How to Start a POS Business in Nigeria

Today, the POS business is one of the most popular businesses that so many Nigerians operate either as their main business or as a side hustle. This business became a favourite of many Nigerians due to its profitability and low capital cost. Also, it is very easy to start, as the average person can get trained as a POS agent in 7 days or less. If you’ve been wanting to learn how to start a POS business in Nigeria, then read this guide to help you understand everything you need to know.

Overview of POS business in Nigeria

Over the past few years, digitization has caused the demand for electronic payment to skyrocket, with more people wanting to execute financial transactions at their convenience. To meet this ever-growing need, Nigerian fintech organizations in partnership with commercial banks had to invent the agent banking system.

This is meant to provide convenient electronic payment services to their customers, especially to people in areas with restricted access to conventional banking services. They meet the needs of all and sundry by allowing individuals to offer agent banking services to people in their neighbourhood through a POS machine.

Lately, the POS (Point of Sale) business has experienced a boom, with many areas in Nigeria having at least three POS shops. Since POS machines facilitate electronic payments through debit cards or credit cards, it has become very easy for customers in rural areas to withdraw cash or make other transactions without ATM machines.

Today small businesses or individuals are free to operate the POS business to execute financial transactions by registering the business with a payment processing company or banks and acquiring POS terminals.

Essentially, these operators deduct service charges which is a certain percentage of the POS transactions as their personal fee. This way, they make a profit from the business. The convenience POS machines offer the public has made this business very popular in Nigeria thereby providing a stream of income for thousands of people operating as agents.

What are the Challenges of POS Business in Nigeria?

Despite its immense growth over the years, the POS business in Nigeria also has some challenges. It is important for you to know some of these likely challenges before you learn how to start a POS business in Nigeria.

One major challenge of this business is fraudulent activities like card skimming and cloning, which can eventually lead to huge financial losses for both operators and their customers. Also, periodic network downtime and issues can pose difficulties for customers to use the service anytime they want. Lastly, the high crime rate in some rural localities can make it hard for operators to successfully operate the business without fear of getting robbed.

To guarantee the security and reliability of your POS services, you must implement some measures to handle these pending challenges. We will be offering you good advice on how to handle these issues subsequently.

How Does The POS Business Work?

Before you learn how to start a POS business in Nigeria, you need to first learn how the business works. The POS organization is an industry that provides agents with software and hardware solutions to facilitate financial transactions and supervise their businesses. The primary workflow of a standard POS business in Nigeria is as follows:

1. Sales

POS companies start by marketing their financial software and hardware solutions to agents, generally through sales teams or digital marketing.

2. Installation

When a merchant agrees to buy a POS system, the POS provider will then install their payment hardware and software solution at the agent’s location.

3. Training

Thereafter, the POS provider trains the agent on how to use the payment system, including how the agent can process transactions, manage inventory, as well as generate reports.

4. Support

The POS provider then will provide continuous technical support to the agent, including solutions to troubleshooting issues and upgrading the payment software.

5. Fees

The POS provider generally charges agents a monthly or annual price for using the software and a specific transaction fee for each payment processed through the POS terminal.

How Do POS Agents Make Money?

The day-to-day earnings of a typical Point of Sale (POS) operator in Nigeria can differ based on numerous factors such as good location, the total number of customers they have, the fees they charge, and the commission rates paid to them by the POS provider. However, most times, POS agents get their money from the commission paid to them by the POS providers.

Generally, when a client performs a financial transaction such as withdrawing 5,000 NGN, the agent bills a charge fee of just 100 NGN. The POS provider will then take a certain percentage of this money, while the remaining amount will go into the agent’s wallet.

The customer payment charge fee forms a substantial part of the POS merchant’s revenue. Also, the bank or POS provider will pay the POS agent a daily or weekly commission depending on the total number of transactions they have executed using their terminal. This information will help you through the process of learning how to start a POS business in Nigeria.

How Much Does POS Business Generate As Profit Everyday?

POS businesses generally generate a daily profit of between 5,000 NGN to 20,000 NGN depending on the location of the business. If your business is located in a busy environment, you should earn at least 10,000 Naira every day. POS agents earn their profits from the charge fees on every transaction made by customers, from withdrawals to airtime purchases. Additionally, the POS service provider may offer the agent a commission.

