Nigeria reached a record number of successful Point of Sale (PoS) transactions from 285.9 million transactions in 2018 to 438.6 million transactions in 2019, representing a 53.5% growth rate in POS transaction volume when compared to 2018, according to the latest statistics from Nigeria Inter-Bank Settlement System (NIBSS).

The value of transactions processed across PoS channels in Nigeria hit ₦3.2 trillion in 2019, up from ₦2.3 trillion in 2018, an increase of 37.9% from the previous year. Techloy’s analysis further notes that February 2019 saw the lowest value of PoS transactions at ₦193.4 billion recorded in the year, perhaps due to the uncertainties with the Nigeria 2019 elections, while December 2019 recorded the biggest value of transactions at ₦372.7 billion, likely because of the holiday shopping season.