The total value of Point of Sale (PoS) transactions in Nigeria surged to an all-time high of N18 trillion in 2024. This data was obtained from the Nigeria Inter-Bank Settlement System (NIBSS).
The sharp increase in PoS transactions was driven by a persistent cash shortage at ATMs and the rapid expansion of PoS services by financial technology (fintech) companies. Compared to 2023, when PoS transactions totaled N10.7 trillion, the 2024 figure represents a significant 69% growth.
In addition to the rise in transaction value, the number of PoS transactions also saw an increase. The total volume of transactions reached 1.5 billion in 2024, marking an 8% rise from the 1.4 billion recorded in the previous year.
For many years, commercial banks were the primary providers of PoS terminals in Nigeria. However, the entry of fintech companies into the industry has transformed the market. The number of PoS devices has grown rapidly, making electronic payments more accessible to businesses and consumers across the country.
The increased adoption of PoS transactions is partly due to the convenience they offer. With ongoing cash shortages and a shift towards digital payments, many Nigerians now prefer using PoS services for their daily transactions.
This has led to more businesses and vendors relying on PoS terminals for payments, further boosting the industry’s growth.
