NIBSS: Deployed PoS terminals across Nigeria hit 2.7 million in March 2024

Date:

May 23, 2024.

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Azonuchechi Chukwu.

The number of Point of Sales (PoS) machines deployed by merchants and individuals across Nigeria rose to 2.7 million in March this year.

The Nigeria Inter-Bank Settlement System (NIBSS) disclosed this in the latest electronic payment data recently released.

This represents a 50% increase year on year when compared with the number of deployed terminals in the same period last year, which was 1.8 million.

The March 2024 figure indicated that a total of 864, 753 new PoS terminals have been deployed in the last year.

However, the figure for deployed PoS is still lower than the total registered terminals.

According to the NIBSS data, a total of 3.730 million PoS machines had been registered across the country as of March 2024, which shows that a total of 1.04 million terminals are either yet to be deployed or have become inactive.

The value of transactions over PoS terminals in Nigeria has been growing consistently over the years. However, data for March 2024 shows that there was a decline when compared with last year’s figure.

According to NIBSS data, PoS transactions value for March stood at N961.8 billion. This shows a 16.5% decline compared with the N1.15 trillion recorded in March 2023.

However, the record in March last year, when the PoS value hit an all-time high is attributable to the unusual cash scarcity at the period, which forced many Nigerians to embrace electronic transactions.

Aside from the 2023 cash scarcity, the growth of PoS transactions in Nigeria is being driven by many factors, part of which include rapid adoption by merchants for receiving payments.

PoS is also bridging the gap created by the shortage of Automated Teller Machines (ATMs) deployed by banks, as many Nigerians now withdraw through PoS agents.(www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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