In 2024, Nigeria’s financial habits marked a dramatic shift. Point-of-Sale (POS) terminals processed ₦223.27 trillion in transactions, doubling the ₦110.35 trillion recorded in 2023.
Monthly data shows January’s POS volume more than doubled year-on-year—from ₦5.28 tn to ₦11.50 tn—while ATM withdrawals dropped from ₦3.24 tn to ₦2.15 tn.
By mid-year, POS transactions continued to surge each month, with June reaching ₦19.57 trillion, while ATM withdrawals remained around ₦2.45 trillion.
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Overall, POS transactions in 2024 reached 13.08 billion, a 33% increase over 2023, while ATM transactions barely grew from 1.012 to 1.022 billion. Although ATM withdrawal value edged up slightly—from ₦28.21 tn to ₦29.12 tn—the noticeable growth came from POS adoption.
This shift reflects growing consumer preference for digital payments over cash withdrawals, driven by convenience, speed, and wider accessibility, even as challenges like POS fees and fraud emerge.
