
The deployment of Point of Sale (PoS) terminals across Nigeria reached 3.04 million as of July 2024, reflecting a 32% year-on-year increase compared to 2.3 million terminals in the same period last year, according to data from the Nigeria Inter-Bank Settlement System (NIBSS).
Highlights of the Growth:
- Annual Deployment: Between August 2023 and July 2024, an additional 744,533 PoS terminals were rolled out, signaling heightened adoption among merchants and individuals.
- Adoption Drivers: The growth underscores the increasing reliance on electronic payment systems in Nigeria, fueled by cashless policy initiatives, improved internet penetration, and the expansion of financial inclusion efforts by banks and fintechs.
- Market Implications: With 3.04 million active terminals, Nigeria is strengthening its position as a leader in Africa’s fintech and payment solutions market. This rise also indicates broader economic shifts towards digital transactions in retail, services, and informal sectors.
The surge in PoS deployment illustrates a transformative trend in Nigeria’s payment ecosystem, empowering businesses and consumers alike through enhanced access to seamless digital payment solutions.