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.
