The number of Point-of-Sale (PoS) terminals in Nigeria has surged to 26.54 million in just seven months, reflecting a notable 22.59% growth from 21.65 million PoS terminals registered in July 2023. This expansion highlights the growing adoption of digital payment solutions, fueled by government initiatives aimed at reducing cash dependence.
In January 2024 alone, Nigeria saw the registration of 3.44 million new PoS terminals, a 48.5% increase compared to the 2.32 million registered in January 2023. The trend continued throughout the year, with February’s new registrations climbing by 50.9% to 3.61 million, up from 2.39 million in the same period last year. Similarly, in March, newly registered terminals rose by 47.0%, reaching 3.73 million from 2.54 million in March 2023.
April and May saw consistent growth, with the number of new PoS terminals growing by 26.1% (to 3.85 million) and 22.4% (to 3.88 million), respectively. By June, the numbers increased by 23.5% to 3.97 million, compared to 3.22 million in June 2023, and in July, the figure reached 4.06 million, marking a 24.0% year-on-year growth.
These gains are a direct result of the country’s push for cashless transactions, as evidenced by a significant rise in electronic payments. The Nigeria Inter-Bank Settlement System (NIBSS) also reported a record N89.5 trillion in electronic transactions for July 2024, a staggering 89% increase from N47.39 trillion in the same month the previous year.
This increase in PoS terminal usage and electronic payment transactions is a clear indication that Nigeria is progressing towards its goal of a cashless economy. It also aligns with initiatives like the Central Bank of Nigeria’s cash withdrawal limits and other policies aimed at boosting financial inclusion and encouraging the use of digital payment platforms.
Zone Payment Network Limited (formerly Appzone) has partnered with NIBSS to further streamline PoS transactions across the nation, contributing to this digital transformation.
As of mid-2024, the total value of electronic transactions in Nigeria for the year stood at N566.3 trillion, and with July’s record, it is on track to reach or exceed the N600 trillion mark from 2023.