Ultimate Guide on How To Get a POS Machine for Your Business

The advent of POS machines has made payment easier and faster for both businesses and their customers. Nowadays, many people in Nigeria have also capitalized on earning an income by providing POS services to the public. In this business, you just help people execute fast financial transactions in exchange for a token. While many Nigerians wish to venture into this business, not many people know how to start it. To start a POS business, you have to get a POS machine first. This guide offers information about how to get a POS machine in Nigeria.

What is a POS Machine?

A POS machine is a handy and movable machine that allows businesses to accept cash payments with a bank debit or credit card. POS is short for Point of Sale, which directly explains what the machine does – it allows you to pay for your purchase at the point of sale.

What are the Benefits of Using a POS Machine?

There are so many benefits to using a POS machine, hence, many businesses in Nigeria have started opting for one. Here is a list of some important benefits of using a POS machine:

Increased efficiency of payment transactions, which would help your business to run better
It is very easy to use. You can complete payment transactions in simple steps
A POS machine helps you to boost your payment capability by authorizing you to receive other kinds of payments other than physical cash
The machine offers a high level of accuracy, which means that there is a smaller margin for mistake s
POS machines make it easier for you to manage your inventory since you would not need to manually track every transaction you execute. Everything can be done with just a click of one button
Using a POS machine eradicates room for employee cheating because everything is done electronically
An automatic detailed receipt will be printed out at the end of every transaction
It enables much faster payment services

What Are the Types of POS Machines?

Although the most popular kind of POS machine is the portable and handy one, there are still two other types that are much bigger and better. However, these types are less common and far more expensive than regular POS machines we all know. In fact, they can only be seen in high-end supermarkets. Here is a list of the available types of POS machines:

Mobile POS machine (the most common POS machine)
Countertop POS machine
Retail POS machine

Want to know how to get a POS machine? The subsequent paragraphs will inform you about everything you should know.

How do I get a POS Machine for my Business?

Presently, there are different POS machines you can easily obtain in Nigeria, depending on what you want. Most Nigerian banks have already created their own POS machines, which customers can easily obtain for their business. Besides Nigerian banks, there are also reputable financial institutions in Nigeria that offer POS machines to the public. So you can get a POS machine from either your bank or any reputable financial institution. Here are the steps to take when trying to get a POS machine:

Step 1: Choose a bank

Start by choosing a Nigerian bank or financial institution that offers POS terminal machines to the public. There are numerous banks in Nigeria that offer these machines, such as Zenith Bank, First Bank GTB, Polaris Bank, Access Bank etc. Other smaller banks that offer POS machines to their customers include Moniepoint, Opay, and even Kuda.

The good news is that most Nigerian banks offer their customers POS terminals, hence, you have plenty of options to select from. You just have to research the eligibility requirement for your bank’s POS terminal. If you meet the requirements, apply for it. However, if you don’t meet your bank’s eligibility requirements, go for any fintech platform like Opay, Moniepoint, or Kuda.

Step 2: Open a merchant account

After choosing the bank you want to get your POS terminal from, open a merchant account with the bank you selected. Basically, a merchant account is a special kind of account that allows you to operate as a vendor with your account by accepting payments from your customers with ease. To open this account, visit the bank you have chosen or the website of the digital banking platform you’ve chosen. Note that you have to provide some documentation to open a merchant account. This includes your business registration documents and personal identification documents.

Step 3: Apply for a POS terminal machine

Once you’ve successfully opened a merchant account with the bank, you can just apply for your POS terminal machine. To do this, you have to provide some information about you and your business, like your business name, location, as well as contact details. Note that the bank will also have to evaluate your business’s creditworthiness before they approve your application.

Step 4: Install the POS terminal machine

Once your POS terminal application is approved, you will receive the machine. After this, you need to install the POS machine in your personal business, which generally involves connecting the machine to your telephone line and the internet. Instructions about how to install the POS machine will be provided by the bank.

Step 5: Start accepting payments

Once you finish setting up the machine, you now have a POS terminal machine you can use to accept payments for your business in Nigeria. You can start receiving payments from customers using either their debit or credit cards to receive payments.

