Banks record N97.32tn instant, PoS payments in 11 months


Banks’ customers carried out a total of N97.32tn worth of financial transactions on the instant payment and Point of Sale platform between January and November this year.

This is according to the latest report from the Nigerian Inter-Bank Settlement Scheme.

The NIBSS data showed that a total of 1.019 billion instant payment deals were conducted on the platform from January to November this year.

The volume of NIP deals also increased by 58 per cent in the 11-month period of 2019, compared with 645.52 million transactions recorded in the corresponding period in 2018.

The NIBSS data showed that the value of the PoS deals also increased by 38 per cent from January to November, compared with the corresponding period in 2018 when payments were worth N2.05tn.

According to the NIBSS data, the PoS payments peaked at N303.83bn in November this year when it recorded a volume of 41.833 million.

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