Data from the Nigeria Inter-Bank Settlement System shows that between January and July 2024, the value of point-of-sale transactions in Nigeria was N6.23 trillion.
This represents a 7.4% decrease from the N6.79 trillion reported during the same period in 2023, which is indicative of shifting consumer spending and behavior. According to a breakdown of the NIBSS statistics, PoS transactions rose from N807.16 billion in the equivalent month of 2023 to N850.09 billion in January, a 5.3% rise.
But from N883.4 billion in February 2023 to N805.05 billion in February 2023, that is an 8.9 percent reduction. Transactions in March fell to N961.86 billion from N1.15 trillion in the same month last year, a dramatic 16.5 percent decline.
With PoS transactions falling by 22.3 percent to N811.78 billion in April compared to N1.04 trillion in April 2023, the declining trend persisted. The trend was reversible in May, when transactions increased to N868.6 billion, a 16.1% annual increase.
PoS transactions fell 1.3% to N930.76 billion in June 2023, from N943.38 billion in June 2023. But in July 2023, PoS transactions in the nation increased once more, jumping 8.9 percent to N1 trillion from N923.32 billion in July 2023.
According to an earlier report by THE NEWS CHRONICLES, the amount of e-payment transactions in the nation increased from N303.6 trillion to N566.3 trillion in the first half of 2024, an increase of 86.44 percent.
According to the data, the biggest transaction value occurred in July 2023, totaling N89.5 trillion, as opposed to N47.39 trillion in July 2023.
