Banks Compete for Nigeria’s PoS Market
Deposit money banks in Nigeria are intensifying their efforts to capture a larger share of the thriving Point of Sale (PoS) market, historically dominated by fintech companies. As the popularity of Automated Teller Machines (ATMs) declines, banks like GTB are eliminating processing fees on PoS terminals to attract small businesses. This initiative underscores the shift in banking priorities toward more convenient transaction methods, as highlighted by GTBank’s Managing Director, Miriam Olusanya.
In the vibrant financial hub of Abuja, such strategic moves by banks are poised to enhance their competitive edge. This realignment indicates a substantial shift in how banks approach customer service and transaction facilitation, as seen in Lagos news where the adoption of PoS is rapidly increasing. The growing reliance on PoS terminals suggests a transformative phase in Nigeria’s banking sector, reflecting consumer demand for swift and fee-free transactions.
- PoS terminals are outperforming ATMs in Nigeria’s evolving financial landscape.
- GTB leads by removing processing fees to attract small businesses.
- PoS market competition among banks is spiking in cities like Abuja and Lagos.
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