The value of transactions over Point of Sales (PoS) terminals in Nigeria surged to N18 trillion in 2024, hitting an all-time yearly record.

This is according to data obtained from the Nigeria Inter-Bank Settlement System (NIBSS).

Fuelled by a protracted scarcity of cash at ATMs and the aggressive push in PoS deployments by fintech companies, the 2024 record represents a 69% increase when compared with the value of PoS transactions in 2023 at N10.7 trillion.

In the same vein, the volume of transactions rose by 8% year-on-year to 1.5 billion in 2024 compared with the 1.4 billion recorded in the previous year.

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While commercial banks had been the major drivers of PoS terminal availability in the past, the entrance of fintechs into this space has seen the number of PoS devices in the market grow astronomically.