According to the Nigeria Inter-Bank Settlement System, PoS operations recorded an 86 per cent increase of N1.5tn in the first quarter of 2022 when compared to the 45 per cent increase of N958.19bn in January 2021. PoS in urban areasInitially, the CBN established mobile banking and PoS systems to drive its cashless policy. As a matter of fact, some of these PoS operators could be said to be operating mini-banks in their own right. Contributions PoS riseMany factors have contributed to the success of the PoS payment system, especially in urban areas. Oladapo explained that even the charges by the PoS operators had not deterred customers from patronising them due to the obvious ease that they offered.

Source: Punch June 20, 2022 08:33 UTC