The value of transactions done through mobile banking and point of sale (PoS) terminals between January and September this year increased by 89.7 per cent to N9.69 trillion as against N5.11 trillion recorded in the same period of 2020, indicating a rise in the adoption of electronic channels.
Particularly, the use of mobile money inter-scheme channels had increased on transaction volume on the channel by 113.8 per cent while value of transaction soared by 167.25 per cent. This was shown by latest data
According to the data, released by the Nigerian Inter Bank Settlement System (NIBSS), transaction volume on mobile money inter-scheme channel between January and September this year stood at 118.69 million compared to 88.24 million recorded in the nine-month period of 2020.
Similarly, the value of transactions on the channel rose to N5.07 trillion within the nine-month period of 2021 compared to N1.89 trillion recorded in the same period of 2020.
Mobile money transactions had likewise risen to the highest level in September as transaction volume stood at 26.9 million compared to 26.63 million in August, while the value of transactions rose to N771.87 billion last month as against N719.42 billion recorded in the previous month.
PoS terminals had recorded a volume of 706.94 million between January and September 2021. This is a 60.35 per cent improvement over 440.86 million transactions done via the channel in 2020. Value of transactions consummated on the channel within the period under review also rose to N4.62 trillion compared to N3.21 trillion recorded in 2020.
Meanwhile, the value of POS transactions in the country for the month of August 2021 had dropped to N504.88 billion compared to N554.67 billion that was recorded in July, while it rose marginally compared to N503.91 billion carried out in June 2021.
Value and volume of transactions via PoS terminals hit the highest level in September at 87.7 million and N556.36 billion respectively as the number of terminals deployed stood at 710,359 compared to 686,577, which it was in August.
The number of terminals deployed as of the month of August 2021, increased by four per cent to 686,577 from 660,402 recorded in the previous month, while it increased by 49.5 per cent year to date.
Volume in PoS transactions is being driven by the increased penetration of PoS agents who have set up shops in almost every part of the country. With PoS agents making between N20,000 to N100,000 daily.
With a total of N4.06 trillion worth of POS transactions being carried out so far in the year, transactions on the PoS channel for 2021 could double what was recorded at the end of last year. Data by the NIBSS show that N1.41 trillion, N2.32 trillion, N3.2 trillion, and N4.73 trillion had been recorded in 2017, 2018, 2019, and 2020 respectively.