According to the latest electronic payment data released by the Nigeria Inter-Bank Settlement System (NIBSS), the number of Point of Sales (PoS) machines deployed in Nigeria reached 2.7 million in March this year. This marks a significant 50% increase compared to the same period last year, where 1.8 million terminals were deployed.
In the past year alone, a total of 864,753 new PoS terminals have been deployed, showcasing the rapid growth in digital payment infrastructure.
However, despite the substantial deployment, there are still 1.04 million registered terminals that are either yet to be deployed or have become inactive.
While the value of transactions over PoS terminals has been consistently increasing, March 2024 data reveals a decline compared to the previous year.
PoS transactions in March amounted to N961.8 billion, representing a 16.5% decrease from the N1.15 trillion recorded in March 2023.
The exceptional surge in PoS transactions during March 2023 was largely driven by the scarcity of cash during that period, which prompted widespread adoption of electronic transactions among Nigerians.
However, the continuous growth in PoS transactions can be attributed to factors such as the increasing acceptance of PoS by merchants as a payment method and the utilization of PoS agents for cash withdrawals, addressing the shortage of Automated Teller Machines (ATMs) in the country.
