Volume of PoS transactions hit 6 month low in August, as Nigerians spend less

Despite a 3.96 percent rise in registered Point of Sales (PoS)- terminals, Nigerians’ transaction volume fell to a six-month low in August.

According to data obtained from the Nigeria Interbank Settlement System (NIBSS) the volume of POS in August dropped to 75.55 million from 81.62 million recorded in the preceding month of July.

In fact the last time the volume of PoS transaction was lower than 75.55 million was in February 2021.

In March, the volume transacted was 80.95 million followed by 77.61 million in April, 79.07 million in May and 81.97 million in June.

The less volume can be interpreted as a decrease in the number of Nigerians with high spending capacity to conduct transactions.

This is unsurprising given the continuous devaluation of Naira and the country’s present economic situation, which has caused many Nigerians to become more frugal.

Similar to the volume, the value of PoS transactions also dropped by -8.9 percent in August to N504.8 billion from N554.6 billion recorded in July.

Read also: 19% failed PoS transactions attributed to customer errors

However, the value of PoS transaction in August represents a 3.19 percent increase from the N489.2trillion in January 2021.

NIBSS data also showed an increase in the number of deployed PoS terminal across in the country,

According to the data, PoS deployed terminal increased to 686.577 from 660.402 in July.

Other e-payments in August

Other e-payment transactions captured include Mobile transaction worth N791.4 billion an increase from N665.1 billion in July.

The data shows Nigerians transacted over N22.1 trillion instant payment transactions in August.

Transaction in August was 1.27 percent lower than for July which stood at 22.4 trillion.

Instant payment transactions in August also showed low spending by Nigerians as the volume of transactions dropped to 293.9 million from 294.3 million in July.

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