In Nigeria, POS terminals have significantly surpassed ATMs. As of March 2024, there were approximately 2.7 million POS terminals compared to fewer than 21,500 ATMs. This shift is attributed to POS terminals’ lower entry barriers, faster deployment, reduced risk, and their contribution to job creation. POS systems offer an efficient payment platform vital for economic growth. The rise of POS terminals highlights a move towards a more accessible and widespread payment infrastructure in Nigeria.
Nigerians made transactions worth N85.91tn through point-of-sale terminals in the first half of 2024, a figure that is over seven times the N12.21tn recorded for ATM transactions within the same period.
This data, sourced from the Central Bank of Nigeria’s quarterly statistical bulletin, reflects a significant shift in consumer preferences as POS becomes the dominant payment method, and the lack of cash at ATMs and lengthy queues persist.
When compared to 2023, the value of POS transactions saw a 77 per cent increase, rising from N48.44tn to N85.91tn, while the volume of transactions grew by 31 per cent, from 4.87 billion to 6.39 billion.
This growth can be attributed to the widespread availability of POS terminals and the ease they provide for cashless transactions across the country.
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