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Home Exclusives Research Analysis

Covid-19: POS transaction value drops by N96 billion due to lock down in April

Research Team by Research Team
July 14, 2020
in Research Analysis
PoS transactions hit N3.20 trillion in 2019, as stamp duty rip-off remain , Charges: Current accounts held drops by 4.5 million, as PoS transactions hit N373 billion, Digital payments sustains surge, affirms growth prospects
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Total volume of payment transactions across Nigerian payment channels fell by a whopping 26% in April compared to the preceding month. The Nigerian Government imposed a lock down of economic activities in the commercial cities of Lagos, Abuja and Ogun States between March .

The data available were cheque, ATM, POS, E-bills and NIP (interbank transfers) transactions. The CBN data for April excluded other transaction channels such as Web, Mobile, NEFT etc.

According to provisional data sourced from the central bank, total volume of transactions was 251.9 million in March but dropped to 186.6 million in April, the month of the lockdown. Transaction values also dropped from N12.3 trillion in March 2020 to N7.6 trillion in April 2020 a N4.6 trillion drop or 37.7% drop in transaction value.

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The last time Nigeria recorded payment transactions of less than 190 million for the subsets was in February 2018 at 159.9 million.

The impact of the lockdown has been observed in several facets of the economy and is projected to lead the country into a second recession in 4 years. The lockdown was imposed as a counter measure against the rising cases of Covid-19 in the country. However, since the lockdown over 33,000 cases of Covid-19 has been recorded one of the lowest per capita in the world.

READ ALSO: 77% of BTC investors are in a state of profit

Payment Transaction Volumes and Vaue March vs April 2020
Source; CBN/Nairametrics.

In terms of value, the NIBBS or (NIP) platform remains the dominant form of transferring money by value but suffered a N3.9 trillion drop in transaction values. This perhaps reflects the lockdown of economic activities as most companies who rely on this platform to make transfers operated minimally. Cheque channels even performed worse with only N10.3 billion in transaction value.

Explore useful research data from Nairametrics on Nairalytics

POS transactions, which reflects spending pattern of Nigerians via merchant outlets such as supermarkets, retail markets and shops, shopping malls etc. dipped by 26.2% from N368.9 billion in March 2020 to just N272 billion in April 2020. Despite this drop, the value of POS transactions recorded in April appears to be an improvement especially when you consider that average value POS transactions in the whole of 2019 was N267 billion per month.

Nigerians spent more on food, medical supplies and household items during the lockdown period according to a basic survey conducted by Nairametrics.

READ ALSO: Nigeria’s Payment Channels Made a Record-breaking ₦86 trillion in 2017

Why this matters: Payment transactions are closely monitored by the financial sector participants particularly FinTechs as they form the basis for the billions of naira in fees and commissions earned on transactions. The hugely competitive electronic payment space means players in the sector may have incurred significant drop in earnings in the month of April corresponding with the data from the CBN.

 


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Tags: FeaturedPOS transactions
Research Team

Research Team

The Research Team at Nairametrics meticulously monitors, gathers, curates, and administers an extensive repository of both macroeconomic and microeconomic data originating from Nigeria and across Africa. Utilizing a variety of presentation formats—including documents, tables, and charts—our analysts disseminate key findings through the Nairametrics platform. Additionally, we regularly release insightful, research-driven articles that offer in-depth analyses of economic trends and indicators.

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    July 14, 2020 at 10:00 am

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