POS transactions contributes 29.3% growth , strike 4.6 million in seven month ( Nairametrics)

Between January and July 2022 there was a significant increase in the amount of cashless transactions conducted through Nigeria Point of Sales, reaching N4.6 trillion. The amount reflects a 29.3% increase over the N3.56 trillion registered in the same period of 2021 and a 90.3% increase over the value of POS transactions in 2020 according to data from the Nigeria Inter Bank Settlement System (NIBSS). Additionally, during the same period, the number of transactions increased by 25% year over year from N543.7 million to N679.8 million. This increase demonstrates how cashless transactions are becoming more and more common in Nigerian commerce. In the past five years POS transactions have become the favored method of sending and occasionally receiving cash.