Point of Sale (PoS) transactions in Nigeria surged to a record ₦10.45 trillion in the first quarter of 2025, marking a 209% increase compared to the ₦3.62 trillion recorded in the same period of 2024, according to data from the Nigeria Inter-Bank Settlement System (NIBSS). The growth, driven by persistent cash scarcity at ATMs and aggressive PoS terminal deployment by fintechs, reflects Nigeria’s accelerating shift toward a cashless economy. NIBSS data shows January 2025 transactions reached ₦3.52 trillion, February hit ₦3.41 trillion, and March recorded ₦3.52 trillion, with active PoS terminals rising from 2.6 million in March 2024 to 5.9 million by March 2025, a 127% increase, as reported by Fintech Magazine Africa.
The surge has boosted government revenue through the Electronic Money Transfer Levy (EMTL), with projections estimating ₦230 billion in 2025, per Techloy. However, high transaction fees, sometimes reaching ₦500 for a ₦5,000 withdrawal, have sparked public frustration, with comments like, “PoS operators are cashing out, but at what cost to Nigerians?” as seen on social media. Operators, in turn, cite difficulties sourcing cash from banks, often resorting to alternative channels like petrol stations. The Corporate Affairs Commission’s push to register 100,000 PoS operators by July 2025 aims to curb fraud, though it falls short of the 250,000 target, according to TechCity. Despite concerns, NIBSS’s Hanson highlighted PoS as a lifeline for financial inclusion, supporting small businesses and informal economies across Nigeria’s 36 states.
