Payment via POS hits NGN651.37 billion in 2016

pos

The idea of the POS (point of sale) payment has made transaction in banks, supermarkets, shopping mall very convenient for everyone.

According to data gathered from the Nigeria Interbank Settlement System Plc (NIBSS), the value of transactions through point of sales, PoS payments  increased significantly by 65% to NGN651.37 billion from January to November 2016, the figure which is almost doubled the NGN395.05 billion recorded same period in 2015 despite the hardship faced by the Nation. The breakdown of the POS transaction in 2016 in comparison to 2015 is as follows;

In January 2016, activities by individuals and corporates through this form of electronic payment system was NGN46.65 billion, compared to NGN31.8 billion recorded in January 2015.

In February 2016, the value of transactions was NGN46.14 billion  in contrast to NGN30.97 billion posted in  2015; March 2016 was NGN51.96 billion against NGN33.54 billion in 2015; April 2016  NGN53.28 billion compared to NGN34.63 billion in 2015. In  May 2016, the value was  NGN55.29 billion against NGN35.93 billion. The NGN55.29 billion recorded in June 2016 was also much higher than the NGN34.01 billion recorded in 2015.

NIBSS data also showed an upward swing to NGN59.4 billion, in July. It was NGN35.84 billion in July 2015. Transctions in  August last year totalled NGN64.11 billion, as against the NGN35.84 billion in August 2015; NGN66.44 billion as at September 2016, compared with the NGN39.61 billion recorded in the comparable month in 2015; and NGN71.81 billion in October 2016, up from the NGN41.25 billion it was as at October 2015. November 2016  NGN81.15 billion, November 2016 recorded the highest value of transactions of NGN81.15 billion against a total of NGN40.25 billion in November 2015.

The Central Bank of Nigeria (CBN) had introduced the cash-less policy with a view to significantly reduce the volume of cash-based transactions, and PoS was one of the tools to achieve this objective.

As part of efforts to encourage Nigerians to widely make use of electronic payment systems, the Central Bank of Nigeria (CBN) had introduced an awareness campaign for electronic payment users. The scheme known as “Electronic Payment Incentive Scheme (EPIS)” was carried out by the CBN and the NIBSS. The scheme’s primary focus was to reward users of electronic payments platforms in Nigeria and to further encourage greater usage of PoS and other e-payment channels.

The chief executive officer of NIBSS, Ade Shonubi, had said the reward scheme was introduced to encourage people to use their cards at places other than the ATMs.