Obinna Chima
The value of transactions nationwide through Point of Sales (PoS) channels between January and October 2019, stood at a total of N2.528 trillion.
This represented an increase of N707 billion or 39 per cent, from the N1.821 trillion recorded in the same period in 2018.
The figures compiled from data made available by the Nigeria Interbank Settlement System Plc (NIBSS), also showed that the volume of transaction through the electronic payment, also rose by 56 per cent, from the 224.5 million transactions recorded in the first 10 months of 2018, to the 350.6 million transactions executed in same period in 2019.
A breakdown of the monthly value of PoS transactions showed that while in October 2019, a total of N287.747 billion was recorded (N212.368 billion in October 2018); in September N283.3 billion (N200.18 billion in September 2018); August was N294.036 billion (N204.805 billion in August 2018); and N279.475 billion was recorded in July 2019 (N185 billion in July 2018).
In addition, the NIBSS said as at June this year, the total monthly value of PoS transactions recorded in the country was N245 billion, which was higher than the N182 billion recorded in June 2018.
In May, a total of N258 billion was realised, higher than the N189.5 billion recorded same month in 2019; and as of April 2019, it stood at N246 billion, higher than the N172 billion realised in same month in 2018.
Furthermore, the NIBSS data showed that while in March 2019, total value of point of sales transactions was N217 billion, higher than the N178 billion it recorded same period in 2018; in February it was N193 billion and January N223 billion.
The CBN has been aggressive in its drive to discourage cash transactions with its Governor, Mr. Godwin Emefiele, saying recently that the banking sector regulator would continue to implement the cashless policy in line with its mandate to ensure an efficient payment system.
According to Emefiele, contrary to claims in some quarters that many Nigerians would suffer the negative impact of the policy, only about five to 10 per cent of bank customers would be affected.
The CBN in a recent circular had announced the re-introduction of three per cent processing fees on withdrawals and two per cent processing fees on lodgments of amounts above N500, 000 for individual accounts.
For corporate accounts, banks would charge five per cent processing fees on withdrawals and three per cent processing fee on lodgments of amounts above N3 million.
But Emefiele had said if the Nigerian economy was to compete effectively with those of developed countries, there was need to enthrone a payment system that encouraged the use of non-cash channels.
He had said before the cashless policy was inaugurated before he assumed office, many stakeholder engagements were done to sensitise Nigerians.
According to him, the policy was suspended to allow more payment channels to be developed by banks.
“Since the policy was first launched, currency management costs have continued to increase year-on-year at an average annual growth rate of 33 per cent.
“Notwithstanding, electronic transactions have increased within the economy. We have provided alternative channels and people have embraced it,” he had said.
