Revealed! PoS terminal transaction hits all-time high

• In 2024, Nigeria's PoS terminal transactions reached an all-time yearly grounds of N18 trillion
• In examination to the 2023 PoS transaction worth of N10.7 trillion, the 2024 grounds indicated a 69% rise
• The measurement of transactions, however, accrued by 8% annually to 1.5 cardinal successful 2024

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

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

Nigerians proceed a gradual displacement from accepted banks similar First Bank, Zenith, Access, and others to clasp fintech and PoS transactions. Photo Credit: PeopleImages
Source: Getty Images

This was based connected information obtained from the Nigeria Inter-Bank Settlement System (NIBSS).

Driven by a prolonged currency shortage astatine ATMs and the assertive enlargement of PoS deployments by fintech companies, the 2024 grounds marked a 69% summation compared to the N10.7 trillion worth of PoS transactions successful 2023.

Similarly, the measurement of transactions grew by 8% year-on-year, reaching 1.5 cardinal successful 2024 compared to 1.4 cardinal successful the erstwhile year, Daily Trust reported.

While commercialized banks had been the large drivers of PoS terminal availability successful the past, the entranceway of fintech into this abstraction has seen the fig of PoS devices successful the marketplace turn astronomically.

PoS scams connected the rise

Legit.ng had reported that though Point of Sale (PoS) machines person brought important convenience to fiscal transactions successful Nigeria, galore individuals successful the state person fallen prey to fraudulent activities.

The unscrupulous actions of scammers are dissuading galore Nigerians from embracing this technology for their concern transactions.

Earlier, Legit.ng reported that Nigerian banks mislaid a monolithic N9.5 cardinal to physics fraud from January to August 2023.

Many Nigerians favoured it chiefly due to the fact that it allows consumers to retreat money with minimal commissions, particularly erstwhile the closest Automated Teller Machines (ATMs) oregon banks are inconveniently distant.

PoS transactions spared slope customers from enduring extended queues and the intermittent web issues often encountered astatine ATM locations.

This convenience motivated galore Nigerians to follow PoS arsenic an alternate method for depositing oregon receiving wealth successful immoderate slope relationship nationwide.

Aisha Gbolahan said,

"I similar going to the PoS to person currency due to the fact that it is easier and faster compared to getting it from the ATM wherever 1 whitethorn person to hold connected a agelong queue"

Ola Bode said,

"These days ATM can't adjacent springiness you capable cash, truthful wherefore fuss waiting time. PoS is disposable successful each corner, you don't adjacent person to pain wealth fro transport."

PoS operators rise withdrawal, deposit fees

Legit.ng antecedently reported that PoS operators crossed Nigeria person started implementing caller withdrawal and deposit fees.

Some operators who spoke to Legit.ng said the changes were a effect to existent currency scarcity and the determination by the Central Bank of Nigeria determination to bounds PoS operators' currency withdrawals to lone N100,000 daily.

Another crushed fixed was the instauration of the N50 Electronic Money Transfer Levy (EMTL) complaint connected each N10,000 deposit successful their customers' accounts.

Proofreading by James, Ojo Adakole, writer and transcript exertion astatine Legit.ng.

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Source: Legit.ng