More Nigerians Secure PoS Terminals As New Withdrawal, Deposit Charges Emerge

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 of July 2024......Read The Full Article>>.....Read The Full Article>>

This represents a 32% increase year over year compared with the 2.3 million deployed terminals in the same period last year.

Leadership reports that the July 2024 figure also indicated that 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 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.