According to data obtained from the Nigeria Interbank Settlement System, the value of Point of Sale transactions in Nigeria increased 39% to N8.03 trillion in 2022.
According to the statistics, N5.77 trillion was the expected value of all PoS transactions between July 2020 and July 2021. However, the number of transactions rose to N8.03 trillion between July 2021 and July 2022, representing a 39.16% rise in that time.
Between July 2020 and July 2021, there were 921.19 million PoS transactions; between July 2021 and July 2022, there were 1.20 billion.
The NIBSS reports that in just one month, in July 2022, there were 2.067 million PoS transactions, which was the most ever recorded.
Gabriel Idahosa, Deputy President of the Lagos Chamber of Commerce and Industry (LCCI), claims that a strong market and an increase in service provision were the main drivers of the recorded value of PoS transactions.
