The number of Point-of-Sale terminals registered in Nigeria has reached 26.54 million in seven months, according to data from the Nigeria Inter-Bank Settlement System.
An analysis of the NIBSS data showed a 22.59 per cent rise from 21.65 million registered PoS terminals as of July of 2023.
The growth underscores the increasing adoption of digital payment platforms in the country, driven by policies aimed at reducing the reliance on cash transactions.
The number of newly registered POS terminals in January 2024 was 3.44 million, a 48.5 per cent increase from 2.32 million in January last year.
In February, the newly registered PoS terminals climbed by 50.9 per cent to 3.61 million from 2.39 million in the prior year and rose by 47.0 per cent to 3.73 million in March compared to 2.54 million in the corresponding period of last year.
The newly registered terminals in the country increased by 3.85 million in April from 3.05 million in April 2023, a 26.1 per cent growth and went up by 22.4 per cent to 3.88 million in May, compared to 3.17 million in May 2023.
By June, the figures reached 3.97 million, compared to 3.22 million in June 2023, showcasing a 23.5 per cent rise.
In July, the newly registered PoS reached 4.06 million, compared to 3.27 million in July 2023, reflecting a 24.0 per cent increase.
According to NIBSS, the July record has pushed the total value of electronic transactions in Nigeria between January and July 2024 to N566.3tn, nearing the N600tn recorded in 2023.