• Advertise
  • Opinion
  • Features & Interviews
  • Investigation
  • Contact
Tuesday, June 6, 2023
  • Login
No Result
View All Result
NEWSLETTER
The Lagos Today
  • Home
  • News
    • Lagos News
    • National News
    • World News
  • Entertainment⚡ by CRAWL
    • All
    • Art & Design
    • Books
    • Movie
    • Music
    • Sports
    Arsenal’s Bukayo Saka visits Lagos

    Arsenal’s Bukayo Saka visits Lagos

    Eko Football: Fouad Oki elected Chairman LSFA

    Eko Football: Fouad Oki elected Chairman LSFA

    FIFA U-20: Nigeria defeats Italy

    FIFA U-20: Nigeria defeats Italy

    Kuti turns self in over assault on Policeman 

    Seun Kuti: Magistrate dismisses application to arraign singer by Police

    Manchester City Win Premier League

    Manchester City Win Premier League

    Kuti turns self in over assault on Policeman 

    Femi Kuti Speaks On Brother’s Arrest, Says ‘We’ve Got The Best Lawyer’

    Update: Kuti detained in Panti, Lagos

    Update: Kuti detained in Panti, Lagos

    Malik family emerge winners in Lagos Squash Classics

    Malik family emerge winners in Lagos Squash Classics

    Kuti turns self in over assault on Policeman 

    Kuti turns self in over assault on Policeman 

    19 players compete for $12,000 at Squash Classics in Lagos today

    19 players compete for $12,000 at Squash Classics in Lagos today

  • Opinion
  • Business
  • Features & Interviews
  • Best Of Lagos
    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    A Rare Hobby: Sports Fishing In Lagos

    A Rare Hobby: Sports Fishing In Lagos

    Chef Nkesi- Experiencing Different Cultures Through Food

    Chef Nkesi- Experiencing Different Cultures Through Food

    Wumi Jubril: Creating Memorable Experiences

    Wumi Jubril: Creating Memorable Experiences

    Nordic hotel

    Nordic Hotel Makes Grand Debut in Lagos

  • Things To Do
  • Home
  • News
    • Lagos News
    • National News
    • World News
  • Entertainment⚡ by CRAWL
    • All
    • Art & Design
    • Books
    • Movie
    • Music
    • Sports
    Arsenal’s Bukayo Saka visits Lagos

    Arsenal’s Bukayo Saka visits Lagos

    Eko Football: Fouad Oki elected Chairman LSFA

    Eko Football: Fouad Oki elected Chairman LSFA

    FIFA U-20: Nigeria defeats Italy

    FIFA U-20: Nigeria defeats Italy

    Kuti turns self in over assault on Policeman 

    Seun Kuti: Magistrate dismisses application to arraign singer by Police

    Manchester City Win Premier League

    Manchester City Win Premier League

    Kuti turns self in over assault on Policeman 

    Femi Kuti Speaks On Brother’s Arrest, Says ‘We’ve Got The Best Lawyer’

    Update: Kuti detained in Panti, Lagos

    Update: Kuti detained in Panti, Lagos

    Malik family emerge winners in Lagos Squash Classics

    Malik family emerge winners in Lagos Squash Classics

    Kuti turns self in over assault on Policeman 

    Kuti turns self in over assault on Policeman 

    19 players compete for $12,000 at Squash Classics in Lagos today

    19 players compete for $12,000 at Squash Classics in Lagos today

  • Opinion
  • Business
  • Features & Interviews
  • Best Of Lagos
    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    A Rare Hobby: Sports Fishing In Lagos

    A Rare Hobby: Sports Fishing In Lagos

    Chef Nkesi- Experiencing Different Cultures Through Food

    Chef Nkesi- Experiencing Different Cultures Through Food

    Wumi Jubril: Creating Memorable Experiences

    Wumi Jubril: Creating Memorable Experiences

    Nordic hotel

    Nordic Hotel Makes Grand Debut in Lagos

  • Things To Do
No Result
View All Result
The Lagos Today
No Result
View All Result
Home Business

Lagos Records Highest Use of PoS Transactions in Nigeria

by Chinonso Ihekire
April 15, 2021
in Business, Lagos News
4 min read
0
0
Lagos Records Highest Use of PoS Transactions in Nigeria
Share on FacebookShare on Twitter

Emerging data from Nigeria Inter Bank Settlement (NIBSS) Instant Payment has shown that Lagos recorded the largest number of PoS transactions in the country, last year.

