PoS Machine Deployment in Nigeria Rises to 3.04 Million in July 2024, as Cashless Transactions Surge
The number of Point of Sales (PoS) machines deployed by merchants and individuals across Nigeria reached 3.04 million in July 2024, according to the latest electronic payment data from the Nigeria Inter-Bank Settlement System (NIBSS).
This marks a 32% year-on-year increase compared to 2.3 million terminals in the same period last year, with 744,533 new PoS terminals deployed between August 2023 and July 2024.
Despite the increase, the total number of deployed PoS machines still falls short of registered terminals. NIBSS data shows that 4.06 million PoS terminals were registered across Nigeria as of July 2024, leaving around 1.02 million terminals either inactive or yet to be deployed.
In terms of transactions, the value of PoS payments surged to N1.01 trillion in July 2024, indicating a growing shift towards cashless transactions. This represents a significant rise from N930.76 billion in June 2024 and N923.37 billion in July 2023. The all-time high for PoS transactions was recorded in March 2023, reaching N1.15 trillion due to the cash scarcity during that period, which pushed more Nigerians to rely on electronic payments.
The rapid adoption of PoS terminals by merchants and the increasing use of PoS agents for cash withdrawals, due to the shortage of Automated Teller Machines (ATMs), are key drivers of this growth.
Source: Nairametrics
