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- The number of Point-of-Sale terminals registered in Nigeria has reached 26.54 million in seven months
- An analysis of NIBSS data revealed that there were 22.59 million registered PoS terminals, up from 21.65 million
- The rise demonstrates how policies aimed at reducing the country's reliance on cash transactions are propelling digital payment
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
Data from the Nigeria Inter-Bank Settlement System shows that in just seven months, the number of registered Point-of-Sale terminals in Nigeria jumped to 26.54 million.
Source: Getty Images
As of July 2023, there were 22.59 million registered PoS terminals, up from 21.65 million according to an examination of NIBSS data.
The increase highlights how measures meant to lessen the nation's reliance on cash transactions are driving the country's growing embrace of digital payment services.
In January 2024, there were 3.44 million newly registered point-of-sale terminals, up 48.5% from 2.32 million in the same month the previous year.
In February, the newly registered PoS terminals surged by 50.9 per cent to 3.61 million from 2.39 million in the prior year and rose by 47.0 per cent to 3.73 million in March compared to 2.54 million in the equivalent time of last year.
The number of newly registered terminals in the nation rose by 26.1% to 3.85 million in April from 3.05 million in April 2023, and by 22.4% to 3.88 million in May 2023 from 3.17 million.
The numbers showed a 23.5% increase to 3.97 million by June 2024 from 3.22 million in June 2023.
July saw a 24.0% increase in the number of newly registered PoS, at 4.06 million, up from 3.27 million in July 2023.
According to the NIBSS, Nigerians used electronic channels to spend N89.50 trillion in July 2024, which is the largest monthly transaction value ever recorded on the NIBSS Instant Payment platform.
This amount is higher than the N47.39tn recorded in the same period previous year by 89% on an annual basis.
The overall amount of electronic transactions in Nigeria between January and July 2024 reached N566.3tn, close to the N600tn achieved in 2023, according to NIBSS, which cited the July record.
PoS operators slash charges
Legit.ng reported that the Central Bank of Nigeria has revealed that currency outside the banks surged to an all-time high of N3.28 trillion as of June 2024.
This represents 93% of the total N4.04 trillion currency in circulation, indicating that banks have just over N1 trillion available to attend to customers.
The CBN disclosed the figures in its money statistics data published on its website and obtained by Legit.ng.
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Source: Legit.ng
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