Zenith Bank Group, one of Nigeria’s largest financial institutions, has recorded significant growth in its digital banking infrastructure, particularly in its point-of-sale (POS) and Automated Teller Machine (ATM) networks, as it continues to battle rising competition from fintech challengers.

According to the bank’s latest financial disclosures, the number of POS terminals deployed by the group rose by 14.8% year-on-year, from 414,192 in 2023 to 475,524 in 2024.

These terminals, typically issued to merchants to facilitate retail transactions, have become an important source of commission-based income for traditional banks.

However, this space has become increasingly competitive, particularly with the rise of fintech-driven banks such as Moniepoint, Opay, and Palmpay.

These players have captured significant merchant market share by offering lower transaction fees, faster onboarding processes, and user-friendly technology.

Their growing dominance has disrupted the traditional acquiring business model and forced banks like Zenith to step up innovation and distribution.

Zenith Bank also reported that it issued a total of 27.94 million ATM cards as of 2024, reflecting an 8.9% increase compared to the 25.65 million cards issued in 2023.

This means Zenith Bank controls approximately 12.7% of the national ATM infrastructure, solidifying its position as one of the top players in the physical banking access segment.

Despite the expansion, Nigerian consumers have expressed growing frustration over the cost and reliability of ATM services.

A recent circular from the Central Bank, which increased charges on cash withdrawals from ATMs and other channels, has led to public outcry.

Critics argue that the move disproportionately affects low-income Nigerians who rely on physical cash and have limited access to digital banking channels.

WATCH FULL VIDEO

WATCH THE VIDEO HERE

You may also like