PoS Value Transactions Hit N1Bn

Value of transactions on Point of Sale (PoS) terminals recorded an all time high of N1 billion after over 60,000 deals were struck on the machines in the last week of September this year, indicating that the Central Bank of Nigeria policy on PoS transaction is recording some success, Nigeria CommunicationsWeek can now report.

All the transactions were achieved on the 100,000 PoS that have been deployed as at last week of September at merchant locations across the country.

The transactions reportedly rode on the back of the August CBN’s guideline on PoS card acceptance services aimed at increasing transactions through the device

According to the guideline, acquirers were mandated to handover to CBN licensed Payments Terminal Service Providers (PTSP) among which are ValuCard Plc, Paymaster, Etop Nigeria, Easyfuel and Citiserve before November 1, 2011.

Nigeria CommunicationsWeek investigations revealed that transaction value and volume is expected to increase as PTSPs hastening the deployment of more PoS terminals across the country.

The process of deploying a point of sale terminal requires the PTSPs to first register such terminal with Payments Terminal Service Aggregator for the industry which is Nigeria Inter-Bank Settlement System (NIBSS).

Meanwhile, the number of active PoS on the network of the Aggregator as at March this year was just 30,000 but has  risen to 100, 000 by September.

The 100,000 PoS are basically terminals deployed at merchant locations for payment of transactions and the figure does not include terminals deployed at bank branches which are designated for lodgment confirmation as well as fund transfer.