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Cash Revolution: POS Agents Overtake ATMs with Record ₦223tn Transactions
Point of Sale (POS) terminals processed transactions totaling ₦223.27 trillion in 2024, marking a sharp rise from the ₦110.35 trillion recorded in 2023.....KINDLY READ THE FULL STORY HERE▶
Point of Sale (POS) terminals processed a staggering ₦223.27 trillion in transactions in 2024—more than double the ₦110.35 trillion recorded in 2023—highlighting Nigeria’s accelerating shift toward digital payments.
This surge, revealed in the Central Bank of Nigeria’s latest quarterly statistical bulletin, underscores a continued migration from Automated Teller Machines (ATMs) to POS platforms as the preferred method for financial transactions across the country.
The total number of POS transactions soared by 32.7 per cent year-on-year, rising from 9.85 billion in 2023 to 13.08 billion in 2024. In stark contrast, ATM usage remained largely static, increasing only marginally from 1.012 billion to 1.022 billion transactions.
In terms of value, ATM withdrawals in 2024 totaled ₦29.12 trillion, a slight increase from ₦28.21 trillion the previous year—further reflecting the slowdown in physical cash usage as digital payments gain traction.
Monthly Breakdown: POS Surges, ATM Flatlines
Monthly figures from the apex bank show a consistent rise in POS transaction values throughout 2024:
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April: POS transaction value hit ₦13.74 trillion, up from ₦8.55 trillion in April 2023. ATM withdrawals dipped to ₦1.81 trillion, from ₦2.41 trillion a year earlier.
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May: POS usage climbed to ₦13.91 trillion—a 67.3% increase from ₦8.30 trillion in May 2023. ATM withdrawals fell slightly to ₦2.49 trillion from ₦2.62 trillion.
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June: POS value surged to ₦19.57 trillion, more than doubling the ₦8.31 trillion recorded in June 2023. ATM value held steady at ₦2.45 trillion, with 113.17 million transactions—suggesting more frequent but smaller withdrawals.
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July: ATM withdrawals spiked to ₦3.21 trillion (from ₦2.24 trillion in July 2023), while POS transactions hit ₦15.24 trillion, marking an 83% year-on-year increase.
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August: POS value reached ₦18.90 trillion, up from ₦9.10 trillion, while ATM usage inched up to ₦2.21 trillion from ₦2.14 trillion.
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September: POS transactions recorded ₦19.69 trillion, up 109.6% from ₦9.40 trillion. ATM withdrawals rose modestly to ₦2.30 trillion from ₦1.99 trillion.
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October: POS usage increased to ₦22.27 trillion from ₦10.60 trillion, while ATM value dropped to ₦1.93 trillion—its lowest point in 2024—from ₦2.54 trillion the previous year.
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November: POS value skyrocketed to ₦29.42 trillion, up from ₦11.28 trillion—a more than 160% increase. ATM usage rebounded to ₦3.35 trillion, its highest for the year.
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December: POS transactions peaked at ₦31.84 trillion, compared to ₦13.20 trillion in December 2023. ATM withdrawals also hit a yearly high at ₦3.91 trillion, up from ₦2.43 trillion.
Growing Reach, New Challenges
The data reflect the rapid expansion of POS terminals, now widely accessible in both urban and rural areas through agency banking networks. While ATM usage still holds relevance, the statistics suggest Nigerians are increasingly opting for POS platforms due to convenience, speed, and broader financial access.
This explosive growth in POS adoption has persisted despite concerns over rising transaction costs. In December 2024, many POS agents doubled their withdrawal fees, charging as much as ₦200 for every ₦5,000 transaction—sparking debate over affordability and regulation.
The CBN’s report also raises concerns about fraud, as the proliferation of POS terminals continues with minimal oversight in some areas.
Still, the trend is clear: Nigeria is deepening its transition into a cashless economy, with POS platforms at the forefront of the country’s financial transformation.
Latest News
The Bulldozers Are Coming! Kano Targets Azman University In Massive Illegal Property Crackdown.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, has dismissed recent claims by 2027 presidential hopeful Peter Obi regarding Nigeria’s power generation goals. During an Arise Television interview, Onanuga clarified that Nigeria’s core electricity crisis stems from structural deficits—such as gas supply shortages, a $4 trillion legacy debt owed to suppliers, and an aging national grid—rather than a lack of generation capacity.....KINDLY READ THE FULL STORY HERE▶
Onanuga noted that the nation already possesses an installed capacity of 13,500 megawatts, exceeding Obi’s promise to add 10,000 megawatts. He argued that the former governor lacks a clear understanding of the existing infrastructure limitations. Furthermore, Onanuga highlighted that the Tinubu administration is actively tackling these issues through the Electricity Act, which decentralizes power management, and the establishment of the Grid Asset Management Company Limited (GAMCO) to improve performance. He maintained that power generation has seen marked improvement since the current administration took office in May 2023.
