POS Transactions increases by 77%- NIBSS

     

  The volume of transactions conducted through point of sale (PoS) terminals across the country increased by 77 per cent, from 15 million in 2014, to 27 million as at June this year.The Chairman of the Nigeria Interbank Settlement System Plc (NIBSS),  Alhaji Sulaiman Barau, disclosed this in his statement at the 22nd annual general meeting of the NIBSS, for the year ended June 30, 2015,

    The NIBSS Automated Payment System (NAPS) was unveiled to the Nigerian financial system during the year. “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,”



To be factual,Point of sale(POS) is really a stitch in time,it has eased the stress of having to go withdraw money from the bank before you head to market or a mall to make a purchase.