Nigeria's digital payment landscape achieved a milestone in 2024 as Point of Sale (PoS) transactions reached an unprecedented N18 trillion, according to data from the Nigeria Inter-Bank Settlement System (NIBSS). This marks a dramatic 69% increase from the N10.7 trillion recorded in 2023.

The surge in PoS usage was driven by two key factors: persistent ATM cash shortages and an ambitious expansion of PoS terminals by fintech companies. Transaction volume also saw modest growth, increasing 8% to reach 1.5 billion transactions in 2024, up from 1.4 billion the previous year.

While traditional banks historically dominated PoS terminal distribution, the landscape has transformed with fintech companies' entry into the market. Their aggressive deployment strategies have led to a significant expansion in the availability of PoS devices across Nigeria, making digital payments more accessible to the general population.

This growth reflects Nigeria's accelerating transition toward digital payment solutions and highlights the increasing role of financial technology in the country's banking sector.​​​​​​​​​​​​​​​​