In July, Nigerians Transacted N59bn via PoS Alone.

According to the Nigeria Inter–Bank Settlement System (NIBSS), the value of transactions recorded in July alone via PoS merchants across the country rose to N59 billion representing a N4 billion increase.

The volumes of transactions were recorded from over 62,000 active terminals out of the 121,785 POS terminals deployed.

According to  Mrs. Regha Onajite, chief executive officer, Electronic Payment Providers Association of Nigeria (EPPAN)

  “The PoS is only a channel for electronic payment. We have so many other channels like the MPoS, mobile, ATMS, web/online, instant payments etc. so the PoS is one of many other choices.”

“The CBN and the operators should focus on awareness creation for further adoption. During the early days of the Cashless initiative, E-PPAN under the aegis of the CBN and the support of the financial institutions had massive awareness campaign especially below the line campaign in addition to what the banks, the central bank and other providers were doing with above the line campaign to promote the understanding and adoption of electronic payments channels. This I will say has to be sustained.”

“We are talking here about a change in culture, a shift in behaviour, it can’t be done overnight. Advocacy for change must be sustained