The Nigerian Interbank Settlement System Plc (NIBSS) has released its latest figures showing that Central bank of Nigeria’s cashless policy is gaining traction, especially in the last six months as Nigerians spent N1.01 trillion using the Point of Sales (PoS) terminals.
This is a far different from 2012 – 2017, when the number of transactions carried out via PoS was valued at N1.4 trillion.
A breakdown of the figure shows that that deals worth N152 billion were executed over the electronic platform in January, while N144 billion was recorded in February. In March and April, N177 billion and N172 billion were recorded respectively, while May and June recorded N189 billion and N181 billion respectively.
According to the report, the transactions were executed over 177,045 active terminals deployed by merchants across the country. However, the number of deployed PoS is still far below the number of registered PoS, which hit 208,537 in June, meaning that 31,492 registered PoS are yet to be deployed.