Nigerians are now accustomed to doing business through pos.
According to data from the Nigeria Inter-Bank Settlement System, PoS transactions in the first seven months of the year rose to N4.61tn. Pos transactions is part of agency banking adopted by banks yo help fasttarck banking transactions across Nigeria.
Pos Transactions For withdraws or transactions between N1,000 to N5000 on PoS, attract about N100 fee. This brings the total cost charged for PoS transactions within the period to about N92.2bn.
Nigerians are using POS for ease of service, gone are the days one has to get to the bank or look for ATM nearby before doing transactions.
Data from the NIBSS also revealed that about 955,234 PoS terminals were deployed in the nation as of January 2022. PoS terminals were launched to promote a cashless economy in the nation and aid payment in rural areas.
POS transactions is helping to encourage cashless economy as advocated by cbn, as most users don’t need to carry any cash before sending money to any beneficiary.