Nigerians spent N92.2 billion for N4.61 trillion PoS transactions in seven months

Bank customers may have spent N92.2bn to use Point of Sale terminals in the first seven months of 2022.

The data from the Nigeria Inter-Bank Settlement System revealed that PoS transactions in the first seven months of the year totalled N4.61tn.

For withdraws or transactions between N1,000 to N5000 on PoS, about N100 fee is often charged.

This brings the total cost charged for PoS transactions within the period to about N92.2bn.

While PoS terminals are not just for withdrawal purposes, they also serve as payment gateways, with customers paying for commodities and bills with their cards.

Customers also pay about N100 for these transactions.

Data from the NIBSS also revealed that about 955,234 PoS terminals were deployed in the nation as of January 2022.

PoS terminals were launched to promote a cashless economy in the nation and aid payment in rural areas.

The growth of mobile money and PoS terminals is evidenced by ready availability as it has become the most accessible form of payment.