Nigerian Banks That Can Offer You a POS Machine for Your Business

Below, we’ve listed out some Nigerian banks and financial institutions that can offer you a POS machine for your business:

1. Zenith Bank

If you are one of Zenith Bank’s customers, you can easily get a POS machine for your business. To qualify for a POS machine from Zenith Bank, you must have held your active and current account for a minimum of six months prior to your POS machine application. Once you are eligible, visit any Zenith Bank branch around you and inform customer service that you need a POS machine. Once you do this, they will give you a form to fill out. This application form contains these details:

Business owner account number
Your business email account
Phone number
Address
BVN

Complete the form with the necessary details, submit it, and wait for processing. Processing of the form will take about 72 hours. Once the processing is complete, you will receive an email about how to go about signing the POS agreement document. After this document is signed, your POS machines will be available for collection. Here is a list of Zenith Bank’s POS charges:

For Deposits and withdrawals made between NGN1 to N100,000, the agent is supposed to charge between NGN50 to NGN300.
1.2% charge for any transaction above N2000.
The minimum agent commission you receive is about 45%.

2. GTBank

GTBank POS or Squad POS machines are only available to customers who own current bank accounts in the bank. Also, you must have operated this account for at least six months. If you meet these requirements, visit any GTBank branch near you and request a POS machine. The customer service representative will give you a form, which you have to fill out and submit. Processing the application takes about three business days. If your application is successful, you have to sign a POS agreement document upon collection. GTbank charges you a fee of 0.75% for every transaction made with the POS.

3. Polaris Bank

Polaris Bank is very lenient when it comes to giving out POS machines to customers. The agency in charge of Polaris Bank’s POS machine is called SurePadi. Basically, this bank allows both savings and current account owners to own a POS machine for their business. Just visit the nearest Polaris Bank around you and request a POS application form. apply for the machine by filling out the required form, and waiting for 14 days, after which it would be ready. Here is a list of SurePadi POS Charges

Cash withdrawals = a total of 0.75% charge fee
Deposit from Polaris to Polaris = 0.5% charge fee.
All cash transfers = N40 charge fee (flat rate).
Bill payment = N100.

4. First bank

First Bank POS machines are also easily accessible and offer you a similar function as the regular POS machine. To qualify for one, you must have been an active First Bank customer for at least six months. Once you meet this eligibility requirement, visit any First Bank branch around you and fill out their POS machine application form. The machine will be given to you one week after your application is successful. First Bank’s POS agency banking is called Firstmonie and here’s a breakdown of their charges:

Transactions from N1 to N5,000 = you pay N50 charge fee
Transaction from N5001 to N30,000 = you pay N100 charge fee
Transaction from N30,001 to N100,000 = you pay N150 charge fee
Transactions of above N100,000 = you pay N200 flat rate.

5. Wema Bank

Wema Bank’s agency banking service is called WemaPay. WemaPay handles the Wema Bank POS machine. To obtain a POS machine with Wema Bank as one of their customers, just visit any Wema Bank branch around you and apply for it. Note that you must have actively operated your Wema account for six months to qualify for a POS machine. Here is a list of Wema Bank’s POS charges:

N30 charge fee for withdrawals you make from N1000 to N5000.
N50 charge fee for withdrawals you make from N5,100 to N10,000.

6. Access Bank

Access Bank’s agency banking is called the Access Closa POS Agent. This agency is in charge of providing customers with POS machines. Access Bank’s POS machines have extremely low transaction charges that are very competitive. Just visit any Access Bank branch to apply for the POS machine. Here is a list of Access Bank POS terminal charges:

N1 to N5,000 = N100
N6,000 to N10,000 = N200
N11,000 to N15,000 = N300
N16,000 to N20,000 = N400.

The base charge on each transaction is N100 with N50 on higher amounts of transactions. For instance, a cash withdrawal of more than N5000 will cost just N150.

