Point of Sale (PoS) transactions in Nigeria reached N6.23 trillion between January and July 2024, reflecting a 7.4% decline from the N6.79 trillion recorded in the same period in 2023, according to the Nigeria Inter-Bank Settlement System (NIBSS).
The data reveals fluctuations in PoS transaction volumes throughout the year. January saw a 5.3% increase year-on-year with N850.09 billion in transactions, while February and March experienced significant declines of 8.9% and 16.5%, respectively, compared to the same months in 2023.
April witnessed a 22.3% drop in transactions, but May reversed the downward trend with a 16.1% increase year-on-year. June and July followed with mixed results, as June experienced a slight 1.3% dip, while July saw an 8.9% rise, totalling N1.01 trillion.
In contrast to PoS transactions, e-payment transactions across the country surged by 86.44% in the first half of 2024, reaching N566.39 trillion compared to N303.60 trillion in the first half of 2023. The highest transaction value recorded in July 2024 stood at N89.50 trillion, a substantial increase from N47.39 trillion in July 2023.
This trend highlights shifting consumer behavior and spending patterns amid economic developments in Nigeria.
