Across Nigeria, Point-of-Sale (PoS) agents have become a common sight at bus stops, markets, and public parks. This widespread presence has contributed to a surge in PoS transactions, which hit a record ₦10.51 trillion in the first quarter of 2025, according to new data from the Nigeria Inter-Bank Settlement System (NIBSS). This figure marks a staggering 301.67% jump from ₦2.62 trillion recorded in Q1 2024. With 90 days in the quarter, that averages ₦116.79 billion per day, or roughly ₦1.35 million every second.
As PoS terminals grow in popularity, they’ve overtaken ATMs as the go-to option for many Nigerians needing cash. By March 2025, Nigeria had 8.36 million registered PoS terminals, with 5.90 million actively in use—a 119.46% rise from a year earlier. Meanwhile, active ATM units dropped to 16,714 in the first half of 2024, from 17,377 previously. The value of ATM transactions also fell by 10%, from ₦13.58 trillion to ₦12.21 trillion, according to the Central Bank of Nigeria. In contrast, Nigeria now has around one PoS terminal for every 26 people.
Driving this shift are fintech companies like Moniepoint, PalmPay, and OPay, which have focused on reaching Nigeria’s 40 million Micro, Small, and Medium Enterprises (MSMEs). Moniepoint, for example, says it has over 1 million active terminals processing ₦10 trillion monthly. PalmPay reports over 1.1 million onboarded businesses, while OPay claims over 1 million businesses depend on its services. While traditional banks remain key partners by providing the financial infrastructure, fintechs are clearly leading the charge in reshaping Nigeria’s cash distribution landscape.
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