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Airtel Nigeria to Build West Africa’s largest data centre to rival MTN

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Tag: PoS

CBN restricts daily limit of POS transactions to N100,000
Banking featured

Banks close 229 branches amid rapid PoS expansion

Nigeria’s banking sector recorded a significant contraction in its physical presence over the past year as Deposit Money Banks shut down 229 branches nationwide, reflecting a growing shift by customers away from banking halls towards Point of Sale transactions. This development was disclosed in the Central Bank of Nigeria’s 2024 financial sector statistical bulletin, which […]

CBN fines Moniepoint, OPay ₦1bn in regulatory crackdown
Banking

CBN orders banks to configure ATMs, PoS for foreign cards

In a move aimed at ensuring uninterrupted and efficient transactions for users of foreign-issued payment cards across Nigeria, the Central Bank of Nigeria has directed banks and non-bank acquirers to configure all Automated Teller Machines, Point of Sale terminals and virtual payment platforms to accept international cards supported by Nigerian acquirers. The apex bank said […]

Business featured

CBN mandates dual connectivity for PoS transactions

The Central Bank of Nigeria has issued a directive compelling all financial institutions, acquirers, and payment service providers to implement mandatory dual connectivity for Point of Sale transactions. This crucial infrastructure upgrade must be completed within one month of the order. The circular, which updates an earlier policy from September 2024, was signed by Rakiya […]

80% of Nigeria pharmacies now prefer digital payment methods — Report
News

80% of Nigerian pharmacies now prefer digital payment methods — Report

A recent report by payment company Moniepoint reveals that 80% of pharmacies in Nigeria now pay for goods digitally, with 56.8% utilizing point-of-sale systems and bank transfers, while 32.9% rely on direct bank transfers. This shift comes in response to the 2023 cash crunch that disrupted cash transactions across the country. The report, titled Inside […]

POS transactions reduce by N226bn as currency circulation increases
News

PoS transactions reach N6.23tn in July 2024 – Report

Point of Sale transactions in Nigeria totaled N6.23 trillion from January to July 2024, according to data from the Nigeria Inter-Bank Settlement System. This figure represents a 7.4 percent decline compared to the N6.79 trillion recorded in the same period in 2023, highlighting shifts in consumer behaviour and spending patterns. The NIBSS data reveals a […]

POS transactions reduce by N226bn as currency circulation increases
News

POS transactions reduce by N226bn as currency circulation increases

The first quarter of 2024 witnessed a notable decline in Point-of-Sale transaction values in Nigeria, reflecting a decrease of N225.73 billion compared to the same period in the previous year. This decline, amounting to a 7.94% reduction in POS usage within the country, coincided with a surge in currency circulation outside of banks. The juxtaposition […]

Loan apps: FCCPC to address rising debt with new policy
News

FCCPC to crack down on trade groups over fixed prices

The Federal Competition and Consumer Protection Commission announced on Tuesday that it would soon start enforcing legislation across the country to stop trade associations from participating in price-fixing and cartel-like behaviour. The Commission claimed that this action would begin with the group of PoS agents, who recently announced an increase in transaction fees. This was revealed by the executive […]

PoS transactions hit N223tn as Nigerians shift away from ATMs
Business

PoS operators insist on new charges

The Association of Mobile Money and Bank Agents in Nigeria’s national public relations officer, Oluwasegun Elegbede, has demanded new service charge prices. The association’s PoS agents recently disclosed hikes in the cost of PoS transaction expenses and began implementing new prices on Monday. However, the Federal Competition and Consumer Protection Commission then took measures to halt […]

AMMBAN blames inflation for new PoS charges
News

AMMBAN blames inflation for new PoS charges

The Association of Mobile Money and Bank Agents in Nigeria, has cited the impact of rising inflation costs on agents AMMBAN claimed that the ‘cost to serve’ was the rationale for raising PoS transaction prices. This was confirmed on Wednesday in a press statement made in response to criticism of the increase in PoS transaction prices. […]

A Point of Sale machine
Business

Cashless policy: How to get PoS devices for your business

PosThe recent naira crisis experienced as a result of the redesign of the N200, N500, N1000 notes by the Central Bank of Nigeria has forced many Nigerians into cashless transactions. According to the Central Bank of Nigeria’s Governor, Godwin Emefiele, one of the reasons for this decision includes the hoarding of cash by the populace, […]

Business

Scarcity: Accept POS payment, FG orders fuel stations

The Federal Government of Nigeria has ordered fuel stations to make use of Point of Sale and accept payment via bank transfers.nairafuel Following this order, it mobilised security officials on Thursday to monitor the activities of fuel stations. According to The Punch, it said the move was necessary because of the information received about the […]

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