The volume of transactions executed through point of sale (PoS) terminals in Nigeria soared by 77 per cent, from 15 million in 2014, to 27 million as at June 2015.
The Chairman of the Nigeria Interbank Settlement System Plc (NIBSS), Sulaiman Barau, made this in his statement at the 22nd annual general meeting of the NIBSS, for the year ended June 30, 2015, that was held in Lagos last weekend.
Barau also revealed that as a result of the central bank’s effort to stimulate e-payment, cheque clearing dropped by six per cent in transaction volume to 14 million as at June this year, from 15 million in 2014.
He said: “The NIP product continues to gain increased acceptance as a funds transfer platform as evidenced by the 92 per cent growth in transaction volume from 28 million in 2014 to 54 million in 2015. However, NEFT transaction volume grew marginally by four per cent to 39 million, from 38 million in 2014, due to customers’ affinity towards instant payment.
“Despite adverse market conditions which characterised the 2015 financial year, the NIBSS was still able to generate strong financial performance across key metrics as e-payment inclusion continues to grow.
“As part of strategies to drive e-payment transaction volume and further reduce cost for banks, the company commenced NIP/NEFT transaction volume discount regime for all banks who apart from being major customers are also esteemed shareholders of the company. Consequently, a total sum of N164.89 million was paid to 21 banks as NIP/NEFT transaction volume discount during the financial year,” he added.
