Across the country, Nigerians are gradually adapting to making virtual payments for goods and services while moving away from a cash-dependent economy. Still, this shift is coming at a cost — at least N2.654 billion.
Nigeria’s shift to cashless transactions comes with a steep price—N2.654 billion daily in PoS charges alone. With 26.54 million terminals nationwide, withdrawing even N500 attracts a N100 fee, a cost waived by banks for ATM use. Despite CBN’s push for digital payments, cash remains king for transport, markets, and daily trade, forcing Nigerians to “buy” their own currency through PoS agents.
In Lagos’ Computer Village, PoS agents outnumber functional ATMs, with merchants dismissing bank competition. *”E no de work na,”* one agent quipped, referencing frequent ATM failures. Agents now deploy multiple machines as backups, capitalizing on network instability that drives customers to pay premium fees for basic cash access.
Poor telecom infrastructure undermines CBN’s cashless drive, leaving rural residents to travel miles for cash. While PoS terminals grew by 5 million since 2023, merchants confirm *”ATMs were never stable,”* revealing systemic gaps that sustain cash dependency. As digital transactions spike, Nigerians bear the hidden costs of an incomplete financial transition.