President Bola Tinubu’s aide, Bayo Onanuga, has challenged Peter Obi’s pledge to increase Nigeria’s electricity generation by 10,000 megawatts within four years. In a recent interview, Onanuga stated that Obi’s plan ignores the reality that Nigeria’s installed capacity is already 13,500 megawatts—a figure that remains underutilized due to structural failures.
Onanuga identified the country’s primary obstacles as an outdated national grid, chronic gas supply issues, and a massive legacy debt of over ₦4 trillion owed to gas companies. He asserted that the current administration is addressing these systemic problems through legislative reforms, specifically citing the Electricity Act, which allows states to manage their own power generation, transmission, and distribution. Onanuga concluded that electricity output has already trended upward since May 2023 and that the government’s focus remains on optimizing existing assets rather than merely chasing higher capacity targets.
Bayo Onanuga is pushing back against Peter Obi’s recent promise to boost Nigeria’s power supply by 10,000 megawatts. According to President Tinubu’s spokesperson, the real issue isn’t a lack of capacity, but a broken system.
Onanuga pointed out that Nigeria already has 13,500 megawatts of installed capacity, most of which sits idle due to three main roadblocks:
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The Grid: Outdated infrastructure that cannot handle current demands.
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Gas Supply: A crippling lack of fuel for power plants.
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Legacy Debt: A massive ₦4 trillion debt pile-up owed to gas suppliers.
Onanuga credited the Tinubu administration with tackling these hurdles head-on, specifically through the new Electricity Act that empowers states to generate and distribute their own power. He insists that the sector is already performing better than it was in May 2023 and that the focus is on fixing the structural bottlenecks, not just expanding capacity.
Would you like me to focus on a specific aspect of this report, such as the economic implications or the political disagreement between the two figures?
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Court Orders Probe Of Leaked Video In Alleged Coup Plot Trial
On Tuesday, the Federal High Court in Abuja initiated an investigation into the unauthorized release of a video linked to the ongoing trial of six individuals accused of conspiring to topple President Bola Tinubu’s government.....KINDLY READ THE FULL STORY HERE▶
Investigation into the Leaked Video
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Court Directive: Following a complaint from the Director of Public Prosecution (DPP), Rotimi Oyedepo (SAN), regarding a video statement that surfaced on the social media platform of influencer “VeryDarkMan” despite a court-imposed restriction, Justice Joyce Abdulmalik ordered the Department of State Services (DSS) to conduct an inquiry.
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National Security Concerns: The DPP characterized the leak as a national security risk that prejudices the ongoing judicial proceedings, noting the video had already surpassed 6,000 views.
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Defense Stance: While defense counsel denied involvement in the leak, they held varying views on a probe; some welcomed an investigation, while others, like Sanusi Musa (SAN), cautioned against acting without formal evidence.
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Judicial Ruling: Invoking Section 232(5) of the Administration of Criminal Justice Act, 2015, Justice Abdulmalik mandated the DSS to identify and bring any responsible parties before the court, noting that such prosecution would be handled separately from the main coup trial.
Trial Testimony and Bail Proceedings
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Witness Testimony: A prosecution witness, an Army officer codenamed “DDD,” testified that the investigation was conducted by a multi-agency team—including the Army, DSS, DIA, and EFCC—and explicitly denied that the defendants were chained, coerced, or tortured during interrogation.
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Defense Challenges: During cross-examination, defense lawyers challenged the interrogation process, specifically noting the absence of family members or legal representation during the suspects’ questioning; however, the witness stated no such requests were made by the defendants.
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Bail Applications: The court heard bail arguments from the defense, which the DPP opposed; Justice Abdulmalik has reserved her ruling on these applications and adjourned the trial-within-trial for the first three defendants until June 25 and June 30.
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No Mercy! US Authorities Deport Nigerian Over “Violent Crimes” & Abuse Allegations!.
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Deportation of Nigerian National: A Nigerian citizen named Ayodeji Ajayi has been deported from the United States following a series of criminal convictions, which include domestic violence.....KINDLY READ THE FULL STORY HERE▶
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Immigration Status: According to a statement released by US Immigration and Customs Enforcement (ICE) on their official account, Ajayi had been living in the US illegally for nearly two decades after failing to depart the country following the expiration of his student visa.
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Criminal History: ICE reported that after abandoning his studies, Ajayi amassed a significant criminal record that includes convictions for domestic violence, trespassing, intimidation, and obstruction. Furthermore, his record includes charges involving kidnapping, rape, and family neglect.
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Administrative Context: ICE attributed the removal of Ajayi to the immigration enforcement policies of President Donald Trump, noting the administration’s commitment to deporting criminal undocumented immigrants.
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Missing Details: While the agency confirmed the deportation, they did not specify when it occurred, nor did they provide additional details regarding the jurisdictions of the convictions or the current status of his pending criminal charges.
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Policy Enforcement: This action reflects the ongoing efforts by the Trump administration to intensify enforcement and increase the number of removals of undocumented individuals with criminal backgrounds across the United States.
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