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Tag: PoS

80% of Nigeria pharmacies now prefer digital payment methods — Report
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80% of Nigerian pharmacies now prefer digital payment methods — Report

A recent report by payment company Moniepoint reveals that 80% of pharmacies in Nigeria now pay for goods digitally, with 56.8% utilizing point-of-sale systems and bank transfers, while 32.9% rely on direct bank transfers. This shift comes in response to the 2023 cash crunch that disrupted cash transactions across the country. The report, titled Inside […]

POS transactions reduce by N226bn as currency circulation increases
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PoS transactions reach N6.23tn in July 2024 – Report

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 […]

POS transactions reduce by N226bn as currency circulation increases
News

POS transactions reduce by N226bn as currency circulation increases

The first quarter of 2024 witnessed a notable decline in Point-of-Sale transaction values in Nigeria, reflecting a decrease of N225.73 billion compared to the same period in the previous year. This decline, amounting to a 7.94% reduction in POS usage within the country, coincided with a surge in currency circulation outside of banks. The juxtaposition […]

Loan apps: FCCPC to address rising debt with new policy
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FCCPC to crack down on trade groups over fixed prices

The Federal Competition and Consumer Protection Commission announced on Tuesday that it would soon start enforcing legislation across the country to stop trade associations from participating in price-fixing and cartel-like behaviour. The Commission claimed that this action would begin with the group of PoS agents, who recently announced an increase in transaction fees. This was revealed by the executive […]

PoS operators are free to raise prices but no price fixing - FCCPC
Business

PoS operators insist on new charges

The Association of Mobile Money and Bank Agents in Nigeria’s national public relations officer, Oluwasegun Elegbede, has demanded new service charge prices. The association’s PoS agents recently disclosed hikes in the cost of PoS transaction expenses and began implementing new prices on Monday. However, the Federal Competition and Consumer Protection Commission then took measures to halt […]

AMMBAN blames inflation for new PoS charges
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AMMBAN blames inflation for new PoS charges

The Association of Mobile Money and Bank Agents in Nigeria, has cited the impact of rising inflation costs on agents AMMBAN claimed that the ‘cost to serve’ was the rationale for raising PoS transaction prices. This was confirmed on Wednesday in a press statement made in response to criticism of the increase in PoS transaction prices. […]

A Point of Sale machine
Business

Cashless policy: How to get PoS devices for your business

PosThe recent naira crisis experienced as a result of the redesign of the N200, N500, N1000 notes by the Central Bank of Nigeria has forced many Nigerians into cashless transactions. According to the Central Bank of Nigeria’s Governor, Godwin Emefiele, one of the reasons for this decision includes the hoarding of cash by the populace, […]

Business

Scarcity: Accept POS payment, FG orders fuel stations

The Federal Government of Nigeria has ordered fuel stations to make use of Point of Sale and accept payment via bank transfers.nairafuel Following this order, it mobilised security officials on Thursday to monitor the activities of fuel stations. According to The Punch, it said the move was necessary because of the information received about the […]

Banking

Withdrawal limit: PoS agents not endangered by new policy, says CBN

The Central Bank of Nigeria has debunked claims that its new policy limiting cash withdrawals is targeted at point-of-sales agents.   Recall, that the apex bank, earlier in December, announced that it was planning to set weekly withdrawal limit at N100,000 for individual and N500,000 for organisations.   The CBN’s Director of Banking Supervision, Mustafa […]

PoS transactions hit N8trn in 2022 - NIBSS
Banking

PoS transactions hit N8trn in 2022 – NIBSS

Recent data from the Nigeria Interbank Settlement System showed that the value of Point of Sale transactions in Nigeria has risen by 39 per cent to N8.03tn in 2022. According to The Punch, PoS transaction from July 2020 to Punch, PoS was estimated at N5.7trn, but between July 2021 and July 2022, it rose to […]

PoS transactions hit N8trn in 2022 - NIBSS
News

PoS operations boom in urban neighbourhoods amid rising challenges

The Central Bank of Nigeria’s Vision 2020, released in 2007, was a calculated move by the apex bank to create a robust financial framework and promote a cashless economy in the country. The CBN launched the programme officially in September of 2013 as its response to the growing financial pressures on the banking systems, leading […]

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