Nigerians are now more than ever using less cash for transactions and are instead resorting to PoS payments.
According to data from the Nigerian Inter-Bank Settlement System, Nigerians made N1.4 trillion worth of transactions on the Point of Sales (PoS) terminals on an estimated 155,462 active terminals that had been made available to retailers by mobile money merchants.
These statistics show that this is the highest value recorded since it was introduced in 2012 by the Central Bank of Nigeria to drive home its cashless policy aimed at enhancing Nigeria’s payment system. The highest transaction valued at N167.58 billion was recorded in December 2017 while the lowest payment of N91.29 billion on the PoS was done in January 2017.
An analysis of the statistics indicated that the PoS transactions rose by 85.75% from N0.758 trillion the country recorded in 2016 and that this payment system was used 1.46 million times in 2017.
The value of electronic bills payment also increased in 2017, recording the highest value of N550.75 billion in the past three years. This is a 62.3% increase in the value of transactions compared with N339.42 billion recorded in 2016.
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Meanwhile, the rate at which payment of bills was done electronically declined last year compared with the previous years as only 905,980 transactions were recorded. This is a 12% decrease from the 1.03 million electronic bill payments made in the country in 2016.
While acknowledging the significant growth of the PoS payment system in Nigeria, the Director of Banking and Payments System at the Central Bank of Nigeria, Dipo Fatokun, urged banks to carry out risk ratings on prospective merchants.
"It is essential that we continue to conduct necessary due diligence on any merchant to be extended a PoS terminal. Banks must know the businesses of their respective merchants and carry out appropriate risk ratings, while acquirers and issuers must implement fraud monitoring tools on both issuing and acquiring sites of their businesses," he said.
Fraud perpetrated through online payment systems remains worrisome as stakeholders say fraudsters have stolen about N237 billion since 2007 from Nigerian banks through the various electronic payment systems.
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