371 Views

PoS Transactions Hit N1.4tn in 2017

Nigerians carried out N1.41tn worth of transactions on the Point of Sales terminals across the country in 2017.

The transactions were conducted on about 155,462 active terminals that had been made available to retailers by mobile money merchants, data made available by the Nigerian Inter-Bank Settlement System showed.

The statistics indicated that this was the highest value recorded since it was introduced in 2012 by the Central Bank of Nigeria to drive home its cashless policy aimed at enhancing Nigeria’s payment system.

The highest transaction valued at N167.58bn was recorded in December while the lowest payment of N91.29bn on the PoS was done in January.

An analysis of the statistics indicated that the PoS transactions rose by 85.75 per cent from N0.758tn the country recorded in 2016 and that this payment system was used 1.46 million times in the past year.

The value of electronic bills payment also appreciated in 2017, recording the highest value of N550.75bn in the past three years. This is a 62.3 per cent increase in the value of transactions compared with N339.42bn recorded in 2016.

Meanwhile, the rate at which payment of bills were done electronically declined last year compared with the previous years as only 905,980 transactions were recorded in the report.

This is a 12 per cent decrease from the 1.03 million electronic bill payments made in the country in 2016.

However, fraud perpetrated through online payment systems remains worrisome as stakeholders say fraudsters have stolen about N237bn since 2007 from Nigerian banks through the various electronic payment systems.

ALSO READ  Why We Reversed Plans To Hike Data Price - NCC

Speaking recently at an annual payment systems and fraud conference organised by the E-Payment Providers Association of Nigeria in Lagos, the Country Manager, Accenture, Niyi Yusuf, noted that the e-payment sector was at the risk of more huge losses if the issue was not addressed.

According to him, the growth in sophisticated technology has provided an opportunity for fraudsters to develop means of using the widespread Internet access to perpetrate their activities.

“As the adoption of e-payment rose in Nigeria, so also the amount lost to fraud. Only 12 per cent of fraud happens across the counters while the remaining 88 per cent is online,” he said.

He explained that the emerging trends in the financial industry would make combating fraud tougher and more essential in the next five to 10 years.

While acknowledging the significant growth of the PoS payment system in Nigeria, the Director, Banking and Payments System, Central Bank of Nigeria, Mr. Dipo Fatokun, urged banks to carry out risk ratings on prospective merchants.

He said, “It is essential that we continue to conduct necessary due diligence on any merchant to be extended a PoS terminal. Banks must know the businesses of their respective merchants and carry out appropriate risk ratings, while acquirers and issuers must implement fraud monitoring tools on both issuing and acquiring sites of their businesses.”

The co-Founder and Chief Operating Officer, Digital Encode, Mr. Peter Obadare, had also attributed security breaches to inadequate infrastructure, high propensity of failed transactions, inconsistent system reports and settlement delays.

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

42 Passengers En-route To Kano Kidnapped
General
7 views
General
7 views

42 Passengers En-route To Kano Kidnapped

PH - May 23, 2018

A report by PR Nigeria indicates that armed bandits have kidnapped 42 passengers en-route to Kano state, along Birnin-Gwari- Kaduna highways, within 24 hours. Quoting an unnamed…

2018 Budget: Nigerian Government Speaks On Taking More Loans
Best of Nigeria
13 views
Best of Nigeria
13 views

2018 Budget: Nigerian Government Speaks On Taking More Loans

MT - May 23, 2018

Patience Oniha, Director-General of Debt Management Office (DMO), has stated that the federal government must take loans to fund the 2018 budget and the capital projects. She…

The Richest King In African  History-Mansa Musa
Art, History and Culture
11 views
Art, History and Culture
11 views

The Richest King In African History-Mansa Musa

PH - May 23, 2018

The richest king that ever lived in Africa is King Mansa Musa Keita I of the Mali empire. Scholars spent many years trying to give an approximate…

Probe Obasanjo On The $16bn Power Project , Other Past Leaders – CACOL Tells Buhari
Business
24 views
Business
24 views

Probe Obasanjo On The $16bn Power Project , Other Past Leaders – CACOL Tells Buhari

MT - May 23, 2018

The Centre for Anti-Corruption and Open Leadership, CACOL, has called on President Muhammadu Buhari to probe former president, Olusegun Obasanjo, on the purported $16bn expended on power…

The First And Oldest Museum In Nigeria-Esie Museum
Art, History and Culture
23 views
Art, History and Culture
23 views

The First And Oldest Museum In Nigeria-Esie Museum

PH - May 23, 2018

Esiẹ Museum is a museum in Esiẹ, Kwara State, Nigeria. The museum was the first to be established in Nigeria when it opened in 1945. The museum…

Meet Charity Bassey, The Female Airport Cleaner Who Returned $6,000 She Found Inside The Toilet
Inspiring
26 views
Inspiring
26 views

Meet Charity Bassey, The Female Airport Cleaner Who Returned $6,000 She Found Inside The Toilet

