Point-of-Sale (PoS) transactions across the country reached N10.45 trillion in the first quarter of 2025. This represents 209% surge compared to the N3.62 trillion recorded in the same timeframe of 2024.
The recent industry data from the Nigeria Inter-Bank Settlement System (NIBSS) revealed that there is an increasing dependence of consumers on digital platforms, and a greater adoption of cashless methods within the financial sector.
The NIBSS Instant Payment (NIP) data for the initial quarter of 2025 indicates a robust start for electronic transactions, with January alone witnessing a processing volume of N100.06 trillion.
February saw a decrease to N88.87 trillion, probably because the month has fewer days. Nevertheless, transaction values increased in March to N96.07 trillion, ending the quarter slightly under the peak seen in January.
In an analysis of the same timeframe in 2024, there was a clear indication of growth. NIP transactions amounted to N72.11 trillion in January 2024, rose to N79.33 trillion in February, and further climbed to N83.05 trillion in March.
The breakdown of the first quarter of 2025 by month reveals that point-of-sale transactions amounted to N4.12 trillion in January alone.
The amount decreased to N3.12 trillion in February, followed by a slight increase to N3.22 trillion in March.
During the same timeframe in 2024, the value of Point of Sale transactions was lower.
In January 2024, the recorded amount was N850.09 billion. February and March figures were N805.05 billion and N961.86 billion, respectively.
