Nigerians Execute N6.05trn Transactions Via PoS in Nine Months

Image

By Adedapo Adesanya

According to the Nigeria Inter-Bank Settlement System (NIBSS), in the last nine months of the year, Nigerians carried out financial transactions worth N6.05 trillion via the Point of Sales (PoS) machines, which is almost the same amount recorded in the full year 2021, which stood at N6.4 trillion.

In its latest report for September, NIBSS said transactions on the various PoS terminals climbed to N735.6 billion, adding that the volume of transactions via PoS went up by 14 per cent year-on-year to 100.4 million in September 2022.

These transactions, according to NIBSS’ statistics, were carried out over 1.484 million active terminals deployed by merchants across the country. This means that in the last nine months, a total of 568,488 additional PoS terminals have been added as the number of deployed machines stood at 915,519 as of December 2021.

However, there is still a gap between the number of registered PoS and the number of deployed machines. According to NIBSS, a total of 2.164 million PoS machines had been registered across the country as of September this year, which showed that a total of 680,991 terminals are either yet to be deployed or have become inactive.

The massive adoption by merchants for receiving payments has contributed to the growth of PoS transactions in Nigeria.

PoS is also bridging the gap created by the shortage of Automated Teller Machines (ATMs) deployed by banks, as many Nigerians now withdraw through PoS agents.

The profitability of PoS transactions for both banks and vendors has bolstered the growing deployment of PoS. The customers often bear the transaction costs, creating profit for the POS operator and the bank.

The report also showed that transactions worth N32.8 trillion were performed electronically in September through the NIBSS Instant Payment platform (NIP), bringing the total value of e-payment deals in the last nine months to N271.5 trillion.

The NIP is an account-number-based, online real-time Inter-Bank payment solution developed in 2011 by NIBSS. The Nigerian financial industry’s preferred funds transfer platform guarantees instant value to the beneficiary.

According to NIBSS, year on year, the e-payment value increased by 39.5 per cent compared with the N23.5 trillion recorded in September 2021. The September 2022 figure was, however, a 1.2 per cent decline compared with the value of electronic payment transactions recorded in the country in August, which stood at N33.2 trillion.

Share
Related Stories
Image
29-February-2024

EnjoyCorp Buys Heineken’s Stake in Champion Breweries

By Adedapo Adesanya EnjoyCorp Limited, a holding company established for food, beverage and hospitality brands, has reached an agreement with Heineken B.V., to acquire its entire shareholding in The Raysun Nigeria Company Limited. The firm holds an 86.5 per cent stake in Champion Breweries Plc, a leading regional brewer listed on the Nigerian Exchange (NGX) Limited. The proposed transaction is subject to obtaining requisite regulatory approvals and the parties expect to close the transaction in the second quarter of this year (Q2 2024). EnjoyCorp intends to keep Champion Breweries Plc listed on the NGX. Heineken will continue to support Champion

Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

Image
01-March-2024

How to Protect Your Crypto From Scams, Hacks

In 2023, it is estimated around $2 billion was lost by investors to scams, rug pulls and hacks. Although the technology is becoming more secure and stable and many users are more aware of the tricks used to steal assets, there are still ways for thieves to extract your crypto if you aren’t careful.   Experts at Smart Betting Guide have provided a guide on the best ways to keep your crypto safe in 2024.  1. Do not store your password and seed phrase on the Cloud   For many people, the best and most convenient way to access crypto is through

Image
29-February-2024

Nigeria Needs Policies that Prioritize Economic Recovery—Peter Obi

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has raised concerns over the recent decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate (MPR) to 22.5 per cent and the Cash Reserve Ratio (CRR) to 45 per cent. Mr Obi warned that this move is likely to worsen the ongoing economic challenges faced by many Nigerian households, and emphasized the need for policies that prioritize economic recovery. In a statement issued via X (formerly Twitter), the businessman and former

More Stories
Image
12-May-2023

Stakeholders Suggest Ways to Fast-track Growth of Impact Investing in Nigeria

By Modupe Gbadeyanka The Nigerian government has been advised to formulate strong policies and incentives to attract more impact investments in the country. These and other recommendations were given at a stakeholder validation workshop organised by the Nigerian National Advisory Board for Impact Investing (NABII) in partnership with the Nigerian Economic Summit Group (NESG). The event was themed Investing for Impact in Nigeria: A deep dive into Agriculture, Education and Health Sectors, and it was aimed at unlocking the country’s impact investing potential with a focus on the agriculture, education and health sectors. The initiative was made possible with support

