Economy
Payments via PoS Hit N651b in 2016
By Modupe Gbadeyanka
Data gathered from the Nigeria Interbank Settlement System Plc (NIBSS) has revealed that the value of transactions through point of sales (PoS) payments reached N651.37 billion despite the economic recession in Nigeria.
This, it said, increased significantly by 65 percent in 11 months.
The figure, which represents transactions from January to November 2016, almost doubles the N395.05 billion recorded in the corresponding period of 2015.
NIBSS data showed that with N81.15 billion, November 2016 recorded the highest value of transactions.
In November 2015, a total of N40.25 billion transactions were recorded. A breakdown of the value of PoS transactions in 2016 showed that in January, activities by individuals and corporates through this form of electronic payment system was N46.65 billion, whereas January 2015 was N31.8 billion.
All the months recorded significant increases over 2015. In February 2016, the value of transactions was N46.14 billion (N30.97 billion 2015); March 2016 was N51.96 billion (N33.54 billion 2015); April 2016 N53.28 billion (N34.63 billion in 2015).
In May 2016, the value was N55.29 billion (N35.93 billion). The N55.29 billion recorded in June 2016 was also much higher than the N34.01 billion recorded in 2015.
NIBSS data also showed an upward swing to N59.4 billion, in July. It was N35.84 billion in July 2015. Transactions in August last year totalled N64.11 billion, as against the N35.84 billion in August 2015; N66.44 billion as at September 2016, compared with the N39.61 billion recorded in the comparable month in 2015; and N71.81 billion in October 2016, up from the N41.25 billion it was as at October 2015.
The Central Bank of Nigeria (CBN) had introduced the cashless policy with a view to significantly reduce the volume of cash-based transactions and PoS was one of the tools to achieve this objective.
The policy was introduced for a number of key reasons, including to drive development and modernisation of the payment system in line with Nigeria’s vision 2020 goal of being amongst the top 20 economies by the year 2020.
This is because an efficient and modern payment system is positively correlated with economic development, and is a key enabler for economic growth.
The policy was also expected to reduce the cost of banking services (including cost of credit) and drive financial inclusion by providing more efficient transaction options and greater reach; improve the effectiveness of monetary policy in managing inflation and driving economic growth, as well as to curb some of the negative consequences associated with the high usage of physical cash in the economy.
As part of efforts to encourage Nigerians to widely make use of electronic payment systems, the Central Bank of Nigeria (CBN) had introduced an awareness campaign for electronic payment users. The scheme known as “Electronic Payment Incentive Scheme (EPIS)” was carried out by the CBN and the NIBSS.
The scheme’s primary focus was to reward users of electronic payments platforms in Nigeria and to further encourage greater usage of PoS and other e-payment channels.
The scheme also permitted merchants to provide cash back services to cardholders following a purchase. This served as an incentive for merchants to earn a fee for providing a value-added service cash-out services to customers following a purchase of goods/services from their stores.
Chief Executive Officer of NIBSS, Mr Ade Shonubi, had said the reward scheme was introduced to encourage people to use their cards at places other than the ATMs.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