7. UBA

UBA also has a mobile banking agency called UBA Moni, and it has been verified to be one of the most profitable bank POS in Nigeria, particularly because of its low transaction charges. As an active UBA account owner, you can get this machine by applying for it through any UBA bank around you. Here is a list of UBA’s POS charges:

S/N	Transaction Type	Transaction Fee (N)	Agent’s Commission (N)
1	Deposits	100	70
2	Withdrawals	100	70
3	Intra-bank Transfer	100	70
4	Inter-bank Transfer (N1-N5,000)	50	31.58
5	Interbank Transfer (N5,001 – N50,000)	100	70.53
6	Interbank Transfer (N50,000 & above)	150	105.26

8. FCMB

The First City Monument Bank (FCMB) also provides POS terminals to its customers. If you are a customer, you can simply visit any FCMB branch around you and apply for a POS machine. Here is a list of requirements you must meet to get a POS terminal from FCMB:

Have an active account with FCMB
Proof of residence.
Have a shop or an existing business.
Start-up capital
Means of Identification (I.D Card).

Here is a list of FCMB POS charges, which generally depend on the nature of your business.

0.2% for wholesale
1.25% for hotels.
0.75% for general merchants.

9. Eco Bank

Ecobank Xpress Points are Ecobank-authorized locations for their POS operations. They are in charge of giving out Ecobank POS machines to the public. To apply for the POS machine, follow these steps:

Visit the Ecobank Xpress Points portal and fill out the application form online or through the PDF download option.
Submit your application.
Upon receiving your application, one of the bank’s representatives will reach out to you within 72 hours.
Follow up on your POS machine application by calling 01-277 2901 or sending an email to EngAgencySupport@ecobank.com

What are the Requirements and Documents Needed to Get a POS Machine in Nigeria?

Here is a list of the requirements and documents you need to get a POS machine in Nigeria:

You must have a pre-existing business (operating for at least a year)
A physical location in a busy area from which to do business.
Valid means of identification, such as a National ID card, driver’s licence, international passport, or your voter’s card.
Bank Verification Number (BVN)
Two (2) passport photographs
Two (2) current account references
Tax Identification Number (TIN)
Evidence of business registration (CAC Certificate)
Credit Bureau Report
Memorandum and Article of Association.
A minimum working capital of ₦50,000

List of Fintech Companies that offer POS machines in Nigeria

Besides the regular commercial banks that we all know, there are some reputable fintech platforms that offer POS services to the public. Below, we’ve listed out some of the popular platforms and how to get a POS machine from them.

1. Opay POS Agency

Opay is a prominent Fintech company in Nigeria that has used its POS agency platform to provide business opportunities for many Nigerians. To become an agent and get a Opay POS machine, you have to register your business with the platform. Here is a list of the documents you need to provide during the registration process:

Bank Verification Number (BVN)
Utility bill (should not be older than three months)
Valid means of identification
Passport photographs

How Can I Become an OPay POS Agent?

Follow these simple steps to become an Opay agent and get the OPay POS machine:

Download the OPay mobile app on either the Google Play Store or the App Store.
Next, send an email to their customer service, ng-support@opay-inc.com requesting the OPay agent application form. Alternatively, you can do this through the app
Just log into the OPay mobile app and tap on the Merchant icon.
Input your details.
Upload all the necessary documents.
Submit the merchant application form for the platform to review within 24 hours.
Once your request is approved, the Opay team will reach out to you so that you can come and pick up your POS machine.

Note that a new Opay account owner will not be eligible to apply for the Opay POS machine yet. You must have been an active POS Agent who has amassed a good transaction and payment history on your OPay account.

2. Flutterwave

Flutterwave is another reputable fintech platform in Nigeria that offers POS services to the public. The best part about using this Flutterwave POS is that it turns your mobile phone into a POS terminal. With the Flutterwave mobile app, you can easily accept payments from customers, just like a regular POS machine.,

How Can I Get a Flutterwave POS Machine?

Follow these simple steps to get started with Flutterwave POS

First, download the Flutterwave mobile app from Google Play Store and App Store.
Sign into the app with your Flutterwave account. If you don’t have an account, create one with the app.
Swipe right to see a list of all the menu options for your POS transactions.

How Much is Flutterwave POS Charge?

Flutterwave charges you 0.6% and N20 on average on every deposit you make of any amount. As for withdrawal, for every N1000 you withdraw for your customer, the platform charges you N6 and for any transfer you make of any amount, they will charge you a token of N20.

