Point of Sale (PoS) transactions in Nigeria totaled N6.23 trillion between January and July 2024, according to data from the Nigeria Inter-Bank Settlement System (NIBSS). This represents a 7.4% decline compared to the N6.79 trillion recorded during the same period in 2023, reflecting shifts in consumer behavior and spending patterns.
A breakdown of the NIBSS data shows that PoS transactions increased by 5.3% in January, reaching N850.09 billion, up from N807.16 billion in January 2023. However, February saw a decline to N805.05 billion, an 8.9% drop from the N883.45 billion recorded in February of the previous year.
March experienced a significant 16.5% drop, with transactions falling to N961.86 billion compared to N1.15 trillion in March 2023.
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The downward trend continued in April, with PoS transactions decreasing by 22.3% to N811.78 billion, down from N1.04 trillion in April 2023. May, however, saw a reversal of the trend, as transactions increased by 16.1% year-on-year to N868.66 billion.
In June, PoS transactions dipped again by 1.3%, falling to N930.76 billion from N943.38 billion in June 2023.
The recovery resumed in July, with transactions rising by 8.9% to N1.005 trillion, compared to N923.32 billion in the same month the previous year.
Additionally, Dandali reported that e-payment transactions across Nigeria surged by 86.44% in the first half of 2024, reaching N566.39 trillion, up from N303.60 trillion in the same period last year.
