The Nigeria Inter-Bank Settlement Support System (NIBSS) latest data has shown that Point of Sale (POS) transactions in Nigeria in the first two months of the year stood at N1.15 trillion, representing an 86 percent increase compared to N958.19 billion recorded in January 2021.
According to the data, POS transactions hit their highest levels for any two-month period, increasing by 86 percent and 45 percent compared to N1.15 trillion and N958,19 billion in 2022 and 2021.
In the first two months, the data also revealed that POS banking agents increased to 986,252, while registration increased to 955,234 which was deployed in January 2022, from that of 475,494 that was recorded in January 2021.
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The data paints a clear picture of the increased interest in POS as a means of transactions, especially with Nigeria’s continuous adoption of a cashless policy and the downsides of having to move around with cash and queue at the banking hall withdrawals and deposits.
Findings have shown that the business is highly profitable as some of these agents make an average of N20,000 to N100,000 daily, a great incentive for other young people to go into the business.
In a report, NIBSS disclosed that mobile is driving electronic payments in the nation. Accounting for 43 percent of total transactions in 2020, while 35 percent of transactions were with USSD, indicating 78 percent of total transfer transactions were carried out using mobile devices.
According to GSM Association, the global body for telecommunication companies, mobile money transactions hit more than $1tn in 2021.
It added that Nigeria and other countries in the Sub-Saharan region contributed N697.7bn to total mobile money value in 2021.
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