Volume of PoS Transactions Rises by 123% in Four Years

The Volume of Point of Sale (PoS) transactions grew at a compound annual growth rate (CAGR) of 123 per cent between 2012 and 2016, a report by the Nigeria Inter-Bank Settlement System Plc, has shown.

Precisely, the report developed by the NIBSS’ Enterprise Intelligence Unit, put the total volume of PoS transactions at the end of 2016, at 63.72 million.

It also showed that at N759billion, the value of PoS transactions as at December 2016 was 69 per cent more than that of 2015.

The total registered PoS terminal as at the end of last year was 137,046, while the industry had a total of 552,748 unique cards. In the same vein, there were 109,916 deployed and connected terminals as at the period under review, just as the country had 78,615 and 69,865 active termals and active merchants respectively.

But the number of unique cards that performed transactions in 2016, increased by 12per cent, compared with 2015, according to the report. Also, it showed that one-third of transactions on PoS were consummated amongst retail merchants.

According to the report, Lagos, with 32.7 million recorded the highest volume of PoS transactions as at the end of 2016. The state was followed by the federal capital city, Rivers, Oyo, Ogun, Abia, Delta, Edo, Enugu and Imo, with 6.8 million, 5.1 million, 2.2 million, 2.1 million, 1.8 million, 1.3 million, 1.2 million, 900,000 and 900,000, in that order.