Image from Nairametrics

By Elizabeth Adegbesan

For the second consecutive month, the value of Point of Sale (PoS) transactions fell by 0.8 percent, month-on-month (MoM) to N503.96 billion in May from N507.9 billion in April.

However, the volume of PoS transactions increased by two percent, MoM, to 79 million from 77.6 million in April.

Nigeria Interbank Settlement System (NIBSS) disclosed this in its electronic payment report for May.

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The NIBSS report revealed a marginal increase in the value of e-payment transactions to N22.24 trillion in May from N22.23 trillion in April. This represents 0.05 percent MoM increase.

On the other hand, the volume of e-payment transactions rose MoM by 5.0 percent to 379.98 million in May from 363 million in April.

The e-payment channel that recorded the highest increase in volume of transactions in May was Automated Direct Debit (ADD) which rose by 16 percent MoM to 1.82 million from 1.57 million in April.

However, the value of ADD transactions fell by 11 percent MoM to N84.96 billion in May from N95 billion in April.

The channel that recorded the highest increase in value of transactions was Mobile, which rose by five percent (MoM) to N526.9 billion in May from N502.7 billion in April.

The volume of mobile transactions also rose by seven per cent (MoM) to 19.7 million from 18.4 million in April.

Further analysis showed that the volume of NIBSS Instant Payment (NIP) transactions rose by 5.2 percent MoM to 279 million in May from 265 million in April while the value rose by 0.05 percent MoM to N20.7 trillion from N20.69 trillion in April.

The volume of cheque transactions rose by seven percent MoM to 339,667 in May from 318,767 in April while the value rose by 1.2 percent to N246.6 billion May from N243.69 billion in April.

However, the volume of E-bills transactions fell by 10 per cent MoM to 106,158 in May from 118,409 in April while the value fell by six per cent MoM to N176.35 billion from N186.67 billion in April.

Similarly, the volume of CentralPay transactions fell by five percent MoM to 23,626 in May from 24,915 in April while the value fell by 18 percent to N150.5 million from N183.5 million in April.

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