Business

PoS Transactions Jump To N8tn – NIBSS Report

Published

3 years ago

September 1, 2022

The value of Point of Sale transactions in Nigeria has jumped 39 per cent to N8.03tn in 2022, according to data obtained from the Nigeria Interbank Settlement System.

The data showed that the aggregate PoS transactions between July 2020 and July 2021 were estimated at N5.77tn. However, between July 2021 and July 2022, the volume of transactions increased to N8.03tn, indicating a 39.16 per cent increase over the period.

PoS transactions increased from a total volume of 921.19 million between July 2020 and July 2021, to 1.20 billion from July 2021 to July 2022.

According to the NIBSS, July 2022 alone recorded the highest number of PoS transactions registered at 2.067 million in just one month.

According to the Deputy President of the Lagos Chamber of Commerce and Industry (LCCI), Gabriel Idahosa, the primary factor responsible for the recorded value of PoS transactions was an increase in the supply of services and a strong market.

“First, the central bank approves payment services such as Momo Money from MTN and Smart Cash from Airtel.”

He noted that the rise of fintech companies and the use of technology for awareness of this payment method were also major propellers.

“Then, you have a lot more fintech companies advertising payment services. Organisations are allowing payments on their platform. Now, power companies allow payment of electricity bills over PoS, and even some government services let you do that. All the schools, both primary and secondary, allow you to use PoS too. Also, the banks have been very aggressive in promoting their PoS services.”

Idahosa noted that the culture of cashless policy was also fast becoming a trend largely due to the lingering impact of the COVID-19 period.

“The culture of non-cash payment is catching up very fast. Even for the illiterate that ordinarily cannot use the service, the increasing offer of USSD service which you can do over your phone means that many people with cellphones can now make payment.

“These were initially triggered by COVID-19 when people could not easily walk to the banks to cash. So, during that time, banks were partially closed for some time, and it became difficult. Those people who were not familiar with electronic payment options now began to learn it. And now, it is the preferred mode of payment.”

Commenting on the increase, an economist, Bismarck Rewane, said that the increment was influenced by technological advancement.

“There’s a shift from cash and cheques to electronic payment. That’s why there has been an increase. There is broadband penetration, more mobile phone subscribers, and Nigerians are becoming more internet-savvy. So, they are making payments electronically rather than going by brick and mortar.”

A Senior Lecturer at Pan Atlantic University, Dr. Olusegun Vincent, further explained that the increase was inevitable due to inflation.

“Inflation is part of the surge. Prices of goods and services have gone up. Another major aspect is the issue of insecurity. People are being very careful. That’s why they adopt PoS because of the ease of payments. You will discover that if you don’t use PoS, you can’t get money. Most Automated Teller Machines are often running out of funds. So, nobody wants to waste time and they go to the merchant.”

He added that the national acceptance of electronic payment was a revolution, and the central bank never foresaw this amount of adoption.

PUNCH

Business

Naira Appreciates At Official Market

Published

4 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

4 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

1 month ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.