The value of point of sale transactions in Nigeria totaled 6.23 trillion naira between January and July 2024, according to data from Nigeria's interbank settlement system.

According to the Nigeria Inter-Bank Settlement System (NIBSS), fluctuations in transaction values indicate a change in consumer behavior and economic conditions, which have influenced spending patterns across the country. This data analysis reveals the complexities of the Nigerian electronic payments ecosystem, where socio-economic factors and changing habits play an important role in defining financial activities

NIBSS data indicates a mixed performance of PoS transactions throughout the year. Notably, January 2024 saw a sharp increase, with transactions reaching 850.09 billion naira, an increase of 5.3% compared to 807.16 billion naira in January 2023. This initial growth suggested a positive start to the year; however, enthusiasm was tempered as the following months reflected downward trends. February transactions fell to 805.05 billion naira, marking a decrease of 8.9% compared to the previous year.

The month of March 2024 marked a particularly marked decline, with a 16.5% drop in transactions to 961.86 billion naira compared to 1.15 trillion naira in the same month of 2023. The continued decline in retail activity continued in April, with transactions falling by 22.3% to 811.78 billion naira from 1.04 trillion naira the previous year, amplifying concerns about consumer confidence and consumer behavior during this period.

However, May brought a turnaround with a rebound in PoS transactions, increasing by 16.1% year-on-year to reach 868.66 billion naira. This resurgence can be attributed to a variety of factors, including seasonal spending patterns, promotions, or responses to macroeconomic stimuli aimed at stimulating consumer spending. However, the inconsistent trends continued in June, when PoS transactions fell again by 1.3% to 930.76 billion naira, from 943.38 billion naira in June 2023, illustrating the continuing uncertainty in the market.

The significant month of July 2024 saw a rebound in PoS transactions, which grew by 8.9%, reaching 1,005 billion naira against 923.32 billion naira in July 2023. This increase was critical to avoid the overall downward trend seen earlier in the year. Furthermore, electronic payment transactions in Nigeria saw a staggering increase of 86.44%, to 566,390 billion naira in the first half of 2024 compared to 303.6 trillion naira in the same period last year, underlining the significant shift towards digital payment solutions among consumers and merchants.