Point of Sales (POS) channels across the country have experienced increase in the last few months; a development that came to be following the lockdown occasioned due to the outbreak of the COVID-19 pandemic.
Recall that the lockdown prevent lots of people from leaving their houses while financial institutions were locked; providing the teeming public with alternative means of making cash withdrawals.
This development, it was learnt, afforded POS agents or Agency bankers as the banks refer to them made lots of money this period. A particular agent I spoke to who used to make #1000 everyday made #12000 to #15000 everyday during the lockdown period.
The value of transactions via the two digital payment platforms – Nigeria Interbank Settlement System Instant payment system and Point of Sales terminals – across the country rose to N95.89tn from January to August this year.
The two platforms recorded a 39 per cent growth in value of payments when compared to an aggregate of N69.01tn in the corresponding period in 2019.
A breakdown of data obtained from Nigeria Interbank Settlement System showed that NIP grossed N89.9tn from January to August this year while PoS deals were worth N5.99tn during the same period. In the first eight months of 2019, total NIP transactions amounted to N67.05tn while PoS payments were valued at N1.96tn during the same period.
As banks, financial technology firms and telecommunications companies intensify efforts to deepen financial inclusion, the volume of instant money transfers also grew by 63 per cent from 702.11 million deals recorded in the first five months of 2019 to 1,144.7 million transfers carried out by banks in the corresponding period this year.
As the drive to reach 80 per cent financial inclusion target by 2020 given by the Central Bank of Nigeria intensifies, the apex bank issued three Payment Service Banks their licenses after meeting specific requirements.