The value of transactions over Point of Sale (PoS) terminals in Nigeria reached a record N18 trillion in 2024, marking a significant milestone for the industry. According to data from the Nigeria Inter-Bank Settlement System (NIBSS), this represents a 69% increase compared to the N10.7 trillion recorded in 2023.
The surge in PoS transactions was largely driven by ongoing cash shortages at ATMs and the aggressive expansion of PoS terminals by fintech companies. In addition, the volume of transactions grew by 8%, rising to 1.5 billion in 2024 from 1.4 billion in the previous year.
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Historically, commercial banks have been the primary providers of PoS terminals, but the entrance of fintech firms into the market has significantly boosted the availability of devices across the country.
This growth in PoS usage reflects the increasing adoption of digital payment systems and the broader shift towards cashless transactions in Nigeria.
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