Point of Sale transactions in Nigeria totaled N6.23 trillion from January to July 2024, according to data from the Nigeria Inter-Bank Settlement System.
This figure represents a 7.4 percent decline compared to the N6.79 trillion recorded in the same period in 2023, highlighting shifts in consumer behaviour and spending patterns.
The NIBSS data reveals a mixed trend within the reporting period. In January 2024, PoS transactions increased by 5.3 per cent, reaching N850.09 billion, up from N807.16 billion in January 2023.
However, this growth was not sustained, as February saw a decline to N805.05 billion, marking an 8.9 per cent decrease from N883.45 billion in February 2023.
March 2024 witnessed a sharp 16.5 per cent decline in PoS transactions, which fell to N961.86 billion from N1.15 trillion in March 2023.
This downward trend continued in April, with transactions decreasing by 22.3 per cent to N811.78 billion, compared to N1.04 trillion in April of the previous year.
However, May saw a positive shift, with PoS transactions increasing by 16.1 per cent year-on-year to N868.66 billion.
Despite this recovery, June brought another decline, with transactions dipping by 1.3 per cent to N930.76 billion, down from N943.38 billion in June 2023.
This pattern reflects ongoing fluctuations in consumer spending habits in Nigeria.
However, PoS transactions in the country picked up again in July, rising by 8.9 per cent to N1005.42bn, compared to N923.32bn in July 2023.
It was earlier reported that e-payment transactions in the country jumped by 86.44 per cent to N566.39tn in the first half of 2024 from N303.60tn in the same period of last year.
Data reveals that July 2024 recorded the highest transaction value for Point of Sale systems in Nigeria, totaling N89.50 trillion, a significant increase from N47.39 trillion in July 2023.
