In the face of the naira scarcity that has enveloped Nigeria as a country, Point of Sale (PoS) transactions has increased by 40% in the month of January to jump to ₦807.16 billion.
The naira scarcity triggered by the redesign of three naira notes by the Central Bank of Nigeria’s (CBN) and the cash withdrawal policy implementation has seen PoS transactions grow by 40%. This growth translates to ₦233.44 billion.
This is a 40.69% year-on-year increase from the ₦573.72bn transactions that was done in January 2022.
Also Read: PoS Operators High Naira Charge: See How CBN Collude With EFCC
According to new data from the Nigeria Inter-Bank Settlement System, total cashless transactions in Nigeria rose by 45.41% Year-on-Year to ₦39.58tn in January 2023.
The NIBSS monitors cashless transactions through the Nigeria Instant Payment System and PoS terminals.
Total NIP transactions for the period rose by 45.52% Year-on-Year from ₦26.65tn as of January 2022 to ₦38.77tn as of January 2023.
The usage of electronic channels for transactions grew by 45.50% Year-on-Year from 438.48 million times to 638 million times in the period under review.
According to the NIBSS, there were 955,234 deployed PoS terminals in Nigeria as of January 2022.
