NIBSS New data shows that PoS transactions in Nigeria grew by 65% despite recession

Despite the recession, the Nigeria Interbank Settlement System (NIBSS) has revealed that the country has recorded a significant increase in the value of transactions via PoS channels. According to the NIBSS, the value of PoS transactions increased by 65% to hit N651.37 billion between January and November 2016, compared to N395.05 billion recorded in the same period in 2015.

Per the latest figures released, November 2016 recorded the highest value of transactions with N81.15 billion worth of transactions carried out in that month alone. In the same month in 2015, only N40.25 billion worth of transactions were recorded.
Total of 13.46 million cheques worth N6.19 trillion were processed by banks in 2015  Total of 13.46 million cheques worth N6.19 trillion were processed by banks in 2015
(NIBSS)

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," said Ade Shonubi, CEO of NIBSS.
He added that the PoS reward scheme that was intriduced early last year, in partnership with the CBN, was obviously achieving the needed penetration it was set up for in the first place.

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