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Cash Revolution: POS Agents Overtake ATMs with Record ₦223tn Transactions

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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:

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

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‘Kwankwaso Is More Experienced Than Peter Obi’ – Buhari’s Ex-Aide Declares.

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Ahmad made the assertion in a post on his X handle, maintaining that Kwankwaso’s decision to accept the position of running mate should be seen as an act of political modesty rather than an indication that he is less qualified than Obi.....KINDLY READ THE FULL STORY HERE▶

According to the former presidential aide, the relationship between the two politicians should be viewed as one of equals rather than that of a superior and a subordinate.

“To be entirely candid, the political dynamic between Rabiu Kwankwaso and Peter Obi ought to be characterised as one of collegiality between peers, rather than a hierarchy of principal and subordinate,” he wrote.

He added, “The choice to assume a deputy role beneath Obi ought to be interpreted as a testament to political modesty.”

Making a case for Kwankwaso’s political experience, Ahmad recalled that the former Kano State governor served as Deputy Speaker of the House of Representatives before Obi became a prominent figure in national politics.

He also noted that Kwankwaso governed Kano State, which he described as Nigeria’s most populous and politically influential state, for two terms and served as a federal minister.

“If we are assessing political experience, Sen. Kwankwaso probably has a longer and more impressive political background than Peter Obi,” Ahmad stated.

In contrast, the former presidential aide argued that Obi’s major public office experience was limited to his tenure as governor of Anambra State.

“Unlike other candidates, Peter Obi was just a former governor of Anambra State,” he wrote.

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‘I Have Stopped Impregnating Women’ – 2Baba Makes Shocking Revelation.

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Nigerian music star Innocent Idibia, popularly known as 2Baba, has declared that he no longer impregnates women.....KINDLY READ THE FULL STORY HERE▶

The singer made the statement on Saturday during a live performance at Rehab Lounge in Calgary, Canada.

While performing his hit song True Love, 2Baba paused to interact with the audience and playfully asked the women present to identify where his true love was.

He jokingly wondered whether she was standing at the back of the venue or somewhere in front of him before making a remark about his experiences with women.

The award-winning musician told the audience that he had stopped getting women pregnant, adding that he had been making the same confession wherever he performed recently.

He said, “For the purpose of this show, I will pretend like I’ve never seen anything before. Where’s my true love? Is she back there? Is she right here? Is she somewhere here? Where’s my true love? You people shouldn’t put out me for trouble.

“As I said, some ladies they fear to shout. See, everywhere I go these days, I make this confession. As I say, some ladies they fear to shout. I say, I don’t fear to shout. Because I don’t stop to dey give woman belle. Ask anyone, they’ll tell you, I don’t do such thing things again.”

The singer’s comment comes amid public interest in his personal life and relationships.

2Baba was previously married to Nollywood actress Annie Macaulay-Idibia. The couple announced their separation in January 2025 after having two children together.

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NPFL Cracks Down! Abia Warriors, Katsina United, Warri Wolves Hit With Sanctions.

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Abia Warriors were fined ₦3.2 million for failing to provide adequate security as agreed during the pre-match technical meeting ahead of their encounter with Niger Tornadoes.....KINDLY READ THE FULL STORY HERE▶

Abia Warriors were fined ₦3.2 million for failing to provide adequate security as agreed during the pre-match technical meeting ahead of their encounter with Niger Tornadoes.

The Umuahia-based club was also found guilty of an attempt by one of its officials to disrupt the live broadcast of the match by harassing a crew member of the league’s broadcast partner.

As part of the disciplinary measures, Abia Warriors’ multimedia officer, Chidera Favour Igwe, has been suspended from all NPFL match activities for five matches.

Katsina United, meanwhile, were fined ₦2 million for failing to provide adequate and effective security during their home fixture against Plateau United.

The club was also sanctioned for allowing supporters to encroach onto the field of play during the encounter.

Warri Wolves Receive Heaviest Punishment

Warri Wolves have been handed the most severe sanctions following the unruly behaviour of their supporters during Sunday’s Matchday 10 clash against Kano Pillars in Ozoro.

The Seasiders were fined ₦4.2 million and docked three points and three goals from their accumulated tally. The club was also ordered to play its next three home matches behind closed doors.

According to the NPFL, Warri Wolves failed to provide adequate security at the stadium, resulting in an assault on match officials after the final whistle.

The league further disclosed that the second assistant referee sustained a nose injury and was left bleeding during the incident.

The NPFL stated that all three clubs have 48 hours from the date of notification to appeal their respective sanctions in accordance with the league’s disciplinary procedures.

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