Image
30-March-2021

Five Win in Heritage Bank’s YNSPYRE, CREAM Platform Promo

By Modupe Gbadeyanka Five fresh winners have emerged in the monthly draw organised by Heritage Bank and CREAM Platform under the YNSPYRE Initiative. The event took place last Friday in Abuja in the presence of officials of the financial institution and the premiere creative reward platform in Nigeria. The Heritage Bank’s YNSPYRE Initiative rewards subscribers who dial the *745*463# code with lots of cash and other prizes. The winners went home with N200,000 each, while a popular artiste in the country, Mr Oladapo Oyebanjo, otherwise known as D’Banj, promised to fully support their businesses and passion. Some of those that

Image
11-April-2022

Share Price of Meyer Surges 56.94% in One Week

By Dipo Olowookere The share price of Meyer Plc witnessed an appreciation of 56.94 per cent last week on the floor of the Nigerian Exchange (NGX) Limited, closing at N1.13 compared with the 72 kobo it traded a week earlier. It was one of the 33 stocks that appreciated in price in the week, higher than the 20 stocks that grew in value in the previous week. Other price gainers in the five-day trading week were Regency Assurance, which rose by 19.35 per cent to 37 kobo; Conoil, which expanded by 16.85 per cent to N26.00; NAHCO, which jumped by

Image
09-December-2022

ASEA Elects Popoola as Executive Committee Member

By Aduragbemi Omiyale The chief executive of the Nigerian Exchange (NGX) Limited, Mr Temi Popoola, has been elected as an executive committee member of the African Securities Exchanges Association (ASEA). His election into the team was at the association’s Annual General Meeting and Conference held in Abidjan, Cote D’ Ivoire, on December 7, 2022. Also elected at the event was the CEO of the Botswana Stock Exchange, Thapelo Tsheole as the president and the CEO of the Rwanda Stock Exchange, Pierre Celestine Rwabukumba, as the Vice President of ASEA. ASEA is the continent’s prime association of securities exchanges, established in

Image
11-August-2016

Nigeria Confirms Polio Outbreak In Borno

Minister of Health, Professor Isaac Adewole, has confirmed an outbreak of wild polio virus (WPV) in Borno State. This comes barely a year after Nigeria was declared a polio-free country. Business Post recalls that on September 25, 2015, the World Health Organization (WHO) declared that Nigeria was free of polio disease. But on Thursday, Prof Adewole confirmed that the resurfaced polio outbreak has affected two children from Gwoza and Jere Local Government Areas (LGA) of the State. According to the Minister, this discovery was as a result of strengthened surveillance due to improved accessibility which has been made possible by

Image
25-March-2022

CBN Seeks Support for PAVE Initiative to Boost Local Patronage, Exports

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has called for the support of the Produce, Add Value and Export (PAVE) initiative which is expected to boost Nigerian consumption and export of local products. This call was made by the apex bank governor, Mr Godwin Emefiele, who further said the PAVE initiative is akin to South-East Asia’s much referenced export-led industrialization policy which changed the economic fortunes of countries such as South Korea, Taiwan, Malaysia and Singapore. Delivering a virtual message in Akure, Ondo State at the 32nd Seminar organised by the CBN for Finance Correspondents and Business Editors

Image
19-December-2022

Prospect of Wagner’s Growing Influence in Africa Worries Western Powers

By Kestér Kenn Klomegâh Some Western powers, including France, have expressed serious concerns over the prospect of a private military contractor with close ties to the Kremlin, the Wagner group, cementing its influence in Africa. At the recently-concluded US-Africa Leaders’ Summit in Washington, DC, the President of Ghana, Mr Nana Akufo-Addo, made a genuine claim about neighbouring Burkina Faso during the panel discussions on Peace, Security and Governance in Washington. Speaking about the growing violence linked to al-Qaida and the Islamic State group in the west African region, Mr Akufo-Addo alleged that Burkina Faso allocated a mine to the Wagner Group

Image
28-May-2021

Brent Nears $70 as Market Clutches to Positive Data

By Adedapo Adesanya The Brent crude neared $70 per barrel on Thursday, May 27 as positive data from the United States eased recent worries about a potential addition of Iranian oil to the market. During the session, the price of the international crude benchmark increased by 33 cents or 0.48 per cent to trade at $69.79 per barrel, while the United States crude benchmark, West Texas Intermediate (WTI), rose by 34 cents or 0.51 per cent to sell at $67.19 per barrel. Data from the world’s largest economy and highest oil-consuming nation, the US, showed that the economy is improving.

Ad
Ad
Recent Stories
Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods