Business
POS Boom Hits N223tn in 2024 as Nigerians Ditch ATMs Amid Cash Crunch, Fraud Surge
POS Boom Hits N223tn in 2024 as Nigerians Ditch ATMs Amid Cash Crunch, Fraud Surge
Point of Sale (POS) terminals in Nigeria processed a record-breaking N223.27 trillion worth of transactions in 2024—more than double the N110.35 trillion recorded in 2023—signaling a massive shift in consumer payment preferences away from Automated Teller Machines (ATMs).
Data from the Central Bank of Nigeria’s (CBN) quarterly statistical bulletin highlights the surge, with POS transaction volume rising by 32.7%, from 9.85 billion in 2023 to 13.08 billion in 2024. Meanwhile, ATM usage stagnated, with transaction volume increasing slightly from 1.012 billion to 1.022 billion, and total withdrawals rising from N28.21 trillion to N29.12 trillion.
Month-by-Month Surge
The monthly data paints a vivid picture of how digital payments dominated throughout the year. In January 2024, POS terminals processed N11.50tn, more than double the N5.28tn of January 2023. ATM withdrawals, by contrast, dropped to N2.15tn from N3.24tn.
By June, POS value soared to N19.57tn, compared to N8.31tn in June 2023. The upward trend continued with N31.84tn POS transactions in December, more than 140% higher than the same month in 2023. ATM withdrawals also peaked at N3.91tn in December but lagged far behind POS in growth rate.
Cash Crunch and POS Exploitation
Despite CBN directives, Nigerians faced widespread cash shortages at bank ATMs during the festive season. Many banks either shut their ATMs or restricted in-branch withdrawals to between N10,000 and N20,000.
POS operators capitalized on the situation, hiking withdrawal charges by 100%, collecting as much as N200 per N5,000 transaction. This led to public outrage, especially since banks were fined N1.35 billion for failing to make cash available through ATMs.
The banks fined included:
- Fidelity Bank Plc
- First Bank Plc
- Keystone Bank Plc
- Union Bank Plc
- Globus Bank Plc
- Providus Bank Plc
- Zenith Bank Plc
- UBA Plc
- Sterling Bank Plc
Surge in Fraud and Regulatory Clampdown
With the POS explosion came rising fraud. According to FITC’s Q1 2024 Fraud and Forgeries Report, POS fraud cases surged by 31.12%, from 2,683 cases in Q4 2023 to 3,518 in Q1 2024. POS scams accounted for 30.67% of total bank fraud cases during the quarter.
In response, the CBN imposed stricter controls:
- N100,000 daily cash-out limit per customer
- N1.2 million daily limit for POS agents
- All transactions must use float accounts
- Mandatory integration with the Payments Terminal Service Aggregator
- Daily transaction reporting to NIBSS
The CBN warned that non-compliance would attract heavy sanctions, including monetary penalties and suspension of banking agents.
Fintechs Under Pressure
The enforcement of the N50 Electronic Money Transfer Levy on transactions above N10,000 from December 1, 2024, also impacted the POS market. Platforms like OPay, Moniepoint, and Kuda, which control nearly 70% of Nigeria’s POS space, faced mounting pressure from users over additional fees.
Nigeria’s POS boom in 2024 highlights a rapidly changing financial landscape. While digital platforms offer convenience and wider access, challenges like fraud, excessive charges, and regulatory gaps threaten consumer trust. As CBN tightens oversight, the coming year will be pivotal for balancing innovation with accountability in Nigeria’s payment ecosystem.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
Business
BUA Group, AD Ports Group and MAIR Group Launch Strategic Plan for World-Class Sugar and Agro-Logistics Hub at Khalifa Port
BUA Group, AD Ports Group and MAIR Group Sign MoU to Explore Collaboration in Sugar Refining, Agro-Industrial Development, and Integrated Global Logistics Solutions
Abu Dhabi, UAE – Monday, 16th February 2026
BUA Group, AD Ports Group, and MAIR Group of Abu Dhabi today signed a strategic Memorandum of Understanding (MoU) to explore collaboration in sugar refining, agro-industrial development, and integrated global logistics solutions. The partnership aims to create a world-class platform that strengthens regional food security, supports industrial diversification, and reinforces Abu Dhabi’s position as a hub for trade and manufacturing.
The proposed collaboration will leverage BUA Group’s industrial and logistics expertise, Khalifa Port’s world-class infrastructure, and AD Ports Group’s operational experience. The initiative aligns with the objectives of the UAE Food Security Strategy 2051, which seeks to position the UAE as a global leader in sustainable food production and resilient supply chains. It also aligns with Nigeria’s food production- and export-oriented agricultural transformation agenda, focused on scaling domestic capacity, strengthening value addition, improving post-harvest logistics, and unlocking new markets for Nigerian produce across the Middle East, Asia, and beyond.
Photo Caption: L-R: Kabiru Rabiu, Group Executive Director, BUA Group; Cpt. Mohammed J. Al Shamisi, MD/Group CEO, AD Ports Group; Saif Al Mazrouei, CEO (Ports Cluster) AD Ports Group; Abdul Samad Rabiu, Founder/Executive Chairman, BUA Group; and Steve Green, Group CFO, MAIR Group
Through structured aggregation, processing, storage, and maritime export channels, the partnership is designed to reduce supply chain inefficiencies, enhance traceability and quality standards, and also create a predictable trade corridor between West Africa and the Gulf.
BUA Group—recognised as one of Africa’s largest and most diversified conglomerates, with major investments across sugar refining, food production, flour milling, cement manufacturing, and infrastructure- brings extensive industrial expertise and large-scale operational capability to the venture. MAIR Group will provide strategic support in developing integrated logistics and agro-industrial solutions, creating a seamless platform for production, storage, and distribution.
Abdul Samad Rabiu, Founder and Chairman of BUA Group, said:
“This MoU marks an important milestone in BUA’s international expansion and reflects our long-term vision of building globally competitive industrial platforms. Together with AD Ports Group and MAIR Group, we aim to develop sustainable food production and logistics solutions that strengthen regional supply chains and support the UAE’s Food Security Strategy 2051.”
He further added that, “This partnership represents not just a commercial arrangement but a strategic food corridor anchored on shared economic ambition, resilient infrastructure, and disciplined execution, reinforcing long-term food security objectives for both nations.”
A representative of MAIR Group added:
“This collaboration underscores our commitment to advancing strategic industries in Abu Dhabi and building integrated solutions that reinforce the UAE’s position as a global hub for trade, food security, and industrial excellence.”
A spokesperson from AD Ports Group commented:
“Our partnership with BUA Group and MAIR Group highlights Khalifa Port’s role as a catalyst for high-impact industrial investments. This initiative will enhance regional food security, strengthen global trade connectivity, and support Abu Dhabi’s economic diversification goals.”
This MoU marks a historic collaboration that combines world-class infrastructure, industrial expertise, and strategic vision, setting the stage for a sustainable and resilient food and logistics ecosystem that will benefit the UAE, the region, and global markets alike.
-
celebrity radar - gossips6 months agoWhy Babangida’s Hilltop Home Became Nigeria’s Political “Mecca”
-
society6 months agoPower is a Loan, Not a Possession: The Sacred Duty of Planting People
-
news6 months agoTHE APPOINTMENT OF WASIU AYINDE BY THE FEDERAL GOVERNMENT AS AN AMBASSADOR SOUNDS EMBARRASSING
-
society5 months agoReligion: Africa’s Oldest Weapon of Enslavement and the Forgotten Truth