Spread the love

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.

Share.

About Author

Adaora is the founder of Techcultureng.com. When she is not trying to save the world, she loves to write and rock her heels.

97 Comments

  1. I just want to tell you that I am just very new to blogging and site-building and truly liked this website. Very likely I’m want to bookmark your site . You really come with amazing article content. With thanks for sharing with us your website.

  2. I’m impressed, I have to admit. Actually rarely do you encounter a weblog that’s both educative and entertaining, and without a doubt, you could have hit the nail around the head. Your idea is outstanding; the pain is something there are not enough individuals are speaking intelligently about. I’m very happy that I came across this within my seek out something with this.

  3. Good day! This post could not be written any better! Reading this post reminds me of my good old room mate! He always kept chatting about this. I will forward this page to him. Fairly certain he will have a good read. Thank you for sharing!

  4. An impressive share! I have just forwarded this onto a colleague who was conducting a little research on this. And he actually bought me lunch due to the fact that I found it for him… lol. So allow me to reword this…. Thanks for the meal!! But yeah, thanks for spending some time to discuss this topic here on your internet site.

  5. I have discovered some important things through your site post. One other thing I would like to talk about is that there are several games available and which are designed particularly for toddler age little ones. They involve pattern identification, colors, family pets, and models. These typically focus on familiarization as opposed to memorization. This helps to keep children engaged without feeling like they are studying. Thanks

  6. After I initially left a comment I appear to have clicked on the -Notify me when new comments are added- checkbox and from now on every time a comment is added I recieve four emails with the same comment. Is there a way you can remove me from that service? Kudos.

  7. Everything is very open with a clear clarification of the issues. It was definitely informative. Your website is useful. Thank you for sharing!

  8. Greetings! Very helpful advice in this particular article! It is the little changes which will make the most significant changes. Thanks for sharing!

  9. Hi, I do think this is an excellent website. I stumbledupon it 😉 I am going to revisit once again since I book marked it. Money and freedom is the best way to change, may you be rich and continue to guide other people.

  10. I merely hope to share it with you that I am new to putting up a blog and pretty much admired your work. Very possible I am likely to store your blog post . You certainly have stunning article material. Get Pleasure From it for expressing with us all of your blog post

  11. An outstanding share! I have just forwarded this onto a friend who has been doing a little research on this. And he in fact ordered me breakfast due to the fact that I found it for him… lol. So let me reword this…. Thanks for the meal!! But yeah, thanx for spending time to discuss this topic here on your website.

  12. Hello there! This article could not be written any better! Going through this article reminds me of my previous roommate! He always kept preaching about this. I am going to forward this post to him. Fairly certain he’s going to have a very good read. Thank you for sharing!

  13. I have not checked in here for some time since I thought it was getting boring, but the last several posts are good quality so I guess I’ll add you back to my everyday bloglist. You deserve it my friend 🙂

  14. After checking out a number of the blog posts on your site, I honestly like your way of writing a blog. I bookmarked it to my bookmark site list and will be checking back in the near future. Take a look at my web site too and let me know how you feel.

  15. You’re so cool! I don’t suppose I’ve truly read through a single thing like that before. So good to find somebody with unique thoughts on this subject matter. Seriously.. thanks for starting this up. This website is one thing that is required on the internet, someone with a bit of originality.

  16. When I initially left a comment I seem to have clicked on the -Notify me when new comments are added- checkbox and from now on every time a comment is added I get four emails with the same comment. Perhaps there is a means you can remove me from that service? Appreciate it.

  17. I simply desire to notify you that I am new to writing a blog and utterly admired your work. Very likely I am inclined to remember your blog post . You literally have amazing article content. Acknowledge it for sharing with us your favorite url webpage

  18. An intriguing discussion deserves remark. I assume that you should write much more on this subject, it could not be a frowned on subject yet usually individuals are inadequate to talk on such topics. To the next. Thanks

  19. When I initially commented I seem to have clicked on the -Notify me when new comments are added- checkbox and now each time a comment is added I recieve four emails with the exact same comment. Is there a way you are able to remove me from that service? Thanks a lot.

  20. Hello there! This article couldn’t be written any better! Looking at this post reminds me of my previous roommate! He continually kept preaching about this. I will send this post to him. Pretty sure he’ll have a good read. Thanks for sharing!

  21. Hi, I do think this is an excellent site. I stumbledupon it 😉 I will revisit yet again since I book-marked it. Money and freedom is the best way to change, may you be rich and continue to help others.

  22. Heya there, just turned aware about your website through yahoo, and have found that it is genuinely interesting. I will take pleasure in should you maintain this post.

  23. Aw, this was an exceptionally good post. Taking a few minutes and actual effort to produce a really good article… but what can I say… I put things off a lot and never manage to get nearly anything done.

