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The total number of Point of Sale (POS) terminals deployed across Nigeria is now 2.68 million as at March 2024, according to a new report by the Nigeria Inter-Bank Settlement System (NIBSS).
RELATED: Global point of sale terminals (POS) market to grow to 13.5% by 2024
The new data accounts for a Year-on-Year (YoY) growth rate of 47.36% to underscore pulsating uptake of out-of-banking-halls transactions in Africa’s most populous country of over 220 million.
Nigeria’s digital payment ecosystem is on the rise according to the data from the NIBBS and POS are increasingly becoming familiar means of transaction in urban and rural centres.
Naira’s scarcity as a result of the Central Bank of Nigeria’s redesign and cash withdrawal policy in 2023 pushed Point of Sales transactions to N807.16bn in January 2023, according to the NIBSS. Since then, the sector has recorded consistent upward swing in uptake.
