According to data from the Nigeria Inter-Bank Settlement System (NIBSS), in 2020, Nigerian merchants and mobile money operators processed over 655 million point of sale (POS) transactions valued at ₦4.7 trillion ($13 billion). This number presents a 50% increase from 2019.
Recall that during Nigeria’s lockdown in April 2020, NIBSS Instant Payments (NIP) transactions fell by ₦3.8 trillion ($10 billion) and POS transactions by ₦96 billion ($252 million). While this drop was consistent with the trend in the past four years, the huge amount could be attributed to a decrease in purchasing power.
Based on reported figures from the likes of OPay and TeamApt, agency banking was immensely successful in 2020, despite the arrival of COVID-19. More POS terminals…