POS Business in Nigeria can be Profitable for POS agents as PoS transactions in Nigeria hit N1.15tn in 2 Months.
According to the data from The Nigeria Inter-Bank Settlement Support System (NIBSS), (Point of Sale) POS transactions hit their highest levels for any two-month period. In the first two months of 2021, POS transactions in Nigeria were N958,19 billion while in the first 2 months of 2022, POS transactions in Nigeria stood at N1.15 trillion.
This is because Nigerians used electronic channels 86.57% more in the first two months of 2022 than they did in the first two months of 2021.
The data from The Nigeria Inter-Bank Settlement Support System (NIBSS) also revealed that the number of POS agents increased to an all-time high of 986,252 in 2022 (January) from the 475,494 POS terminals that were recorded in January 2021.
A 100.89% increase in deployed POS terminals from January 2021 to January 2022.
The Nigeria Inter-Bank Settlement Support System (NIBSS) believes that electronic payment adoption has grown tremendously since we all started to experience the COVID-19 pandemic. And according to the NIBSS data, it is mobile that is driving electronic payments in the country.
Mobile money accounted for 43% of total transactions in 2020, while 35% of total transactions came from USSD channels, so 78% of total transfer transactions in Nigeria in 2022 were carried out using mobile devices.
The GSM Association which is the global body for telecommunication companies stated that mobile money transactions hit more than $1tn globally in 2021, with Nigeria and other Sub-Saharan African countries contributing N697.7bn to the total mobile money value in 2021.
Takeaway From: Increased POS Transactions in Nigeria 2022
It is obvious with this new data showing that POS transactions in Nigeria reached N1.15 Trillion in January of 2022, that there’s a massive interest in POS terminals as payment methods in Nigeria. Nigeria’s cashless policy has also enabled this POS terminal growth as people are beginning to see the disadvantage of moving with lots of cash and having to queue at the banking halls or ATMs to make withdrawals and deposits.
There are claims that POS agents can make between N20,000 to N100,000 daily, making the POS Business in Nigeria a good business to venture in for lots of Nigerians