable Lessons For Young Nigerians

    September 23, 2023

    Editorial Picks

    NIMASA Emerges Best Federal Agency On Digital Transformation

    September 28, 2023

    FG Shops For Bashir Jamoh’s Replacement As NIMASA DG

    September 25, 2023

    Mohbad’s Death: Valuable Lessons For Young Nigerians

    September 23, 2023

    Women In Maritime Seek Legislation, Incentives To Curb Plastics Pollution

    September 21, 2023

    Subscribe to News

    Get the latest efficient and accurately analysed news from The News Diet.

    Advertisement
    Demo
    Stay In Touch
    • Facebook
    • Twitter
    • Instagram
    • YouTube
    Latest Post
    News

    ANLCA Spokesman ‘Onyeme’ Vies For President Of Ex-Commandos Association

    September 29, 2023

    The National Publicity Secretary of the Association of Nigeria Licensed Customs Agents (ANLCA), Mr. Emmanuel…

    NIMASA Emerges Best Federal Agency On Digital Transformation

    September 28, 2023

    Endangered Species: Seme Customs Intercepts 62 African Parrots, 1 Hawk

    September 25, 2023

    Emmanuel Onwuka Nominated For Future Awards Africa OAP Category

    September 25, 2023

    FG Shops For Bashir Jamoh’s Replacement As NIMASA DG

    September 25, 2023

    Mohbad’s Death: Valuable Lessons For Young Nigerians

    September 23, 2023

    About Us:

    The News Diet is a credible newsblog managed by JUKKEN Consults Limited, a media organization and public relations consulting outfit.

    JUKKEN Consults is also focused on Brand Management, Media Buying, Print Production, etc. The outfit has an impressive track-record of executing media campaigns and projects for high profile clients across various sectors of Nigeria’s economy.

    We also operate a waste recycling/ eco-promotional company, Golden Debris.

    Facebook Twitter Instagram Pinterest YouTube
    Top Insights

    ANLCA Spokesman ‘Onyeme’ Vies For President Of Ex-Commandos Association

    September 29, 2023

    NIMASA Emerges Best Federal Agency On Digital Transformation

    September 28, 2023

    Endangered Species: Seme Customs Intercepts 62 African Parrots, 1 Hawk

    September 25, 2023

    Emmanuel Onwuka Nominated For Future Awards Africa OAP Category

    September 25, 2023
    Get Informed

    Subscribe to Updates

    Get the latest efficient and accurately analysed news from The News Diet.

    © 2023 All right reserved. The News Diet.
    • Home

    Type above and press Enter to search. Press Esc to cancel.