During a media parlay on Tuesday, March 19th, the Acting MD/CEO of the Nigeria Inter-Bank Settlement System (NIBSS), Mr. Niyi Ajao, stated that the company is working towards doubling the record 285 million point-of-sale (P.O.S) transactions recorded last year. Specifically, he put the expected figure for this year at 570 million transactions.
P.O.S volumes keep growing – The volume of P.O.S transactions has grown at a compound annual growth rate (CAGR) of 123% between 2012 and 2016. In 2016, 63.72 million transactions were recorded. This figure increased by 130% to 146.27 million in 2017 and by another 95% to 285.9 million in 2018.
More growth has led to more failed transactions – Last year, P.O.S transactions recorded an 85% success rate. With growth in transactions expected to double in 2019, Mr. Ajao was asked if NIBSS has the capacity to handle more transactions while keeping failure rates down. He replied that capacity enhancement was among the top priorities of the company along with addressing Timeout issues and Reversals.