Point of Sale transactions in Nigeria have totalled N6.23tn between January and July 2024, marking a 7.4 per cent decline compared to the N6.79tn recorded in the same period in 2023.
This shift reflects changes in consumer behaviour and spending patterns, according to data from the Nigeria Inter-Bank Settlement System.
The NIBSS data shows that PoS transactions increased by 5.3 per cent in January to N850.09bn, up from N807.16bn in the corresponding month of 2023. However, February witnessed a decline to N805.05bn, down 8.9 per cent from N883.45bn in February 2023. March saw a sharp 16.5 per cent drop, with transactions falling to N961.86bn from N1.15tn in March of the previous year.
The downward trend continued in April, with PoS transactions dropping by 22.3 per cent to N811.78bn, compared to N1.04tn in April 2023. However, May reversed the trend, with transactions increasing by 16.1 per cent year-on-year to N868.66bn.
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The decline resumed in June, with PoS transactions dipping by 1.3 per cent to N930.76bn, down from N943.38bn in June 2023.
However, PoS transactions in the country picked up again in July, rising by 8.9 per cent to N1005.42bn, compared to N923.32bn in July 2023.
The decline in PoS transactions reflects changes in consumer behaviour and spending patterns, with Nigerians increasingly opting for alternative payment methods.
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The data shows that e-payment transactions in the country jumped by 86.44 per cent to N566.39tn in the first half of 2024 from N303.60tn in the same period of last year.
The shift towards digital payments is expected to continue, with more Nigerians embracing online transactions for convenience and security. As the economy evolves, businesses and financial institutions must adapt to these changes to remain competitive.
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