By Emmanuel Kwada
The value of transactions over Point of Sales (PoS) terminals in Nigeria has reached an all-time high of N18 trillion in 2024, 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 volume of transactions also rose by 8% year-on-year to 1.5 billion in 2024, up from 1.4 billion in the previous year.
The surge in PoS transactions is attributed to the protracted scarcity of cash at ATMs and the aggressive push in PoS deployments by fintech companies.
The N18 trillion recorded in 2024 is a significant milestone for the Nigerian economy, indicating a shift towards a more digital and cashless society
The entrance of fintechs into the PoS market has led to a significant increase in the number of PoS devices available, making it easier for people to make transactions. Commercial banks, which were previously the major drivers of PoS terminal availability, have also contributed to the growth.
The N18 trillion recorded in 2024 is a significant milestone for the Nigerian economy, indicating a shift towards a more digital and cashless society. The growth in PoS transactions is expected to continue, driven by the increasing adoption of digital payment systems and the expansion of fintech services in the country.
As the Nigerian economy continues to evolve, it is likely that we will see even more innovative payment solutions emerge, further driving the growth of PoS transactions.