Transactions hit the N35Bn mark in May

Reports have revealed that transactions over Point of Sale terminal (PoS) across the country recorded 49 percent rise over the past year, suggesting a growing acceptance of the use of online payments.

According to a report gathered from National Central Switch (NCS) being operated by Nigeria Inter-Bank Settlement System (NIBSS) the Payments Terminal Service Aggregator (PTSA) for the industry, the value of transactions recorded 49 percent increase from N24 billion in the June 2014 to N35 billion as at the end of May, 2015.

Also, the volume of transaction on the PoS machines stood at 1.6 million in June 2014, while in May 2015 it increased to 2.7 million representing a 60 percent increase.

In his reaction to the increase, Tunde Ogungbade, managing director, Global Accelerex, a PoS terminal services provider, attributed the increase to Central Bank of Nigeria (CBN) extension of cashless initiative across the federation.

“We anticipated more and believe that once other policies, such as those that promote cash deposits and withdrawals are rescinded, more consumers and merchants will move towards cashless commence which will lead to more growth.

In addition, merchants and consumers alike who have benefited from the impact of this convenience with business and lifestyle in Lagos, have evangelized such benefits to trading partners outside Lagos, further driving momentum. Major growth will be in urbanized commercial centers outside Lagos in the short run, but eventually, consumer demands will push adoption into the hinterland so I will not be surprised to see PoS terminals in the rural areas in the next 12-24 months,” he added.