So, the Nigeria Inter-Bank Settlement System, NIBSS released a report on Sunday which showed the channels through which Nigerians spent their money.

The channels include: Points of Sale, PoS, ATMs, Cheques, Mobile banking and bank transfers. The most used channel is the PoS.

According to the NIBSS report, PoS transactions increased by 54.3% to 1.41 trillion naira in 2017 as more retail merchants embraced PoS as a means of transactions.

It stated in the report that PoS transactions in 2016 were worth 0.76 trillion naira, while in 2015, they were 0.45 trillion naira from 0.31 trillion naira in 2014.

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"Transactions on PoS were impressive in 2017 setting a milestone of over 1.4 trillion in value in 2017.

"Furthermore, volume of transactions recorded a 92% compound annual growth rate between 2014 and 2017.

"Volume of transactions was driven mostly by brick and mortar stores in the wholesale and retail sector," the report read in part.

This totaled 146.27 million volume of PoS transactions in 2017 from 63.72 million in 2016.

Volume of transactions on PoS was 33.72 million in 2015; 20.82 million in 2014; 9.42 million in 2013; and 2.59 million in 2012.

The report stated that 0.63 million unique cards carried out PoS transactions in 2017.

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