Volume Of PoS Transactions Falls By 2%

Findings in the electronic payment data from the Nigerian Interbank Settlement System have shown that the volume of Point of Sales (PoS) transactions fell Month-on-Month (MoM) by two per cent to 85.2 million in December 2022 from 86.7 million in November.

Also, the value of PoS transactions rose MoM by 8.8 per cent to N826.3 billion in December from N759.28 billion in November 2022.

NIBSS said that the volume of electronic bill transactions fell MoM by 19 per cent to 43.7 million from 54.02 million in November and its value declined by 45 per cent to    N117.08 billion from N213.5 billion in November.

Further analysis showed that the volume of Mobile Interscheme (Mobile transfers) rose MoM by 19.7 per cent to 105.17 million from 87.8 million in November. Its value increased by 18.5 per cent to    N2.49 trillion from N2.10 trillion in November.

The data also showed that the volume of NIBSS Instant Payment (NIP) rose MoM by 14 per cent to 561 million in December from 492 million in November and its value increased by 8.02 per cent to N42.02 trillion in December from N38.9 trillion in November.

The volume of electronic payment transactions rose MoM by 7.5 per cent to 1.14 billion in December 2022 from 1.06 billion in November 2022.

Similarly, the value of e-payment transactions increased MoM by 8.3 per cent to N46.09 trillion in December from N42.56 trillion in November. 

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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