Business

Active PoS terminals in Nigeria hit 164,607 in February

Published

9 years ago

March 19, 2018

Figures from the Nigeria Inter-Bank Settlement Scheme NIBSS shows the total number of active Point of Sale PoS terminals in the country to be 164,607 as of the end of February.

The Industry statistics from NIBSS also reveal a total of 9,145 Point of Sales terminals were deployed for cashless transactions by banks across the country in the first two months of the year.

The volume of transactions on the e-payment platform also grew in relation to increasing number of terminals in circulation.

In January, the volume of transactions worth ₦152.099bn was carried out. This represents a 66.61 percent increase compared to the ₦91.29bn recorded in January 2017.

While in February 2018 as well, the value of transactions grew by 60.61 percent from ₦90.2bn in the previous year to ₦144.876bn this year. The surge in the deployment of the PoS across the country can be attributed to the high level of acceptance of electronic payment in the country.

Also, the security features on the cards have made it more acceptable. The payment cards used in Nigeria are better secured than those in other climes due to the absence of magnetic strip on them.

To boost the cashless policy initiative, the Central Bank of Nigeria (CBN) had earlier introduced a new policy on cash-based transactions which stipulates a cash handling charge on daily cash withdrawals that exceed ₦500,000 for Individuals and ₦3,000,000 for corporate bodies.

The new policy on cash-based transactions (withdrawals) in banks, aimed at reducing the amount of physical cash (coins and notes) circulating in the economy, and encourage more electronic-based transactions for payments for goods, services, transfers, in the country.

NIBSS has undergone several changes by investing in modern world-class infrastructures for handling inter-bank payments thereby removing the bottlenecks associated with inter-bank funds transfer and settlement.

The company also operates the Nigeria Automated Clearing System (NACS) which facilitates the electronic clearing of cheques and other paper-based instruments, electronic funds transfer, Automated Direct Credits and Automated Direct Debits.