Transactions recorded across Point of Sale, PoS terminals in January 2016 plunged by N7billion in Nigeria.
The transactions volume by various merchants across the country in January was valued at N46 billion in some 3.6 million number of transactions compared to N53 billion in December 2015.
The December figure was attributed to festive activities at that time when people made lots of purchases.
Executive Drector, Business Development, Nigeria InterBank Settlement System (NIBSS), Christabel Onyejekwe in a presentation at Remittance conference said non deployment of more PoS machines affected value and volume of PoS transactions.
She said, “There is dilemma in the deployment of PoS terminal in that space, which has remained at 62, 000 for the past one year because of high exchange rate of the naira to the dollar which makes the cost of a terminal high to go for as much as N80, 000 per terminal.”
The Managing Director, Global Accelerex, Tunde Ogungbade said the surge in foreign exchange in the last four months makes it difficult to acquire PoS terminals like other products are manufactured abroad and imported into Nigeria.
