POS transactions in Nigeria reached N6.23 trillion from January to July 2024, marking a 7.4% decline from the previous year. Despite fluctuations, July saw a rise in transactions.
[dropcap]P[/dropcap]oint of Sale (POS) transactions in Nigeria totalled N6.23 trillion between January and July 2024, according to data from the Nigeria Inter-Bank Settlement System (NIBSS).
This figure represents a 7.4% decline compared to the N6.79 trillion recorded during the same period in 2023. The decline indicates shifts in consumer behaviour and spending patterns.
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The NIBSS data reveals that January saw a positive trend, with POS transactions increasing by 5.3% to N850.09 billion, up from N807.16 billion in January 2023.
However, February experienced an 8.9% drop, with transactions falling to N805.05 billion from N883.45 billion the previous year.
March marked a more significant decline, with transactions plummeting by 16.5%, dropping to N961.86 billion from N1.15 trillion in March 2023.
This downward trend persisted into April, where transactions dropped by 22.3% to N811.78 billion, compared to N1.04 trillion in April of the previous year.
A positive turnaround occurred in May, with transactions increasing by 16.1% year-on-year to N868.66 billion. However, June saw another decline of 1.3%, with transactions dipping to N930.76 billion from N943.38 billion in June 2023.
In July, POS transactions rebounded, rising by 8.9% to N1.005 trillion compared to N923.32 billion in July 2023.
This surge in July also contributed to an overall increase in e-payment transactions, which jumped by 86.44% to N566.39 trillion in the first half of 2024, up from N303.60 trillion during the same period last year.
Notably, July recorded the highest transaction value, totalling N89.50 trillion, compared to N47.39 trillion in July 2023.
Quadri Olaitan is a journalist and contributor to Freelanews.com, covering news, public affairs, and human-interest stories.
