CHIGOZIE AMADI
Point of Sale (POS) terminals deployed across Nigeria surged to a remarkable 2.68 million in March 2024, latest figures released by the Nigeria Inter-Bank Settlement System (NIBSS) has revealed.
Moreover, the data underscores a significant Year-on-Year (YoY) growth, with adoption and deployment witnessing an impressive 47.36 per cent increase compared to the previous year.
The proliferation of POS terminals signifies a burgeoning trend in Nigeria’s digital payment ecosystem, as both businesses and consumers increasingly gravitate towards cashless transactions.
This shift reflects a growing reliance on technology to facilitate seamless and efficient financial transactions, driving innovation and convenience across various sectors.
A breakdown of the numbers revealed that 2.47 million POS terminals were deployed in January 2024, a significant YoY increase of 50.61 per cent compared to January 2023 1.64 million.
Similarly, February 2024 witnessed a deployment of 2.58 million POS terminals, representing another impressive YoY growth surge of 54.49 per cent compared to February 2023’s 1.67 million.
These figures underscore the accelerating pace of digitalization within Nigeria’s financial sector, pointing towards a future where cashless transactions become increasingly prevalent and accessible.
However, a closer examination of the number of registered POS terminals reveals that as of March, over a million registered terminals were either awaiting deployment or awaiting off-takers.
In January 2024, the number of registered POS terminals reached 3.44 million, a significant increase from the 2.31 million recorded in 2023.
February saw a further uptick, with registered terminals reaching 3.6 million in 2024, compared to 2.38 million in the previous year.
March marked another notable increase, with registered POS terminals reaching 3.73 million, compared to 2.53 million recorded in 2023.
These figures indicate a substantial growth in the number of registered POS terminals, highlighting the potential for further expansion and utilisation in Nigeria’s digital payment landscape.
