Data released by the Nigeria Inter-Bank Settlement System (NIBSS) has revealed that transaction value through Point of Sales (PoS) terminals in Nigeria hit an all-time yearly record of N18 trillion in 2024. The increase was majorly accredited to the consistent scarcity of cash across ATM machines.
The development represents a 69 per cent increase compared with the value of PoS transactions in 2023 at N10.7 trillion. This was also due to the massive deployment of PoS terminals by fintech companies such as Opay, Kuda and Moniepoint, and the consistent cash scarcity at ATMs.
The rise of fintechs has seen the number of PoS devices grow over the past two years.
A 2024 data by NIBSS showed that the number of PoS terminals deployed across the country witnessed a massive 129 per cent rise to 5.5 million from 2.4 million recorded as of December 2023.
About 4.3 million new PoS machines were also registered last year. This is more than the 3.5 million recorded at the end of 2023, pushing the total number of machines to 7.8 million as of December 2024.
A closer look at the difference between deployed terminals and the number of registered terminals showed that there are over 2 million devices that are already registered but yet to be deployed.

In addition, the volume of transactions on Point of Sales terminals rose by 8 per cent year-on-year to 1.5 billion in 2024 compared with the 1.4 billion recorded in 2023.
According to experts, PoS transactions have become the normal norm due to factors such as the increasing difficulty in accessing cash through banking mediums, and the unavailability of cash in ATM machines alongside frequent long queues.
Also Read: CAC registers 100,000 PoS operators out of 250,000 projection.
What the rise of PoS and fintech means
The rise in the acceptance and widespread usage of PoS and fintechs has not only boosted transaction volume but also enriched the federal government’s revenue.
Following the introduction of the Electronic Money Transfer Levy (EMTL) on fintechs. Its revenue on the levy surged to N31.2 billion in December 2024, making it the highest of any month with a 107 per cent rise compared to November’s N15.046 billion.


The electronic money transfer levy is a one-time N50 e-levy charge on transactions above N10,000 that applies to all electronic transfers of funds in a Nigerian-licensed bank or financial institution. The levy, previously applicable only to commercial banks, was extended to fintech companies ending the era of free banking services.
This and the transaction volume of 1.5 billion showed a positive outlook towards the federal government’s projection of N230 billion revenue on EMTL in 2025.
Along with the increase in PoS usage, the Corporate Affairs Commission (CAC) embarked on a project to register PoS operators which was aimed at reducing fraud within the system, as well as combat kidnapping and the payment of ransoms.
Under the Point of Sales Formalization Project, PoS Operators were required to register a minimum of Business Name in line with the requirements of section 863 (1) of CAMA which requires prior registration before commencement of business or at most within 28 days of commencement for Business Names.
The agency, in its latest report last month, disclosed that about 100,000 Point of Sale (PoS) operators have officially registered their businesses with the commission under its PoS formalization project. However, the number represents a shortfall from the 250,000 registrations expected from the initiative.
The Registrar-General of the Commission, Hussaini Magaji pointed out that while some fintechs recognized and appreciated the transformative nature of modern business within the formal documentation as an essential first step, others showed negative actions that proved they were fixated on the obsolete process.
“While the visionary Fintechs mentioned above and their operators appreciated the transformative nature of modern business which requires formal documentation as an essential first step, others with archaic mentally became fixated on the old and obsolete informal mode of business operations sometimes with cash kept under a pillow or in jute bags,” he noted.


The agency noted its collaboration with other regulators to develop adequate sanctions or responses to operators who fail to adhere to the mandatory registration.
CAC also had in its plans to adopt the integration of artificial intelligence in handling routine operations such as registration and name reservation.
Notably, data from the Nigeria Inter-Bank Settlement System reveals that there are over 1.9 million PoS terminals deployed by merchants and individuals nationwide.