Business News
A quick look at how Nigerians used the POS in 2018
The NIBSS has disclosed insight into how Nigerians used Point of Sale (otherwise known as POS) to transact businesses in 2018.
The Nigerian Inter-Bank Settlement System (NIBSS) yesterday disclosed insight into how Nigerians used Point of Sale (otherwise known as POS) to transact businesses in 2018.
According to highlights from the company’s POS Analysis Report for 2018, POS usage in Nigeria maintained steady growth (95%) last year, thereby continuing a trend that has been witnessed in the past five years.
Key highlights from the analysis
Meanwhile, a total of 139.6 million successful transactions were recorded in 2018, thereby bringing the overall total of successful transactions to 285.9 million (2012 – 2018).
In the same vein, there was a 61% increase in the number of unique cards usage across POS terminals in the country. Currently, some 20.5 million unique cards have been used to make successful transactions valued at N2.3 trillion, the report said.
The report also disclosed that the total number of recorded active merchants in 2018 stood at 122,261, even as the total number of active terminals stood at 144,461.
Sectors that are driving growth
According to the NIBSS report, the most active sectors in 2018 in terms of POS usage are wholesale, retail, and fast food sectors. The report also noted that there was also considerable growth in the use of POS in filling stations.
“Active sectors in the economy still remain the Retail, Wholesale, and Fast Food recording a growth of 86%, 134%, and 67% respectively when compared to 2017.
However, we have seen a major growth in Fuel Stations with a 159% growth as POS adoption continues to continues to increase among Fuel Stations.”
A look at some of the most used cards and their locations
According to the report, Mastercard was the most used card in 2018. Nigerians used the card brand to perform some 57% of the total transactions in 2018. Verve and Visa followed behind, respectively.
With Lagos State being the commercial capital and Nigeria and indeed West Africa, it is not surprising that Lagos was the main location for POS usage last year, accounting for 53% of the total volume of transactions. Rivers State and the Federal Capital Territory followed behind.
Failed transactions blamed on customers
15 per cent of all the POS transactions in 2018 failed. And according to the report, errors on the part of customers made that happen.
“These errors span from customers selecting the wrong account option to debit, to insufficient funds in the chosen account type.”
About NIBSS
Incorporated in 1993, the Nigeria Inter-Bank Settlement System (NIBSS) Plc is owned by all licensed banks, including the Central Bank of Nigeria (CBN). Its main function is to ensure easy transfer of money between banks.
Energy
FG approves new board for NLNG, BGT
The change was necessary because the current board members had been in office since 2005.
Federal Government has approved the newly reconstituted boards of Nigeria Liquified Natural Gas(NLNG) and Bonny Gas Transport Limited (BGT).
This was disclosed in a statement issued by the Minister of State for Petroleum Resources, Chief Timipre Sylva, in Abuja on Monday.
According to him, the new board, which was approved by President Muhammadu Buhari, was necessary because the current board members had been in office since 2005.
He disclosed that the new board members for the NLNG include Dr Edmund Daukoru as Chaiman, Mr Henry lkem-Obih as a Member and Dr Rabiu Sulaiman as a Member.
Other Members include the Group Managing Director of the Nigerian National Corporation (NNPC), Malam Mele Kyari and the Permanent Secretary, Ministry of Petroleum Resources, Mr Bitrus Nabasu.
He also said that Daukoru was also approved as the President of the Board of BGT while Doyin Akinyanju and Abdul Abba are members.
The minister noted that Kyari and Nabasu were also members of the board.
“I will like to use this opportunity to thank the chairman and other outgoing board members of NLNG for steering the companies to record successes, particularly the Train 7 FID.
“l wish the exiting members good health and more successes in their future endeavors.
“To the incoming members of the board, I congratulate you on this appointment; your selection is based on your experience, integrity and expertise.
“I, therefore,urge you to bring all these to bear in the discharge of your responsibilities in line with the progressive agenda of Mr President,” he said.
The News Agency of Nigeria(NAN) reports that some of the new board members had worked in the industry in the past.
Daukoru was a former Minister of State for Energy and also Secretary General of the Organisation of the Petroleum Exporting Countries in 2006.
He became the Amayanabo, or traditional ruler, of Nembe Kingdom in 2008.
Also, Ikem-Obih was a former Chief Operating Officer, Downstream of the NNPC and Rabiu a former Group Executive Director at the corporation.
Hospitality & Travel
Passengers can now arrive 90 minutes before departure for domestic flights – FG
The Federal Government has announced the reduction of arrival time for passengers from three hours to one hour and a half before departure for domestic flights.
This was disclosed in a tweet post by the Minister for Aviation, Hadi Sirika, through his Twitter handle on Monday, July 13, 2020.
The minister said that the decision was arrived at after they have reviewed passenger facilitation at the airport while noting that passengers should check-in online.
In the tweet post, Sirika said, ‘’My colleagues and I have reviewed passenger facilitation at our airports, consequently I am happy to announce that, henceforth travellers are to arrive one hour and half before their departure time for domestic flights. Travellers are advised to check-in online, please.’’
My colleagues & I have reviewed passenger facilitation at our airports, consequently I am happy to announce that, henceforth travelers are to arrive one hour and a half before their departure time for domestic flights. Travelers are advised to check in online, please 🙏🏽🇳🇬🇳🇬🇳🇬🙏🏽
— Hadi Sirika (@hadisirika) July 13, 2020
It can be recalled that the Federal Airports Authority of Nigeria (FAAN) had earlier in June issued flight resumption protocol for both international and local passengers across the country, advising passengers to arrive at the airport three hours before their time due to the new COVID-19 safety checks for domestic flight operations and five hours for international flight operations.
Economy & Politics
Seyi Makinde Proposes N3 billion investment plan for water supply
The local governments in Oyo are advised to submit a list of 10 faulty boreholes in the LG.
The Governor of Oyo State, Seyi Makinde announced the proposal of a N3 billion investment plan dedicated to water supply in rural and urban areas of the state.
Speaking through the Chairman of Rural Water Supply and Sanitation Agency (RUWASSA), Mr. Najeem Omirinde in Ibadan on Monday, he added that N500 million of the N3 billion would be used for repairing broken and faulty state-owned boreholes.
All Chairmen of each of the Local Governments in Oyo are advised to submit a list of 10 faulty boreholes in the Local governments.
The Oyo State governor also ordered that all new boreholes must be compliant with solar-powered pumps, to enable their longevity and save costs.
Urging residents to patronize the agency if they need to dig up boreholes for water, citing that it would be cheaper if done through the state agency than with private drilling companies.
Minister of Finance, Zainab Ahmed stated last year that Nigeria needs an estimated N36 trillion annually for the next 30 years to solve Nigeria’s infrastructure problem. The investment, although a tiny fraction of what Nigeria needs is a bold step by the Oyo State government.
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