PoS Terminals Decline, As Banks Introduce MPoS

Banks are beginning to withdraw some of the Point of Sale (PoS) terminals deployed as the number of registered and deployed PoS have continued to decline since the beginning of the year.
Data provided by the Nigeria Inter Bank Settlement System (NIBSS) showed that the number of registered PoS dropped from 141,787 in January to 140,064 in Februar
y and 135,657 in March. Also the number of deployed PoS had declined from 119,126 in January to 117,319 in February and 116,602 in March.
Managing Director of NIBSS, Ade Shonubi confirmed to Leadership that banks were withdrawing inactive PoS and also replacing some PoS with Mobile PoS (MPOS) which is easier to use
However on an annual basis, PoS deployed rose by 2.5 per cent from 99,670, in March 2015, while the number of registered PoS rose by 17 percent from 125,766 in March 2015.
The volume of transactions through Point of Sale (PoS) grew by 10.6 per cent and 19.4 per cent in terms of value and volume between January and March. While the volume of PoS transaction rose from 3.6 billion in January to 4.3 billion in March, the value rose from N47 billion to N52 billion.
On an annual basis, the volume of PoS transaction rose by 65.3 per cent from 2.6 billion in March 2015. The value of PoS transactions rose by 56 per cent from N33.5 billion in March 2015.
The value of transactions through the NIBSS Instant Payment (NIP) channel rose by 16.6 per cent to N2.8 trillion in March from N2.4 trillion in January, while the volume of transactions rose by 29 per cent to 9.47 billion in March from 7.3 billion in January. On a yearly basis, the value of rose by 47 percent from N1.9 trillion in March 2015, while the volume rose by 88 per cent from N5 trillion in March 2015.