A record number of PoS transactions worth N1.41tn were carried out in Nigeria in 2017. This is according to statistics released by the Nigerian Inter-Bank Settlement System (NIBSS) via its website.
By virtue of the figures, the 2017 transactions were the highest value recorded since the introduction of PoS in 2012 by the Central Bank of Nigeria. The transactions were conducted on about 155,462 active Point of Sale terminals made available to retailers by mobile money merchants.
An analysis of the statistics indicated that the PoS transactions rose by 85.75 per cent from N0.758tn the country recorded in 2016 and that this payment system was used 1.46 million times in the past year. For 2017, December had the highest transaction valued at N167.58bn was while the lowest payment of N91.29bn was done in January.
These figures are a possible indication that the cashless policy of the Federal Government has gained better acceptance and that people are more willing to carry out cashless transactions. However, there have still been complaints of numerous issues associated with the use of PoS such as connectivity issues, unwanted deductions and debits.
It has also been observed that certain retailers charge customers as high as N100 for the use of PoS in their shops. Their reasons are that the banks also charge them excessively. This needs to be looked into so as not to discourage customers from the use of PoS. Similarly, certain merchants are averse to obtaining PoS systems and would rather customers do mobile transfers to their accounts which seem to be faster and easier.
The value of electronic bills payment also appreciated in 2017, recording the highest value of N550.75bn in the past three years. This is a 62.3 per cent increase in the value of transactions compared with N339.42bn recorded in 2016.