Nigerians conducted ₦85.9 trillion in Point-of-Sale (POS) transactions during the first half of 2024, according to the Central Bank of Nigeria’s (CBN).
The data, released as part of the apex bank’s quarterly statistical bulletin, also highlighted growth across multiple electronic payment platforms. POS terminals processed 6.4 billion payments between January and June, demonstrating an increase in both transaction volume and value compared to previous periods.
Mobile payments recorded 3.49 billion transactions processed during the same period. These transactions totaled ₦159.4 trillion, showing the growing preference for mobile devices in facilitating financial transactions. Internet-based payments, often referred to as WEB Pay, contributed ₦825.5 trillion in value from 11.64 billion transactions.
CBN: POS transactions rise as cheques post steady decline
Mobile payments recorded 3.49 billion transactions processed during the same period. These transactions totaled ₦159.4 trillion, showing the growing preference for mobile devices in facilitating financial transactions. Internet-based payments, often referred to as WEB Pay, contributed ₦825.5 trillion in value from 11.64 billion transactions.
The NIBSS NEFT (Nigeria Inter-Bank Settlement System Electronic Funds Transfer), a service that allows customers to transfer funds between banks, facilitated 44,828,568 transactions with a total value of ₦366.07 billion in the first half of 2024, according to the Nigeria’s apex bank.
While cheques have seen a steady decline in use, the channel still accounted for ₦8.7 trillion in value during the first half of the year. Automated Teller Machine (ATM) transactions totaled ₦12.2 trillion across 496.4 million transactions.
This surge in digital transactions aligns with the CBN’s ongoing cashless policy, which CBN says “encourages more electronic-based transactions, including payments for goods, services, and electronic transfers.”
According to the banking regulator, the policy has fostered financial inclusion and helped to mitigate the challenges associated with cash handling, including theft and inefficiency.
Additionally, the deployment of POS terminals continues to rise. As of mid-2024, Nigeria had 3.04 million POS terminals deployed, according to data from the Nigeria Inter-Bank Settlement System (NIBSS).
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