Technology in the Financial sector had a positive experience in the year 2012 as the Nigerian Interbank Settlement Systems (NIBSS) recorded over 2 million successful Point of Sales (PoS) transactions which was valued at about N38.8billion.
This means that despite the perceived scepticism over the PoS and the Cashless economy initiative, a major step has been madE so far in the employment of technology to aid and facilitate transactions in the country.
A lot of Shopping Malls, Superstores, and Major Eateries that have PoS machines, experienced smooth transactions with customers that have had Automated teller machines (ATMs) last year. With the value of the service, others will be encouraged to engage the service this year.
The Services Industry in Key developed economies in the globe have the provisions and infrastructure set in place for the seamless operation of a cashless economy, but with Nigeria’s adventure into the Initiative and Lagos as the experiment, the 2012 report would leave room for the Central Bank of Nigeria to expand the service to other parts of the Nation.
Also in a proactive step to ensure that the initiative does not experience challenges that could affect smooth operations and transactions, the Central Bank of Nigeria appointed the NIBSS to take the responsibility of the Payment Terminal Service Aggregator (PTSA), for the Financial Industry.
Mr Adebisi Shonibi, the Managing Director/CEO, Technology and Operations of the NIBSS, said the level of growth in the PoS adoption, showed that the payment channel was widely accepted and regarded as a viable option for promoting e-payment and transactions .
An Analysis showed that the PoS Transactions in the Country grew from 83 percent to 89 percent in Volume and Value , revealing how critical the payment channel has become in Financial Transactions.
In another report, the number of registered PoS terminals increased in the market from 31,000 to 185,000 from January to November 2012, signifying increase in coverage , spread and usage, even though other cities in the Country, still need more PoS machines for Financial Transactions .