The report shows that Lagos accounted for about 70% of the total volume of PoS transactions in 2020. This represents a 100% growth in the volume of PoS transactions in the state as the volume of PoS transactions rose from 226 million in 2019 to over 453 million at the end of 2020.

In general, the total volume of transactions in the country rose by 50% to reach 655.7 million from 438.6 million in 2019. Similarly, the total transaction value grew by 48% to reach 4.7 trillion from 3.2 trillion in 2019.

Abuja comes in at second place with a 4.9% contribution after completing over 32 million transactions during the year. Rivers follows closely at number 3 with a contribution of 4.7% after completing 31 million transactions in 2020.

Other states in the Top 5 PoS locations by volume include Oyo with a contribution of 2.6% (17.2 million) and Delta with a contribution of 2.5% (16.6 million).

At the bottom of the pile, the northern states of Zamfara (210, 069), Yobe (118, 609) and Kebbi (98,000) dominate the list with less than 1% of the total PoS volume.

Examining the numbers, the gap between the contribution of Lagos (69%) and the second-largest Abuja (4.9%) is incredibly huge. This points to the fact that a greater majority of POS users are concentrated in Lagos.

Similarly, Kebbi having just 98,000 transactions in 12 months shows that adoption is still low in the North.

Dare, a PoS user agrees, he explained that during his travels to the North he hardly found businesses that used PoS for payments.

Another user, Pelumi in his opinion believes that the concentration in Lagos was because more retailers and business owners have PoS compared to other states.

“In Lagos, you see market women the sells tomatoes and pepper having PoS but in places like Birnin-Kebbi retails only have PoS when they sell goods that have high prices like clothes. Others know that majority of their customers are cash users so they are unconcerned,”

This, according to him is because retailers recognize that a significant number of their customers are cardholders and are leveraging that to sell more.

David, a tech expert doesn’t totally agree. In his opinion, the high concentration of volume in Lagos is due to the high population of financially included people.

He explained that while a lot of retailers in Lagos use PoS, it is concentrated in urban locations like Lekki, VI, Ajah, Surulere and Yaba. He pointed out the deployment in other areas like Agege, Alimosho and Ajegunle won’t be much.

“If Abuja and Port-Harcourt can have as much cardholding population as Lagos they will do the same PoS volume,” he concluded.

The numbers give some validity to David’s Analysis. Abuja has a population of 3.5 million compared to Oyo’s 7.8 million, but in terms of PoS Volume Abuja did 15 million more transactions.

This could mean that Abuja has more cardholding population than Oyo.

Another reason, David gave for the Lagos boom is the increase in allied services that accept only PoS and the increase in PoS agents across the state especially due to the COVID-19 protocols.

He explained that the entrance of PoS issuing companies that are not banks and the increasingly terrible bank services leaves PoS as an alternative for Nigerians.

PoS deployment in the country has been on the increase in recent months. Many cardholders, previously cautious about digital banking have embraced it as the COVID-19 pandemic reduced cash demand and usage.

This increase has contributed to the incredible growth of PoS use in the last year but there are serious challenges affecting the system.

The Nigeria Interbank Settlement (NIBSS) data showed there are about 307,000 PoS machines in Nigeria. However, the majority of these PoS machines, which are fast being accepted by cardholders are not active. Only 167,000 of the PoS are active and most malfunction at the point of use.

Many retailers and customers have shared their frustrations with the use of PoS. Benard Osasogie, a Lagos-based Merchant said he stopped using PoS after the customers constantly complained about being debited even without approval on the device.