PH - May 23, 2018

A female cleaner at the Murtala Muhammed International Airport (MMIA), Ikeja, Lagos State, identified as Charity Bassey, has returned a total of $6,000 valued at over N2…

Atiku Speaks On Protests By Catholics In Nigeria
Buzz & Trends
23 views
Buzz & Trends
23 views

Atiku Speaks On Protests By Catholics In Nigeria

MT - May 23, 2018

Nigeria’s former vice president, Alhaji Atiku Abubakar has expressed worry over the mass protests organised on Tuesday by the Catholic church in parts of the country. On…

Nigerian Mechanic Transforms Old, Rusty And Abandoned 1968 Peugeot 504 Car Into A 2018 Luxury Car
Geeky & Smart
32 views
Geeky & Smart
32 views

Nigerian Mechanic Transforms Old, Rusty And Abandoned 1968 Peugeot 504 Car Into A 2018 Luxury Car

PH - May 23, 2018

An auto-mechanic in Nigeria has become an online sensation after he refurbished and redesigned a Peugeot 504 car. A Nigerian man, Frank Blaise has received accolades for…

Wike Reveals Area He Has Failed Rivers People
Politics
16 views
Politics
16 views

Wike Reveals Area He Has Failed Rivers People

MT - May 23, 2018

Nyesom Wike, governor of Rivers State, has revealed the area where his administration has “not done well”. The governor disclosed that his administration has not done well…

Why Nigerian Ladies Should Be Like Chioma – Davido
Entertainment
25 views
Entertainment
25 views

Why Nigerian Ladies Should Be Like Chioma – Davido

MT - May 23, 2018

Nigerian singer and DMW boss, David Adeleke, popularly known as Davido has has given reasons Nigerians ladies should take his girlfriend, Chioma Avril as an example. The…

“God never stops blessing me” – Linda Ikeji addresses Celibacy and rumors of Sporting a Fake Baby Bump
Entertainment
35 views
Entertainment
35 views

“God never stops blessing me” – Linda Ikeji addresses Celibacy and rumors of Sporting a Fake Baby Bump

PH - May 23, 2018

Celebrity blogger Linda Ikeji has addressed comments concerning her pregnancy, celibacy, and claims that she’s wearing a prosthetic bump. It’s been a topic of discussion since she…

Urine Powered Generator: 6 Hours Of Power On 1 Litre Of Urine
Best of Nigeria
49 views
Best of Nigeria
49 views

Urine Powered Generator: 6 Hours Of Power On 1 Litre Of Urine

PH - May 23, 2018

by ARJUN WALIA While the mainstream media continues to push the idea that we are facing an energy crisis due to a lack of resources, more people…

7 Inventions By Nigerians You Didn’t Know About
Geeky & Smart
39 views
Geeky & Smart
39 views

7 Inventions By Nigerians You Didn’t Know About

PH - May 23, 2018

1. Emergency Blood Auto Transfusion System Think about this great invention and how many lives that have and could still be saved using this inventive system. The…

Meet 28-Year-Old Nigerian Engineer Who Invented The World’s First Ever Fuel Rocket
Geeky & Smart
49 views
Geeky & Smart
49 views

Meet 28-Year-Old Nigerian Engineer Who Invented The World’s First Ever Fuel Rocket

PH - May 23, 2018

28 year old Shehu Balami, is a graduate of Mechanical Engineering from Federal University of Technology (FUT) Minna. He has been researching into rocketry trying to make…

Functions of the Nigerian Ports Authority (NPA)
Best of Nigeria
41 views
Best of Nigeria
41 views

Functions of the Nigerian Ports Authority (NPA)

PH - May 23, 2018

The Nigerian Ports Authority (NPA) is a federal government agency that governs and operates the ports of Nigeria. The major ports controlled by the NPA include: the…

Stop Lamenting, Afenifere Tells Buhari
Buzz & Trends
38 views
Buzz & Trends
38 views

Stop Lamenting, Afenifere Tells Buhari

MT - May 23, 2018

The Yoruba socio-cultural organisation, Afenifere, on Tuesday advised President Muhammadu Buhari to stop lamenting, noting that Nigerians were tired of lamentations. The group’s spokesman, Yinka Odumakin, stated…

10 Ways to Reduce Unemployment
Best of Nigeria
38 views
Best of Nigeria
38 views

10 Ways to Reduce Unemployment

PH - May 23, 2018

By Victor Usifo 1. Fiscal Policy of Government Economic plan of any government depends on revenue and expenditure. Fiscal policy shows how government spends the budget and…

BBNaija 2018: Nina Speaks On Reported Breakup With Miracle
Entertainment
72 views
Entertainment
72 views

BBNaija 2018: Nina Speaks On Reported Breakup With Miracle

MT - May 22, 2018

Former Big Brother Naija housemate, Nina has finally addressed reports making the rounds of breakup with Miracle. Doth housemates were involved in a romantic relationship and caught having…

Loading...