The number of PoS terminals deployed in Nigeria has risen to 1.8 million

The total number of registered and deployed Point of Sales (PoS) machines in the country has surpassed 1.8 million.According to data from the Nigeria Inter-Bank Settlement System (NIBSS), this increase resulted in an increase in the value of transactions for the period, which rose to 1.1 trillion, the highest figure ever recorded.The number of deployed PoS terminals stood at 1.04 million in March 2022, and given the growth seen one year later, it shows that 776,089 new PoS terminals were deployed in the previous 12 months. The rapid adoption of PoS terminals in Nigeria can be attributed to the fact that many young people have turned to the industry as a source of employment. This also clarifies the NIBBS statistics, which reveals that 504,572 terminals remain dormant despite the registration of 2.329 million PoS machines as of December 2022. Year on year, the transaction value recorded in March 2023 - 1.1 trillion - is a 60% increase over the 718.5 billion reported in March 2022. In addition, the amount of PoS transactions grew to 177.9 million in the month under review, indicating a 72.8% rise over the 102.9 million recorded in March 2022.