Lagos, Nigeria — The number of Point of Sale (PoS) terminals deployed across Nigeria has surged to 3.04 million, marking significant growth in the country’s electronic payment system.
This data was disclosed by the Nigeria Inter-Bank Settlement System (NIBSS) in its latest report on electronic payment trends. According to the report, the deployment of PoS terminals recorded a 32 percent year-on-year increase compared to July 2023, when the figure stood at 2.3 million.
The report further revealed that between August 2023 and July 2024, a total of 744,533 new terminals were deployed nationwide, underscoring the growing adoption of cashless payment solutions among merchants and individuals.
NIBSS noted that the increased deployment reflects Nigeria’s continuous embrace of digital payment infrastructure as part of efforts to enhance financial inclusion and improve transactional convenience across the country.
The surge in PoS usage aligns with the Central Bank of Nigeria’s cashless policy, which encourages electronic payment systems to reduce the reliance on physical cash and improve financial accessibility for Nigerians.
By Enoch Odesola| January 6, 2025
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