The number of Point of Sales (PoS) machines deployed by merchants and individuals across Nigeria rose to 3.04 million in July this year. The Nigeria Inter-Bank Settlement System (NIBSS) disclosed this in its latest electronic payment data. This represents a…
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…
By Matthew Denis The Central Bank of Nigeria (CBN) has announced new directives for Payment Service Providers (PSPs). Effective immediately, all transactions conducted through Point of Sale (PoS) terminals—whether at physical or electronic locations—must be routed through a CBN-approved Payment…
By Matthew Denis The Central Bank of Nigeria (CBN) has announced new directives for Payment Service Providers (PSPs). Effective immediately, all transactions conducted through Point of Sale (PoS) terminals—whether at physical or electronic locations—must be routed through a CBN-approved Payment…
The prevalence of fraud and forgery in Nigeria’s payment system has shown a significant shift in the first quarter of 2024, with Point-of-Sale (POS) transactions experiencing the highest increase in fraudulent activities. According to the Fraud and Forgeries Report in…
Point-of-Sale (POS) transaction values witnessed a downturn in Nigeria for the first quarter of 2024, registering a N225.73 billion drop when compared to the corresponding quarter of the previous year. This significant decline marks a 7.94 percent fall in the…
When the Central Bank of Nigeria (CBN) introduced the Point Of Sales(POS) in 2013 in Nigeria, though there was initial skepticism by the citizens of the efficacy of the device, people later embraced it after a series of sensitisations. People did…
The Inspector-General of Police (IGP), Kayode Egbetokun, has issued a ban on the use of electronic payment devices within police stations and other police facilities across the country. This was contained in a statement issued by the Force Public Relations…
Two POS operators in court for allegedly stealing over N2m Two men, Marcus Olaitan and Ajibade Adeolu, were on Monday arraigned before an Ikeja Chief Magistrate’s Court for allegedly stealing over N2 million from a First bank Automated Teller…
The Federal Competition and Consumer Protection Commission (FCCPC) says its investigations into the Point of Sale (PoS) operators service charge price increase is not a collaborative or cordinated approach. Mr Babatunde Irukera, the Executive Vice Chairman of the Commission, said…
