POS, instant payments transactions hit N97.32tn in 11 months

Transactions worth N97.32 trillion were executed by bank customers via the instant payment and Point of Sales (POS) platforms between January and November 2019 according to the latest report from the Nigerian Inter-Bank Settlement Scheme (NIBSS).

While transactions valued at N94.49 trillion were consummated via the instant payment platform, N2.832 trillion worth of transactions were carried out using the POS in the 11 month period.

The volume of instant payments executed during the period stood at 1.019 billion.

The size of NIP deals rose by 58% in the period from the 645.52 million posted in the same period of 2018.

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However, the NIP deals recorded a 31% increase in the value of transaction relative to the corresponding period of 2018, when N72.03 trillion worth of transaction was posted.

The month of November recorded the highest instant payments in both value and volume of the 11 months under review. In the said month, the NIP volume stood at 109.56 million while the value of transaction was N9.622 trillion.

Regarding POS payments, 392.48 million deals were reported in the 11 months, indicating 55% growth compared to the N253.96 million recorded in the same period of 2018.

Similarly, the value of the POS transactions increased by 38% from January to November 2019 relative to the corresponding period of 2018, when the value stood at N2.05 trillion.

The month of November posted both the highest value and volume of the 11 months. POS transactions reached N303.83 billion in November 2019 while POS volume peaked at 41.833 million.

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