₦airaland Forum

Automated Teller Machines (ATMs) in Nigeria are not entirely obsolete but are becoming less central to financial transactions as alternative payment methods, especially Point-of-Sale (POS) terminals and online transfers, gain dominance. This shift raises the question of whether ATMs are going out of fashion.

Decline in ATM Usage:

ATM transactions have seen a decline in both value and volume. In 2024, the value of ATM transactions dropped by 16.6% to ₦12.21 trillion, while their volume fell slightly to 496.43 million. In contrast, POS transactions surged by 77% in value and 31% in volume during the same period, reflecting a shift in consumer preferences.

Challenges with ATMs:

Low Withdrawal Limits: Many ATMs restrict withdrawals to ₦5,000–₦10,000 per transaction, leading to customer frustration and multiple withdrawals.
Cash Scarcity: Persistent cash shortages at ATMs force users to seek alternatives like POS agents.
Infrastructure Issues: High maintenance costs and limited deployment (one ATM for every 12,923 Nigerians) exacerbate accessibility challenges.

Rise of Alternative Channels:

POS terminals are now more widely available, with one terminal for every 38 Nigerians compared to the limited ATM network.
Online transfers and mobile banking have grown significantly, with online transfer values reaching ₦783.6 trillion in 2022, far surpassing ATM transactions.

Cashless Policy Impact:

The Central Bank of Nigeria’s push for a cashless economy has further reduced reliance on ATMs. However, this shift has been challenging for cash-dependent sectors like informal traders and rural areas.

In conclusion, while ATMs still play a role in Nigeria’s financial ecosystem, their relevance is diminishing as digital transactions and POS services become the preferred options for many Nigerians

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https://engineersforum.com.ng/2025/02/05/are-atms-becoming-obsolete-in-nigeria/

I never used physical card for the passed 5 years

POS machines and cashless transactions ti take over.

Can't remember when last I used an ATM.

Most ATM don't ever have cash and it is discouraging. How can I waste my time to the ATM and no cash. The POS are always available

S

Maybe

Yes

Even the banks dont load ATM's with cash any longer.

The is so cos, they chose to sell the cash to pos operators.

Bunch of criminals.

weekfrade:
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https://engineersforum.com.ng/2025/02/05/are-atms-becoming-obsolete-in-nigeria/

Can't remember the last time... I visited this ATM...

Jesus!

If not for this thread I wouldn't even know ATM is still in existence, can't remember the last time I used it.......I've been using POS for years now.





Modified

I remember those famous lines those days.....

* Are you the last person? Please I'm behind you. ( I wonder where dem dey always waka go)

* Is it dispensing?

* Abeg nor withdraw everything finish o

* What are you still doing there na? If your card is not working let me try my own.



Add yours........

ATMs are fast becoming monuments. Many redundant ATMs around these days.

I don't even know how to operate it again..4yrs now,,i no even see atm for face

YES !!! Cash meant for ATM machine has been sent/sold to POs operatoras

Yes, they'll totally. But until then, there use has significantly diminished

They give money to POS operator. So no cash in ATM

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weekfrade:
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https://engineersforum.com.ng/2025/02/05/are-atms-becoming-obsolete-in-nigeria/

Banks barely load ATMs with cash anymore, making them almost useless. The stress of moving from one ATM to another just to find money isn’t worth it when you can simply pay a small fee and withdraw from a POS operator nearby. Plus, with online transfers becoming the norm, many people don’t even bother with ATMs anymore.

I'm not sure I used the ATM throughout last year.... POS has really been a life saver..... Pos no fit swallow your card, no queues.... I remember back then in my university, we had only 3 atms... If money no dey like dis for d atm u Don Jones, you'll have to like 1 hr to d town before you withdraw....
Now u can even jst make transfer instead of cash...

Me way don 4get my ATM cards pin

POS are easy to access and they always have cash. The demarketing factor for ATMS is inaccessibility and lack of cash most time.

I’ve not used Atm in the last 5-6 years..

I no even get Atm card..

Transfer don take over. Even for market, nah still transfer we dey run for them..

I can't remember when last I use ATM
But Nigeria bank charges can be so frustrating......

The decline is systematic. Most banks don't even load their ATM machines anymore, they would rather sell cash to their POS agents..

They know with the above method, Nigerians would get tired and opt for POS services...

Been a while.

Meanwhile, I design brands that thrive.

It's very intentional

The corrupt evil government and bank staff are the ones making people to suffer.

NO INDIVIDUAL CAN BE ABLE TO WITHDRAW UP TO 100K FROM ANY ATM BUT PEOPLE ARE ABLE TO SEE MILLIONS OF NAIRA MINT CASH TO SPEND AT PARTIES EVERY WEEKEND.
POS AGENTS ARE ABLE TO GET CASH FOR THEIR BUSINESS.
SOMEONE I KNOW USED 20K TO COLLECT 1M FROM POS LAST WEEK.

HOW?

Yes. Kinda

It's all POS now and their charges then transfer in other cases.

ATMs are not going obsolete. It is banks that are deliberately trying to force customers not to use them even though customers still have need for them

I don't even have ATM card again. Na transfer for cash I dey do. PoS ti take over.

Many times you walk to the ATMs only to discover that they're not loaded with cash. Nigerians are already fed up with the banks.

Truth of the matter is that, with the population of Nigeria it's impossible to print naira notes that'll satisfy the entire populace. This is the obvious reason why developed nations ensured there's cashless policy to address the issue of liquidity. It also tames corruption as financial footprints of any transaction can easily be established by the authorities.

However, the problem with Nigeria is that we do not have the robustness and enablers to support an entirely cashless policy yet. We have a mixed system currently.