The Central Bank of Nigeria (CBN) has issued a directive mandating the geo-tagging of all Point of Sale (PoS) terminals nationwide within the next 60 days. The move is aimed at tackling electronic payment fraud and strengthening regulatory oversight. In a circular dated August 25, signed by Rakiya Yusuf, Director of the Payments System Supervision […]
Point-of-sale (PoS) transactions in Nigeria jumped to N10.45 trillion in the first quarter of 2025, more than tripling the N3.62 trillion recorded in the same period of 2024. The latest figures, released by the Nigeria Inter-Bank Settlement System (NIBSS), show a 209 percent year-on-year surge—driven by rising adoption of electronic payments and a wider distribution […]
BY GODWIN ANYEBE A significant shift in Nigeria’s financial ecosystem has been unveiled, with new data revealing a sharp decline in Automated Teller Machine (ATM) usage while Point of Sale (POS) agents have collectively processed a staggering N223.27 trillion in transactions during 2024. This monumental figure underscores the growing dominance of agent banking in facilitating […]
A group under the aegis of Point of Sale ( POS Operators ) in Nigeria has kicked against the cashless policy of the Central Bank of Nigeria ( CBN ) that wants cash withdrawal limits of individuals per day to N20,000 and Corporate bodies N100, 000. The group which petitioned President Muhammadu Buhari and the […]