Nigeria has recorded significant increase in the value of transactions through point of sales (PoS) channels, the value repoertedly increased significantly by 65 per cent to N651.37 billion between January and November 2016, compared with the N395.05 billion recorded in the corresponding period of 2015, data gathered from the Nigeria Interbank Settlement System Plc (NIBSS) revealed.
According to the latest figures released, the 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. In January 2016, value of electronic payment system was N46.65 billion, whereas January 2015 was N31.8 billion.
Also, while in February 2016, the value of transactions was N46.14 billion (N30.97 billion as at February 2015); March 2016 was N51.96 billion (N33.54 billion as at March 2015); April 2016 was also N53.28 billion (N34.63 billion as at April 2015); May 2016 was also N55.29 billion (N35.93 billion as at May 2015); and N55.29 billion was recorded in June 2016 (N34.01 billion as at June 2015).
In addition, the NIBSS data revealed that the value of PoS transactions continued its upswing in July last year, when it climbed further to N59.4 billion, as against the N35.84 billion recorded in the comparable month of 2015; PoS transactions increased further in August last year to N64.11 billion, as against the N35.84 billion it attained 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. As stated earlier, November 2016 recorded the highest value of transactions with N81.15 billion, as against the N40.25 billion recorded in November 2015.
Chief executive officer of NIBSS, Ade Shonubi, had said the reward scheme was introduced to encourage people to use their cards at places other than the ATMs.
“The scheme was put in place to encourage people to use their cards at merchants. People are more used to using their cards at ATMs and we need to encourage them to use it in places other than ATMs. There are two ways to drive it, either the merchants are tracked or the card users themselves want to use it.”
