Nigeria recorded a total of N699.75 billion Point of Sale (POS) transactions in December, 2021, being the highest figure ever recorded in a single month since the introduction of the POS system by the Central Bank of Nigeria, CBN.
In a release by Nigeria Interbank Settlement System (NIBSS), Nigeria recorded N6.43 trillion as POS transactions in 2021, hitting the highest levels on record.
The volume of POS transactions in the country skyrocketed by 50% to 982.8 million in 2021 compared to 655.8 million transactions recorded in the previous year. It also represents the highest number of transactions ever recorded since the adoption of Point of Sale transactions in Nigeria.
The POS system was introduced by the CBN in 2012. In the maiden year, POS transactions stood at N46.86 billion, which has now recorded a significant increase in multiples nine years down the line.