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POS

ATM Withdrawal Fee: Crisis In Making For Small Businesses?

CBN Raises ATM, POS Cash Withdrawal Limit, Issues 10 Directives To Banks

The Central Bank of Nigeria (CBN) has increased the cash withdrawal limit on automated teller machines (ATMs) and point of sale (POS) devices to N500,000 weekly for individuals and N5 million for corporates. In a statement on December 2, CBN also said

December 3, 2025

News

CBN’s Geo-Tagging Directive: A Threat to Nigeria’s Financial Inclusion?

Dr. Marcel Mbamalu The Central Bank of Nigeria’s recent directive to geo-tag all Point of Sale (POS) machines to a 10-meter accuracy has sparked concerns about the impact on financial inclusion, particularly in rural areas and informal communities. While the move aims

September 3, 2025

Business·News

UBA Unveils Upgraded PoS Terminal, Revamped MONI App To Accelerate Digital Payments Across Africa

United Bank for Africa (UBA) Plc, has unveiled its vastly improved Point of Sale (POS) Terminal as well as the UBA MONI App to redefine the digital payment landscape and empowering Small and Medium Scale Enterprises across Africa. The upgraded platforms

April 13, 2025

POS Fraud Cases Surge by 31.12% in Q1 2024 Amid Security Concerns

Business·News

POS Fraud Cases Surge by 31.12% in Q1 Amid Security Concerns

POS Transactions See Sharp Rise in Fraud Cases The prevalence of fraud and forgery in Nigeria’s payment system has shown a significant shift in the first quarter of the year, with Point-of-Sale (POS) transactions experiencing the highest increase in fraudulent activities. According

July 12, 2024

Business·News

CAC Extends Deadline For PoS Operators By 60days To Register Businesses

CAC Extends Registration Deadline The Corporate Affairs Commission (CAC) has announced an extension of the registration deadline for Point of Sales (PoS) operators in Nigeria. Originally set for July 7, 2024, the new deadline is now September 5, 2024. This extension is

July 8, 2024

The Slippery Slope Of Banking Fees: What’s Next After ATM Withdrawal Fees?

Business·News

Nigerian Banks, POS Street Vendors: A Collusion Crisis Of Transparency

Cash Scarcity and POS Street Vendors The Nigerian banking sector is grappling with a crisis of trust and transparency. A new and concerning trend has emerged, particularly in the Lagos area, where cash is scarce at bank ATMs and tellers, yet street

July 6, 2024

Business

Nigerian Banks Record Over N200 trillion Transaction Via Kiosks, POS, ATM, Others

The adoption of electronic transactions has continued to grow among Nigerians, as the Nigeria Inter-Bank Settlement Systems (NIBSS) reported a significant rise in the digital channel. According to the Nigeria Inter-Bank Settlement Systems, transactions via electronic channel rose by 40% within the

August 15, 2022

Call CBN to arrest POS agents selling naira notes

Business·Opinion·Top Stories

POS Terminals: Fraud And Alerts

By Marcel Mbamalu The landscape of Nigeria’s financial institutions has, in recent times, witnessed interesting changes that simultaneously embrace and challenge technological advancements. Point of Sale (POS) technologies have become the most popular example of this shift in financial transaction patterns. What

March 14, 2022

Business

PoS Transactions Hit N13.67tn In Three Years – Report

Point of Sale Transactions has risen to N13.67tn in three years, according to data obtained from the Nigeria Inter-Bank Settlement System Plc portal. The data showed that the aggregate PoS transactions between January 2019 and November 2021 was N13.67tn while total cheque

December 29, 2021

Business

POS Transactions in Nigeria Drop to N552.3 Billion in October

POS transactions in Nigeria dropped marginally by 0.74% to N552.26 billion in October 2021 compared to N556.36 billion recorded in the previous month. This was contained in a Nigeria Inter-Bank Settlement System (NIBSS‘) latest report as that occurred despite a 33.6% increase

November 5, 2021

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POS

CBN Raises ATM, POS Cash Withdrawal Limit, Issues 10 Directives To Banks

CBN’s Geo-Tagging Directive: A Threat to Nigeria’s Financial Inclusion?

UBA Unveils Upgraded PoS Terminal, Revamped MONI App To Accelerate Digital Payments Across Africa

POS Fraud Cases Surge by 31.12% in Q1 Amid Security Concerns

CAC Extends Deadline For PoS Operators By 60days To Register Businesses

Nigerian Banks, POS Street Vendors: A Collusion Crisis Of Transparency

Nigerian Banks Record Over N200 trillion Transaction Via Kiosks, POS, ATM, Others

POS Terminals: Fraud And Alerts

PoS Transactions Hit N13.67tn In Three Years – Report

POS Transactions in Nigeria Drop to N552.3 Billion in October

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