Business

PoS deals hit N3.2trn in 9 months

ATM withdrawals decline by 41%

 

 

EMBRACE

More Nigerians are embracing the use of PoS, leading to a steady rise in transaction value and volume

 

Bank customers in the country transacted businesses valued at N3.2 trillion over Point of Sales (PoS) terminals between January and September this year. This showed a 45 per cent increase when compared with N2.2 trillion recorded in the same period of last year.

 

With the increasing embrace of the electronic payment platform, the ninemonth transaction value has surpassed the N2.8 trillion recorded in the full-year 2019. Statistics released by the Nigeria Inter-bank Settlement Systems (NIBSS) showed that the e-payment channel continued to gain traction on a monthly basis as many Nigerians go cashless.

 

A breakdown of the monthly value of PoS transactions in the country shows that in January 2020, N313.43 billion worth of transactions were carried out over the PoS, an amount which is 41 per cent higher than the N222.92 billion recorded in January 2019.

 

In February 2020, the value grew by 69 per cent from N193.43 billion in 2019 to N326.03 billion. In March 2020, N368.86 billion worth of transactions were conducted, an amount which is 70 per cent

higher than the N217.46 billion recorded in the same month of 2019. By April, the value of transaction declined slightly to N272 billion, this was, however, higher than the N246 billion recorded in April 2019 by 11 per cent.

 

In May, transactions valued at N358 billion was recorded, a 39 per cent growth over N257.7 billion recorded in the same period last year.

 

The value of PoS transactions in June stood at N364.7 billion, which was 48 per cent higher than the N245.9 billion recorded in June 2019. In July, the value jumped to N416.7 billion, a 49 per cent growth over N279.5 billion recorded in the same period last year.

 

In July, PoS deals valued at N416.7 billion were recorded, a 49 per cent growth over N279.5 billion recorded in the same period last year. August transactions value stood at N386.4 billion, which was 31 per cent higher than N294 billion recorded in August 2019.

 

 

 

In September, transaction value rose to N404.9 billion, an increase of 42.8 per cent over N283.4 billion recorded in the previous year.

 

In terms of volume, the number of transactions also increased from 309 million recorded in the first nine months of last year to 440.9 million in the same period in 2020, which again, was higher than the 392.5 million volume recorded in the entire 2019.

 

Analysis of the monthly volume showed that in January, the total volume of PoS payments was 41.30 million; 46.07 million in February, and 52.25 million in March 2020. In April, the volume stood at 40.8 million while it increased to 48.3 million in May. By June, the transaction volume rose to 49.4 million, while 53.9 million was recorded in July. In August, PoS transactions volume stood at 50.7 million, while it rose to 58 million in September.

 

However, there is still a gap between the number of registered PoS and the number of deployed machines. According to NIBSS, 601,718 PoS had been registered as of September, but only 397,515 by the same month.

 

This showed that a total of 204, 203 terminals were either yet to be deployed or had become inactive as of September.

 

Meanwhile, the NIBSS data showed that there was a steep decline in the cash withdrawn over the Automatic Teller Machine (ATM) in the last nine months. According to the report, bank customers in the country withdrew a total of N140.3 billion between January and September this year.

 

This is N101.1 billion lower than N241.4 billion withdrawn in the same period of last year. This represented a 41.8 per cent decline in direct withdrawals.

 

According to industry analysts, fewer withdrawals mean that people are depending less on cash and are doing more through electronic payment or saving more.

 

 

 

 

NIBSS data showed that N 19.7 billion was withdrawn in January, while N 13.5 billion was taken in February. In March and April, banks’ customers withdrew N25.2 billion and N41.7 billion respectively.

 

The statistics revealed that N17.4 billion was withdrawn in May while the customers made N3.9 billion withdrawals in June. In July, August, and September, the value of the withdrawals stood at N3.3 billion, N6.8 billion, and N8.7 billion respectively.

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