By NIyi JACOBS Editor
Zenith Bank has significantly expanded its digital payment infrastructure, deploying 475,524 POS terminals and issuing 27.9 million ATM cards in 2024, as it battles increasing competition from fintech players.
According to the bank’s latest financial report, its POS network grew by 14.8%, up from 414,192 in 2023, reinforcing its presence in the retail payments sector. This expansion comes amid a fierce battle with fintech firms like Moniepoint, Opay, and Palmpay, which have captured a growing share of the merchant market through lower transaction fees, faster onboarding, and user-friendly technology.
Despite this digital push, consumer frustration is rising due to higher ATM withdrawal fees, following a recent CBN directive. Meanwhile, Zenith Bank’s ATM footprint saw modest growth, with terminals increasing by just 1.5% to 2,134 nationwide, giving it 12.7% of Nigeria’s total ATM infrastructure.
With fintechs reshaping Nigeria’s payment ecosystem, the question remains: Can traditional banks like Zenith keep pace, or will they be forced into the back-end infrastructure of digital finance?