Here is a further explanation of charges per amount of any transaction you execute:

For N1000, they charge you N6
For N2000, they charge you N12
For N3000, they charge you N18
For N4000, they charge you N24
Foe N5000, they charge you N30
For N6000, they charge you N36
For N7000, they charge you N42
For N8000, they charge you N48
For N9000, they charge you N54
For N10000, they charge you N60

3. Paga

Paga is a fintech company that allows Nigerians who want to make an income, to become one of their POS agents. As a Paga POS agent, you have access to their POS machine and can execute POS services to people in your neighbourhood for a token.

How Can I Become an OPay POS Agent?

Here is how you can become an authorized Paga agent and get a Paga POS machine:

Log on to www.paga.com, tap on “Agent” and select “Become an Agent”.
Next, fill out the form and submit it.
Alternatively, you can send an email to service@mypaga.com or

Once you are done with the application, one of Paga’s field agents will reach out to you for further instructions on the registration and onboarding process. Sign-up to become a Paga agent is free, but you have to pay N30,000 if you want the POS terminal.

4. Baxibox

Baxibox POS service is known to be one of the best in Nigeria. There are basically two types of Baxibox POS machines and you have to pay different cautionary fees for the two different types. The Baxi Android POS cautionary fee is 30,000 Naira while the Baxi MPOS cautionary fee is N10,000.

Paying a cautionary fee means that you don’t have a POS machine. You will just be allowed to use it for as long as you like after which you must return it. When you return it, you will receive your cautionary fee back. Here is a list of Baxibox POS withdrawal charges:

N1000 – N19000 = 0.55%
N20,000 – N1,000,000 Naira = N100 flat
Transfers = N30 flat

Other Baxibox POS charges include:

Cash Transactions (0-20,000) – 0.55%
Cash Transactions (20,001-100,000) – N100 flat
MTN Data Bundle Recharge – 1.60%
Airtel Data Bundle Recharge – 1.76%
9Mobile Data Bundle Recharge – 2.80%
Glo Data Bundle Recharge – 2.80%
Glo Prepaid Recharge – 2.80%
Cash Deposit – N30 flat
IKEDC Bill Payment – 1.20%
IIKEDC Token Vending – 1.20%
EKEDC Prepaid – 0.8%
EKEDC Postpaid – 2.00%
AEDC Prepaid – 0.96%
AEDC Postpaid – 0.96%
Gotv (Regular Agent) – 1.40%
Gotv (SabiMen Agent) – 1.20%
Dstv (Regular Agent) -1.40%
Dstv (Sabimen Agent) -1.20%
Golden Chance Lotto (5/90) – 20%

How Can I Get the Baxibox POS Machine?

First, download the Baxi Mobile App from either Play Store or the Apple Store.
Once the mobile app is installed on your device, complete the registration process to set up your account.
Provide your BVN as well as q verifiable address to upgrade your normal Baxi account to either Baxi Flex or Baxi Pro. Doing this makes you qualified for the POS machine.
Navigate to the “Request for MPOS/POS@ tab and submit a request for your POS device.

5. PalmPay

PalmPay POS is the official POS platform of the reptuablebPalmPay company. Essentially, this service was created to allow interested customers to make money by providing financial services to the public.

How Can I Request For a Palmpay POS Machine For My POS Business?

Follow these steps to request a Palmpay POS machine:

Download the mobile PalmPartner app from either the iOS App Store or Android Play Store
Sign into the app and complete the Plampay POS application form that you find on the app
Agree to all the mandatory terms and conditions
Upload the necessary documents and submit your application.

What is PalmPay PoS Charges And Commission Structure?

Here is a list of some of the charges on Palmpay:

3% of the amount for Airtime top-up
N10 only for bank transfers

6. Bankly

Bankly is a Fintech company in Nigeria that offers a virtual saving wallet to the Nigerian public. Their POS service is also one of the best in Nigeria. Basically, Bankly POS charges you 0.3% for POS withdrawals you exscute, and a flat rate of only N35 for all transfers. Also, you will be charged just 5 Naira for each N1000 you withdraw on behalf of your customer.

How Can I Request For a Bankly POS Machine?

Getting a Bankly POS machine is very easy. Just follow the steps below:

First, download the Bankly Agent app from either Google Play Store or the App Store.
Create a Bankly agent account by signing up with the mobile app and providing the necessary KYC details. Wait for the app to verify your details.
Log in to the mobile app fully and start executing transactions.
If you want a POS machine, just request it through the Bankly Agent app.

