Number Of Registered PoS Rise To 8.3 Million In Nigeria

The price of Point-of-Sale (PoS) terminals in Nigeria has skyrocketed between 2023 and 2025, with increases ranging from a minimum of 30% to as much as 100% for premium devices.

This sharp escalation—driven largely by inflation, intense foreign exchange challenges, and growing logistics expenses—is compelling a major overhaul of the business framework for Nigeria’s fast-growing agency banking industry.

According to a recent NairaMetrics report, while basic PoS devices, previously priced between N15,000 and N20,000, are now retailing for about N21,500, the cost of sophisticated Android and smart terminals has doubled, soaring from an original range of N30,000–N40,000 to a new bracket of N62,000 to N85,000.

The price surge persists despite consistent and rising demand for PoS services, particularly in financially underserved regions where these terminals often serve as the primary gateway to formal financial systems.

This ongoing demand has driven the number of registered PoS terminals in Nigeria to 8.3 million as of March 2025, based on data from the Nigeria Inter-Bank Settlement Systems (NIBSS).

Fintech companies dominate the Nigerian PoS market, actively deploying these devices to recruit more agents, though some commercial banks also distribute them.

The report notes that an official from a leading fintech firm, speaking anonymously, confirmed that the price hikes are an inevitable result of currency fluctuations and rising logistics costs.

“The dollar rate is a major factor in all these. Currently, there is no locally produced PoS; all are imported, and the price has to reflect the exchange rates,” the official stated.

He further explained that current prices do not fully account for the associated costs, as some companies are absorbing part of the expense to support financial inclusion and keep terminals affordable.

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Nnamdi Okoli