“I abandoned my PoS machine after several complications and issues. It was not a good experience for me, I even had to refund money to customers in some situations,” he said.

Another challenge is that some merchants have continued to collect legal fees from cardholders who want to use their cards on PoS.

According to reports, some petrol stations, supermarkets and other business owners that deploy PoS machines for payment are still collecting the illegal N50 stamp duty.

Some customers have shunned PoS transactions due to charges. Data from NIBSS data showed that the volume of transaction via PoS dropped by 4.83 billion in one month during the stamp duty debacle (December 2019 to January 2020). Similarly, the value of PoS transaction drop N60 billion in January,

Although the CBN directed that the charge should be borne by merchants, not PoS users, there has not been any enforcement. This has allowed merchants to secretly add the fee to the cost of goods.

Follow us on social media
  • Facebook
  • Twitter
  • Instagram

Share this:

  • Twitter
  • Facebook

Like this:

Like Loading...
Tags: NIBSSPoSPoS Transactions
Previous Post

Lagos To Experience Rainfall For 7 Months, FG Says

Next Post

Stunning Trailer for Highly Anticipated Movie Eyimofe is Released Ahead of Cinema Debut on 23rd April

Chinonso Ihekire

Chinonso Ihekire

Related Posts

UNILAG Releases Resumption Date, To Hold Virtual Lectures

UNILAG student shot dead by robbers while attempting to retrieve stolen phone

by Rosemary Opara
June 6, 2023
0

... Investigation ongoing, case now in Panti … UNILAG confirms death of student A 23 year old student of University...

Lagos Police Intercept Container of 40-Foot Illicit Drugs

Police arrest one-chance robbery gang in Lagos

by Rosemary Opara
June 6, 2023
0

A three man one-chance gang who had been terrorising unsuspecting commuters along the Oshodi-Gbagada axis of Lagos state has been...

Next Post
Stunning Trailer for Highly Anticipated Movie Eyimofe is Released Ahead of Cinema Debut on 23rd April

Stunning Trailer for Highly Anticipated Movie Eyimofe is Released Ahead of Cinema Debut on 23rd April

Please login to join discussion

Recommended

Sanwo-Olu Flags Off Redevelopment Of Nigeria’s Oldest Courthouse Razed By Hoodlums

Sanwo-Olu Flags Off Redevelopment Of Nigeria’s Oldest Courthouse Razed By Hoodlums

6 months ago
Curfew: NNPC Cautions Lagosians Against Panic Buying, Assures Continued Supply

NNPC blames Lagos roads repair for fuel scarcity

6 months ago

Popular News

    Newsletter

    Connect with us

    Tags

    #EndSARS 2023 Elections 2023 polls 2023 Presidency ACCIDENT Africa All progressives Congress APC Asiwaju Bola Tinubu Babajide Sanwo-Olu Bitcoin CBN Central Bank of NIgeria Central Bank of Nigeria (CBN) China Coronavirus pandemic Covid-19 Covid-19 in Lagos Covid-19 in Nigeria Covid-19 Vaccine Cryptocurrency Donald Trump Drug Trafficking EFCC Federal Government Federal Government of Nigeria Fraud Gov. Sanwo-Olu Insecurity Lagos-Ibadan expressway Lagos state Lagos State Government Lagos State House of Assembly Lagos State Police command Muhammadu Buhari Murder Naira NDLEA New naira notes Nigeria Rape Strike action UK United states US

    News

    • Business
    • National
    • Politics
    • Tech

    Opinion

    • Editorials
    • Today’s Opinion
    • Letters
    • Sunday Review
    • Advertise
    • Opinion
    • Features & Interviews
    • Investigation
    • Contact

    © 2020 The Lagos Today - Nkali.

    No Result
    View All Result
    • Home
    • News
      • Lagos News
      • National News
      • World News
    • Entertainment
    • Opinion
    • Business
    • Features & Interviews
    • Best Of Lagos
    • Things To Do

    © 2020 The Lagos Today - Nkali.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Create New Account!

    Fill the forms bellow to register

    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    %d bloggers like this: