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Nigeria records N4.6 trillion worth of POS transactions in 7 months

By Hadiza Musa Yusuf

POS transactions in Nigeria jumped to N4.6 trillion in the first seven months of 2022.

The Nigeria Inter-Bank Settlement System (NIBSS) data shows a 29.3% increase over the N3.56 trillion recorded in 2021, and a staggering 90.3% increase over the same period in 2020.

The increase in both volume and value reflects how Nigerians are increasingly shifting away from cash payments in favor of electronic transactions, as well as the growth of online shopping in Nigeria.

Source: Tech Digest