Nigeria witnessed a significant increase in the utilisation of point of sales transactions made in the country in the first half of 2021.
iBrandTV gathered that the total volume of transactions in the period stood at 462.11 million, which amounted to a sum of N3.01 trillion.
This is according to the report released by the Nigeria Inter-Bank Settlement System (NIBSS) for the month of June 2021.
This represents a 50% increase compared to N2 trillion recorded in the corresponding period of 2020 and a 10.3% increase against N2.72 trillion recorded in the second half of 2020. The increase in the value of POS transactions in Nigeria shows the spending patterns of Nigerians and payment preferences as compared to cash payments.
Value of POS transactions increased by 10.3% in H1 2021 from N2.72 trillion recorded in H2 2020 to N3.01 trillion in the review period.
However, the value of transactions has been on a steady decline since March 2021, when it hit its peak. In the month of June 2021, POS transactions declined marginally by 0.01% from N503.96 billion to N503.91 billion.
The volume of POS transactions stood at 462.11 million in the review period, representing a 66% year-on-year increase compared to 278.28 million transacted in H1 2021.
It is worth noting that on a month-on-month comparison, transactions through POS terminals rose from 79.07 million in May 2021 to 81.97 million in June 2021. It also reflects a massive surge when compared to 49.42 million transactions recorded in the corresponding period of 2020.
A cursory look at the data revealed that the current value of POS transactions in Nigeria represents the highest on record since 2017. In the same vein, another electronic payment channel, NIBSS Instant Payment (NIP) systems also rose to its highest on record in H1 2021, from N97.29 trillion in H2 2020 to N123.38 trillion in the current review period.