7. Brass POS

Although Brass POS isn’t as popular as others on this list, it still gives you a way to enjoy a faster, easier, and safer way to accept offline payments.

How Can I Request For a Brass POS Machine?

Getting a Brass POS machine is very easy. Just follow the steps below:

Log into your Brass account via the website, www.trybrass.com or the mobile app, which you can download from Google Play Store or the App Store.
Next, navigate to the terminal module and tap on the “+” icon.
Thereafter, fill in the necessary information for the POS terminal application form.

Once you have sent a request, a team member will contact you to learn more about your business. If your application is approved, Brass POS terminals will be deployed within 24-48 business hours.

8. Moneypoint POS

Moniepoint is a very popular mobile money platform that provides banking services that allow businesses to accept payments, access loans, manage different operations and grow their business. The popularity of Moniepoint POS machines came as a result of its fair charges and commissions.

For withdrawals of up to 20,000 Naira, Moniepoint charges you just a 0.5% fee. For transactions you execute above N20,000, Moniepoint charges you a flat rate of just N100. As for money transfers, Moniepoint charges a flat rate of just N20.

How Can I Request For a Moneypoint POS Machine?

Getting a Moniepoint POS machine is very easy. Just follow the steps below:

Visit Moniepoint’s official website, www.moniepoint.com
Next, fill out the Moniepoint agent registration form and submit it.
Once you’ve successfully submitted your form, a Moniepoint agent will contact you within 24 hours of your registration.

The Moniepoint agent would provide you with the necessary information on what you have to do next, after which you would be confirmed as an authorized agent. Lastly, log into your dashboard and start managing your account.

Alternatively, you can do the agent registration at any Moniepoint branch around you. An authorized officer will guide you through the process of registration. As for the Moniepoint POS machine, you have to pay a total fee of N21,000 to get it. Once you register as an agent, you automatically qualify for the machine. You can order yours through the website or mobile app.

9. Nomba (formerly Kudi) Bank POS

Nomba, formerly known as Kudi, is another prominent fintech company in Nigeria that offer POS services to the public through their agents. Nomba POS charges you 0.7% flat on all cash withdrawals.

How Can I Request For a Nomba POS Machine?

Getting a Nomba POS machine is very easy. Just follow the steps below:

Download the Nomba mobile app from either Google Play Store or the app store.
Next, an account with the Nomba platform by signing up with your email address, name, phone number, and other important details
Connect the Nomba mobile app to your valid and functional bank account
Thereafter, fund your e-wallet and start transactions

Use the platform to execute transactions regularly. You can buy airtime recharge, do a TV subscription and even pay electric bills using your Nomba account. If you are consistent for two weeks, Nomba will send you a message about your eligibility to get a free POS machine.

When you are eligible for this, request for your POS machine through the Nomba website or the mobile app. Note that you have to pay a cautionary fee of N30,000 to get the Nomba lite POS machine. As for the Nomba Pro, you have to pay N25,000, while the Nomba Max is N45,000. The machine will arrive at your doorstep within 2 days of your application.

10. Quickteller

Quickteller’s official POS agency service is called Quickteller Paypoint. As a Paypoint agent, you earn a consistent income by offering services such as Bill Payment, Cash Deposits, Funds Transfer, Cash Withdrawals, Insurance, as well as Airtime Recharge to people in your community.

How Can I Request For a Quickteller POS Machine?

Getting a Quickteller POS machine is very easy. Just follow the steps below:

First, you have to become a Quickteller Paypoint agent. Follow this link to register as a Paypoint agent or download the Quickteller Paypoint mobile app on Google Play Store or the App Store.
Fill out the registration form by verifying your details on the app.
Start transacting by providing services to people around you to earn a commission.

Once you start transacting, order your POS machine via the app or website. You have to pay a cautionary fee of 30,000 for the POS machine.

Bottom Line

The guide above has provided succinct details on how to get a POS machine in Nigeria and start using it for business. POS machines are a fast and safe way to process payments from your customers without any hassle. Also, you earn a commission for each transaction you execute, just like we’ve discussed above. So before you start your POS business, it is important to compare the fees and commissions of all the POS services available and select the best option for you. This way, you will be able to minimize transaction costs and maximize profit.