x

Number of Registered PoS Terminals Hits 26.54 Million as Operators Slash Charges

By  Milcah   Tanimu

Nigeria has witnessed a significant increase in the number of registered Point-of-Sale (PoS) terminals, which has now reached 26.54 million in just seven months. According to the Nigeria Inter-Bank Settlement System (NIBSS), this marks a rise from 22.59 million PoS terminals in July 2023 and 21.65 million the previous year. This growth highlights the country’s commitment to reducing reliance on cash transactions and embracing digital payment methods.

In January 2024 alone, 3.44 million new PoS terminals were registered, representing a remarkable 48.5% increase compared to 2.32 million in January 2023. The upward trend continued throughout the first half of the year, with new registrations surging to 3.61 million in February, 3.73 million in March, and 3.85 million in April. By July 2024, the figure reached 4.06 million, showcasing a consistent monthly increase in adoption.

Additionally, the NIBSS reported that Nigerians spent an unprecedented N89.50 trillion through electronic channels in July 2024, a staggering 89% increase from N47.39 trillion in the same month last year. The total electronic transaction value from January to July 2024 reached N566.3 trillion, nearing the N600 trillion recorded in all of 2023.

In a bid to enhance digital payment adoption, PoS operators have slashed transaction charges, making it more affordable for consumers. This initiative aligns with the Central Bank of Nigeria’s (CBN) efforts to increase digital transactions amid a surge in currency outside banks, which hit an all-time high of N3.28 trillion in June 2024, accounting for 93% of the total currency in circulation.

Hot this week

Igbo Group Urges FG to Obey Court Orders, Release Nnamdi Kanu

By Anne AzukaA socio-cultural organisation, Ndi Na Asu Bia...

JTF Arrests 40-Year-Old Logistics and Drug Supplier to Bandits in Kogi

By Noah Ocheni, LokojaThe Joint Security Task Force (JTF)...

Kaduna: Foundation Protests Demolition of Property, Seeks Gov. Uba Sani’s Intervention

By Achadu Gabriel, KadunaMembers of the OneAgape Foundation on...

WHO Appoints Dr.Pavel Ursu As Nigeria’s Country Rep

By Joyce Remi-BabayejuThe World Health Organization , WHO,...

Match fixtures

Tuesday 21 October 2025 Champions League17:45 BST BarcelonavOlympiacos 17:45 BST FC...

Chinese Ambassador’s Cup: 2025 Wushu Championship Set to Hold in Abuja

The Chinese Ambassador’s Cup-Wushu Championship, also known as the...

INSPIRATION:Take a Break — Find Clarity in Stillness

By Mary EwaSometimes, life feels like a race with...

Ruben Amorim’s Bold Faith in Senne Lammens Pays Off as Rio Ferdinand Delivers Five-Word Verdict

Manchester United’s dramatic 2-1 victory over Liverpool at Anfield...

Arsenal Hit Historic 22-Year Milestone as Arteta Eyes Premier League Glory

Arsenal’s impressive start to the 2025/26 Premier League season...

Gov. Ododo Launches Rural Electrification Project for 30 Kogi Communities

By Noah Ocheni, LokojaKogi State Governor, Alhaji Ahmed Usman...

Minister’s Aide Empowers 300 Pupils in Lagos Through School Support Initiative

By Israel Adamu, JosThe Abosede Tomori Foundation (ATF)...

Match fixtures

Tuesday 21 October 2025 Champions League17:45 BST BarcelonavOlympiacos 17:45 BST FC...

Related Articles

Popular Categories

spot_imgspot_img