  24. One more issue is that video gaming became one of the all-time main forms of entertainment for people of every age group. Kids have fun with video games, plus adults do, too. The actual XBox 360 is amongst the favorite video games systems for people who love to have a huge variety of video games available to them, along with who like to experiment with live with other people all over the world. Thank you for sharing your notions.

  25. I really intend to tell you that I am new to online blogging and absolutely loved your information. Very possible I am probably to save your blog post . You undoubtedly have stunning article information. Acknowledge it for giving out with us your internet site report

  26. This is a great tip particularly to those fresh to the blogosphere. Brief but very accurate information… Thanks for sharing this one. A must read post!

  27. Might be nearly impossible to come across well-updated men and women on this content, but you appear like you comprehend whatever you’re writing on! With Thanks

  28. Greetings there, just turned alert to your blogging site through Google, and discovered that it’s really helpful. I’ll be grateful if you persist such.

  29. Hi! This is my first visit to your blog! We are a team of volunteers and starting a new initiative in a community in the same niche. Your blog provided us valuable information to work on. You have done a extraordinary job!|

  30. I simply could not leave your website prior to suggesting that I extremely enjoyed the standard information an individual supply to your visitors? Is going to be again steadily in order to check out new posts|

  31. I just want to tell you that I’m beginner to blogging and actually enjoyed this blog site. Likely I’m planning to bookmark your site . You actually have wonderful well written articles. Thanks a bunch for sharing with us your webpage.

  32. Wonderful post. I learn something much more challenging on various blog sites day-to-day. It will always be promoting to review material from various other authors as well as exercise a little something from their shop. I?d like to utilize some with the material on my blog whether you don?t mind. Natually I?ll give you a web link on your web blog. Many thanks for sharing.

  33. I was extremely delighted to find this web-site. I wished to thanks for your time for this remarkable read!! I absolutely delighting in every bit of it and also I have you bookmarked to check out brand-new stuff you article.

  34. Hi there just wanted to give you a quick heads up. The words in your content seem to be running off the screen in Safari. I’m not sure if this is a format issue or something to do with browser compatibility but I figured I’d post to let you know. The design look great though! Hope you get the issue fixed soon. Cheers|

  35. When I originally commented I clicked the -Inform me when brand-new comments are included- checkbox and now each time a remark is added I get 4 emails with the very same comment. Exists any way you can eliminate me from that solution? Many thanks!

  36. each time i used to read smaller articles or reviews that as well clear their motive, and that is also happening with this paragraph which I am reading here.|

  37. What i do not realize is if truth be told how you are no longer really much more neatly-favored than you may be right now. You’re very intelligent. You understand thus significantly in relation to this matter, made me individually imagine it from a lot of varied angles. Its like men and women aren’t involved except it’s something to accomplish with Woman gaga! Your personal stuffs nice. At all times maintain it up!|

  38. I?d need to get in touch with you below. Which is not something I generally do! I take pleasure in checking out a message that will certainly make individuals believe. Also, thanks for permitting me to comment!

  39. Good morning here, just started to be conscious of your web page through yahoo, and realized that it is really educational. I will appreciate in the event you continue on this.

  40. Howdy would you mind stating which blog platform you’re working with? I’m going to start my own blog soon but I’m having a tough time making a decision between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your design seems different then most blogs and I’m looking for something unique. P.S My apologies for being off-topic but I had to ask!|

  41. A person essentially assist to make significantly articles I might state. That is the very first time I frequented your website page and thus far? I amazed with the analysis you made to make this particular post amazing. Fantastic task!|

  42. Heya i am for the first time here. I came across this board and I find It really useful & it helped me out a lot. I hope to give something back and help others like you aided me.|

  43. You can even take pictures with the headphone cord. To begin, frame the picture you would like to take. When you are ready to take the photograph, press on the cord’s button. This will take the photo. Save the picture as you normally would.

  44. What’s Happening i am new to this, I stumbled upon this I have found It absolutely helpful and it has helped me out loads. I am hoping to give a contribution & aid different customers like its aided me. Great job.|

  45. Heya i’m for the first time here. I came across this board and I find It really useful & it helped me out a lot. I hope to give something back and help others like you aided me.|

  46. Hello! Someone in my Facebook group shared this website with us so I came to look it over. I’m definitely loving the information. I’m bookmarking and will be tweeting this to my followers! Great blog and wonderful design.|

  47. Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point. You obviously know what youre talking about, why waste your intelligence on just posting videos to your weblog when you could be giving us something informative to read?|

  48. You’re so interesting! I don’t suppose I’ve read something like this before. So great to discover someone with a few genuine thoughts on this topic. Really.. thanks for starting this up. This site is one thing that is required on the internet, someone with a bit of originality!

Leave A Reply