More Nigerians Secure PoS Terminals As New Withdrawal, Deposit Charges Emerge
- New data shows that the number of Point-of-Sale terminals registered in Nigeria is now over 3 million
- The figures captured in NIBSS show a significant 32% increase in point-of-sale terminals from last year
- In the last 3 years, there has been a meteoric rise in the number of POS operators amid rising unemployment
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigeria Inter-Bank Settlement System has revealed that the number of Point of Sale (PoS) machines deployed by merchants and individuals across Nigeria rose to 3.04 million as at July 2024.
Source: Getty Images
This represents a 32% increase year on year when compared with the number of deployed terminals in the same period last year, which was 2.3 million.
Leadership reports that the July 2024 figure also indicated that a total of 744,533 new PoS terminals were deployed between August 2023 and July 2024.
PoS value of transactions in Nigeria
Meanwhile, the value of Point of Sale transactions in Nigeria totalled N6.23 trillion between January and July 2024.
BusinessDay reports that the figure was a 7.4% decline compared to the N6.79 trillion recorded in the same period in 2023.
Breakdown of transactions in 2024
- January 2024: N850.09 billion
- February 2024: N805.05 billion
- March 2024: N961.86 billion
- April 2024: N811.78 billion
- May 2024: N868.6 billion
- June 2024: N930.76 billion
- July 2024: N1 trillion
POS operators adjust charges
PoS operators have become an integral part of the Nigerian financial system.
Legit.ng recently reported that PoS operators have adjusted their rates in response to the federal government's implementation of a new N50 Electronic Money Transfer Levy (EMTL) on e-transactions above N10,000 and the ongoing cash scarcity.
PoS attendants, who typically charge N100 for transactions below N5,000 and N200 for transactions above that amount, have decided to add N50 for withdrawals of N5,000 and N250 for transactions above N10,000, effectively passing the EMTL charges on to their customers.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
