PoS transactions hit N6.23trn in seven months

The value of Point of Sale transactions in Nigeria totalled N6.23 trillion between January and July 2024, according to data from the Nigeria Inter-Bank Settlement System.

This was a 7.4 percent decline compared to the N6.79 trillion recorded in the same period in 2023, reflecting changes in consumer behaviour and spending patterns.

A breakdown of the NIBSS data shows that PoS transactions increased by 5.3 percent in January to N850.09 billion, up from N807.16 billion in the corresponding month of 2023.

However, February declined to N805.05 billion, down 8.9 percent from N883.4 billion in February 2023. March saw a sharp 16.5 percent drop, with transactions falling to N961.86 billion from N1.15 trillion in March of the previous year.

The downward trend continued in April, with PoS transactions dropping by 22.3 percent to N811.78 billion, compared to N1.04 trillion in April 2023. However, May reversed the trend, with transactions increasing by 16.1 percent year-on-year to N868.6 billion.

It declined in June, with PoS transactions dipping 1.3 percent to N930.76bn, down from N943.38bn in June 2023. However, PoS transactions in the country picked up again in July, rising by 8.9 percent to N1 trillion, compared to N923.32 billion in July 2023.

E-payment transactions in the country jumped by 86.44 percent to N566.3 trillion in the first half of 2024 from N303.6 trillion in the same period last year.

The data showed that July saw the highest transaction value, totalling N89.5 trillion, compared to N47.39 trillion in July 2023.