Electronic payments have really witnessed rapid growth in Nigeria especially since the Central Bank of Nigeria introduced its “Cashless Nigeria Project”. Data obtained by Quartz from Nigeria Inter Bank Settlement System (NIBSS) confirm the growth in POS transactions as well as an increase in the number of startups in Nigeria`s growing FinTech sector.
However, NIBSS also reported that the transaction value of ATM cash withdrawals increased from N1.57 trillion during the period Jan-Sep 2015 to N3.5 trillion during the period Jan-Sep 2016! This implies that even with the growth in POS transactions, cash is still king in Nigeria.
The value of Point of Sale (PoS) terminal transactions have doubled between 2014 and 2016
Source: PoS transactions in Nigeria doubled from 2014 to 2016 — Quartz