POS Transactions Hit N85.91tn in H1 2024 as Cashless Payments Surge in Nigeria

Nigerians conducted transactions worth N85.91 trillion via Point-of-Sale (POS) terminals in the first half of 2024, reflecting a shift towards cashless payments due to cash shortages and the convenience of electronic transactions.

POS transactions saw significant growth compared to ATM usage, which declined both in value and volume during the same period.

POS transactions experienced a 77% increase in value from the previous year, supported by widespread terminal availability. Meanwhile, ATM transactions fell as consumers increasingly opted for electronic alternatives.

Internet and mobile banking also recorded substantial growth, while cheque transactions continued to decline.

Despite the surge in POS transactions, challenges such as increased withdrawal charges and a rise in fraudulent activities persisted.

The Central Bank of Nigeria (CBN) implemented regulatory measures, including cash-out limits and stricter oversight, to address these issues and further promote the cashless policy.

These efforts aim to enhance the security and efficiency of Nigeria’s evolving payment systems.