E-Business
NIBSS Processes 2m Transactions in November
Nigerian Interbank Settlement Systems (NIBSS) recorded over 2 million successful Point of Sale (PoS) transactions valued at N38.6 billion for the year ended November 2012.
NIBSS was in November 15, 2011, mandated by the Central Bank of Nigeria (CBN) to serve as the Payment Terminal Service Aggregator (PTSA) for the financial industry as part of the Cash-less Lagos initiative.
This requires all PoS terminal operating within the country to connect directly to NIBSS through its Central Terminal Management System (CTMS).
From the period under review, PoS transactions in the country grew by a monthly compound growth rate of 83 percent and 89 percent in volume and value, respectively, signifying gradual acceptance and adoption of PoS payment channels as an alternative to cash.
The number of registered PoS terminals on the CTMS also increased on average 18 percent per month from 31,000 to 185,000, from January to November 2012.