POS Transactions Surge To N232.27tn In 2024

Point of Sale terminals (POS) handled transactions worth N223.27tn in 2024, representing a significant increase from the N110.35tn recorded in 2023.

This is according to data from the Central Bank of Nigeria’s quarterly statistical bulletin, which shows a continued migration from Automated Teller Machines to Point of Sale platforms for financial transactions across the country.

The total number of POS transactions rose from 9.85 billion in 2023 to 13.08 billion in 2024, indicating a 32.7 per cent increase year-on-year.

In contrast, ATM transaction volume remained largely flat, rising marginally from 1.012 billion to 1.022 billion transactions.

The value of ATM withdrawals in 2024 was N29.12tn, a slight increase from N28.21tn in the previous year, further confirming a slowdown in cash withdrawal growth relative to digital payment usage. Monthly data from the apex bank shows a consistent rise in POS transaction values throughout 2024.

In January, POS terminals processed N11.50tn, more than double the N5.28tn recorded in January 2023. ATM withdrawals fell sharply in the same month, declining from N3.24tn to N2.15tn year-on-year