Oyetunji Abioye
The Nigeria Inter-Bank Settlement System has disclosed that Points of Sale transactions increased by 54.3 per cent to N1.41tn in 2017 as more retail merchants embraced PoS as a means of transactions.
It stated in a report that PoS transactions in 2016 were worth N0.76tn, while in 2015, they were N0.45tn from N0.31tn in 2014.
The report read in part, “Transactions on PoS were impressive in 2017 setting a milestone of over N1.4tn in value in 2017. Furthermore, volume of transactions recorded a 92 per cent compound annual growth rate between 2014 and 2017. Volume of transactions was driven mostly by brick and mortar stores in the wholesale and retail sector.”
The NIBSS reported 146.27 million volume of PoS transactions in 2017 from 63.72 million in 2016.
Volume of transactions on PoS was 33.72 million in 2015; 20.82 million in 2014; 9.42 million in 2013; and 2.59 million in…
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