The Nigeria Inter-Bank Settlement System (NIBSS) reports that Point of Sale (PoS) transactions in Nigeria added up to N6.23 trillion from January to July 2024. This is a 7.4% drop from the N6.79 trillion recorded during the same months in 2023.
NIBSS data shows that PoS transactions varied during this time. In January, transactions went up by 5.3% to N850.09 billion, but in February, they fell by 8.9% to N805.05 billion. March saw a big 16.5% decrease to N961.86 billion, followed by a 22.3% drop in April to N811.78 billion.
But, transactions picked up again in May, rising by 16.1% compared to the previous year to N868.6 billion. In June, there was a small decline of 1.3% to N930.76 billion, but July saw a strong 8.9% increase to N1 trillion.
Interestingly, Nigeria’s e-payment transactions jumped 86.44% to N566.3 trillion in the first half of 2024, with July having the highest transaction value at N89.5 trillion.
