Breaking News: The total value of Point of Sale (PoS) transactions in Nigeria reached N6.23 trillion between January and July 2024, according to data released by the Nigeria Inter-Bank Settlement Systems (NIBSS). The report, made available to 9am News Nigeria, highlights a 7.5% decline in transaction value compared to the same period in 2023. This decrease suggests a shift in consumer behavior and a possible weakening of spending power across the general population.
Despite this overall decline, January 2024 saw a 5.3% increase in PoS transaction value, reaching N850 billion, compared to N807 billion recorded in January 2023. However, February 2024 recorded a sharp drop, with PoS transactions totaling N805 billion, an 8.9% decline from the N884 billion recorded in February 2023.
The downward trend continued in April 2024, which saw the largest decline of the period, with PoS transactions falling by 22.5% to N811.7 billion, compared to N1.04 trillion in April 2023. However, a recovery was noted in May 2024, when transaction values rebounded by 16%, totaling N868.5 billion.
In June 2024, PoS transactions fell slightly by 1.3% to N930.7 billion, compared to N943 billion in June 2023. A stronger performance was recorded in July 2024, with PoS transactions increasing by 8.9% to hit N1 trillion, surpassing the N923.3 billion recorded in July 2023.
While PoS transactions experienced a decline in nigeria, e-payment transactions which include PoS and all forms of electronic payments saw a significant rise. The report reveals that e-payments surged by 86.4% in the first half of 2024, reaching N566.4 trillion. This represents a substantial increase compared to the N303.5 trillion recorded in H1 2023.
July 2024 alone accounted for the highest volume of e-payment transactions, reaching N89.6 trillion, a significant jump from N47.4 trillion recorded in July 2023.
The growth in e-payments reflects Nigeria’s ongoing efforts to evolve into a cashless economy. As electronic transaction systems expand, PoS and other digital payment methods are being closely monitored as key indicators of economic behavior and consumer trends across the country.
With the continuous rise in e-payment transactions and the government’s push towards a cashless policy, the trajectory of Nigeria’s financial ecosystem is set for further transformation in the coming months.
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