Despite several challenges confronting Point of Sales (PoS) businesses in Nigeria, transactions on the various terminals climbed to N735.6 billion in September 2022, according to data from the Nigeria Inter-Bank Settlement System (NIBSS).
Lately, challenges, including the cost of acquiring terminals, delays in the reversal of money; network issues; bank/customers problems; security; poor power supply, among others have confronted PoSOperators in the country.
Notably, due to the unemployment challenges in Nigeria, many youths, including women have become PoS merchants. According to the NIBSS, in the last nine months of the year, Nigerians spent a total of N6.05 trillion over PoS, which is almost the same amount recorded in the full year 2021, which stood at N6.4 trillion. NIBSS said the volume of transactions on PoS went up as it increased by 14 per cent year on year to 100.4 million in September 2022.
These transactions, according to the statistics, were carried out over 1.484 million active terminals deployed by merchants across the country. This means that in the last nine months, a total of 568,488 additional PoS terminals have been added as the number of deployed machines stood at 915,519 as of December 2021.
