Point of Sale (POS) terminals processed ₦223.27 trillion in transactions in 2024, doubling the ₦110.35 trillion recorded in 2023, according to CBN data. In contrast, ATM withdrawals remained flat at ₦29.12 trillion.
The surge highlights Nigeria's shift toward digital payments amid fuel price hikes and cash scarcity. Despite a rise in POS fraud—up 31% in Q1 2024—usage soared, with monthly values consistently outpacing ATM figures.
To address fraud, the CBN imposed stricter limits: ₦100,000 daily cash-out per customer, ₦500,000 weekly withdrawals, and ₦1.2 million daily limit per agent. Agent operations must now use monitored float accounts, or risk sanctions.
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