The total Point of Sale (POS) terminals deployed across Nigeria have now reached 2.68 million as of March 2024.
According to data released by the Nigeria Inter-Bank Settlement System (NIBSS), this represents a Year-on-Year (YoY) growth rate of 47.36% and reflects the accelerating pace of digitalization within the nation’s financial sector.
The proliferation of POS terminals signals a fundamental shift towards cashless transactions, as businesses and consumers increasingly embrace the convenience and efficiency offered by digital payment solutions.
This surge in adoption highlights the growing reliance on technology to facilitate financial transactions, driving innovation and transforming the way commerce is conducted across various sectors of the economy.
Breaking down the figures, January 2024 saw a deployment of 2.47 million POS terminals, representing a significant YoY increase of 50.61% compared to the same period in 2023.
Similarly, February 2024 witnessed a surge in deployment with 2.58 million POS terminals, marking a YoY growth rate of 54.49% compared to February 2023.
While these numbers paint a picture of rapid expansion, a closer examination reveals that there are over a million registered POS terminals yet to be deployed or taken up by merchants.
In January 2024, the number of registered terminals reached 3.44 million, rising from 2.31 million in 2023. February and March continued this trend, with registered terminals reaching 3.6 million and 3.73 million respectively in 2024.
The increase in registered POS terminals underscores the potential for further expansion and utilization within Nigeria’s digital payment landscape.
As the number of terminals continues to grow, there is a clear indication of the country’s readiness to embrace cashless transactions on a broader scale, paving the way for increased financial inclusion and efficiency.
Industry stakeholders view this surge in POS terminal deployment as a positive step towards realizing Nigeria’s vision of becoming a digital economy powerhouse.
However, challenges such as infrastructure development, regulatory frameworks, and merchant adoption still need to be addressed to fully harness the potential of digital payments in driving economic growth and development.
As Nigeria moves towards a cashless future, collaboration between the public and private sectors will be crucial in overcoming these challenges and ensuring that the benefits of digitalization are accessible to all segments of society.
With the continued expansion of POS terminal deployment, Nigeria is poised to emerge as a leader in digital payments innovation, transforming the way transactions are conducted and driving economic progress in the process.
