The value of transactions made through mobile banking and point-of-sale (PoS) terminals between January and September of this year increased 89.7 percent to 9.69 trillion naira from 5.11 trillion naira recorded over the same period of 2020, indicating an increase in the adoption of electronic channels.
In particular, the use of inter-system mobile money channels increased the volume of transactions on the channel by 113.8% while the value of transactions climbed 167.25%. This has been shown by the latest data
According to data released yesterday by the Nigerian Inter Bank Settlement System (NIBSS), the volume of transactions on the inter-system mobile money channel between January and September of this year was 118.69 million compared to 88.24 million. registered during the nine-month period of 2020..
Likewise, the value of on-chain transactions rose to 5.07 trillion naira in the nine-month period of 2021, from 1.89 trillion naira recorded in the same period of 2020.
Mobile money transactions also peaked in September, with transaction volume rising to 26.9 million from 26.63 million in August, while transaction value reached 771.87 billion naira. last month against 719.42 billion naira recorded the previous month. .
PoS terminals recorded a volume of 706.94 million between January and September 2021. This is an improvement of 60.35% compared to 440.86 million transactions carried out through the channel in 2020. The value of transactions consumed on the channel during the period under review also increased to N4. 62 trillion compared to the 3.21 trillion N recorded in 2020.
Meanwhile, the value of point-of-sale transactions in the country for the month of August 2021 had fallen to N504.88 billion from N554.67 billion recorded in July, while it increased slightly from N503.91 billion made in June 2021..
The value and volume of transactions via PoS terminals peaked in September at 87.7 million and 556.36 billion naira, respectively, with the number of terminals deployed rising to 710,359 compared to 686,577, that it was in August.
The number of terminals deployed in August 2021 increased by 4% to 686,577 against 660,402 recorded the previous month, while it has increased by 49.5% since the start of the year.
The volume of PoS transactions is driven by the increased penetration of PoS agents which have opened stores in almost all regions of the country. With PoS agents earning between 20,000 and 100,000 N per day.
With a total of 4.06 trillion naira of POS transactions completed so far in the year, transactions on the PoS channel for 2021 could double what was recorded at the end of last year. NIBSS data shows that N 1.41 trillion, N 2.32 trillion, N 3.2 trillion and N 4.73 trillion were recorded in 2017, 2018, 2019 and 2020 respectively.