How Profitable is the POS business in Nigeria?

The POS business is undoubtedly a profitable business in Nigeria. Since the world is going digital and accepting technology, more people have adopted the use of POS terminals to make transactions due to the convenience it provides.

This POS trend is especially prevalent in urban regions where a considerable number of people have access to the internet, smartphones, as well as other mobile devices. If you are located in a busy location, you can make as much as 20,000 Naira every day.

High-traffic areas such as shopping malls, hospitals, markets, parks, or very busy street are the best locations for you to start your POS business and maximize profit. Most people in these regions would prefer to use your services in order to avoid the long queue at ATMs.

To maximize the profitability of this business, consider offering extra services such as bill payment, data and airtime top-up, as well as money transfer services. These additional services can help you to diversify your income stream and draw more customers to your business.

What Services Are Offered by POS Businesses?

Learning how to start a POS business in Nigeria also entails knowing the services you are likely to offer the public. Here are some of the major services offered by POS businesses in Nigeria:

1. Withdrawal of funds from a bank account

2. Funds deposit

3. Opening a bank account

4. Payment of bills such as electricity, TV subscription, airtime and others

5. BVN enrolment

6. Funds transfer

What Should I Consider Before Starting a POS Business?

Before you learn how to start a POS business in Nigeria, there are certain things you must consider. These factors include:

1. Location

A high-traffic region is a very important factor that you must consider before starting your POS business because it determines its profitability. Generally, the higher the population in your business area, the more likely that you will get customers.

Also, make sure your preferred business location is not close to any bank to prevent the natural competition that comes as a result of having ATMs around you.

2. Advertising

If you want to stand out from other POS operators, you have to create bold branding materials with beautiful designs that will allow people to locate you easily. From beautifully designed banners to umbrellas and even flyers, these advertising materials will guarantee that the services you offer are visible to the public.

3. Network

Your POS terminal will depend on a SIM card to provide internet or a Wi-Fi connection to help it process transactions online. So you must carefully select a location with a good network service. Setting up your business in an area with a bad network will only leave you and your customers feeling very frustrated.

Doing a simple network test in the region you are considering setting up the business will save you from a lot of future problems. Lastly, ensure that you use a 4G/5G sim card from any reliable network to operate.

4. Safety

POS businesses are generally easy targets for thieves looking to break into shops and steal money because POS operators deal mostly with cash. To protect your business, make sure that your shop is not isolated. When you have other businesses around you, it get harder for thieves to rob you without getting caught.

Also, make sure you take protective measures such as locking up your shop before leaving, training your employees on how to stay alert, and keeping your money and valuables with you at all times.

What is the Cost of Starting a POS Business in Nigeria?

Starting your own POS (Point of Sale) business in Nigeria demands that you carefully plan out the process and have a good grasp of financial management. Here is a breakdown of the estimated amount it will cost you to start a POS business:

1. POS Machine

The POS machine is the major equipment you’ll need to start your own POS business. Buying a new POS machine will cost you about 50,000 NGN, while a fairly used one will cost you about 20,000 NGN.

2. Location

You need to set up your business in a good and busy location. So renting a small shop or a kiosk in a busy area for your business could cost you about 30,000

NGN monthly depending on the location.

3. Network

You will also need an active internet connection to operate your POS business. The cost of buying a router and subscribing to a sustainable monthly data plan ranges from 10,000 to 15,000 Naira, depending on the type of internet service provider you want to use.

4. Advert

Promoting your business is another important aspect that you must overlook. You need to promote your POS business to attract customers, especially at the early stages. Your promotion can involve printing flyers, banners, or even simple business cards, which can cost you about 10,000 NGN. Don’t forget to also promote your business online.

5. Initial Cash Float

You need to make cash available for executing transactions at the initial stage of your business. Depending on the number of customers and volume of transactions, you should start with a capital of at least 50,000 NGN.

6. Other expenses

Other miscellaneous expenses would include the cost of registering your POS business with the appropriate authorities, purchasing stationery, and other small expenses. This could range between 10,000 to 20,000 Naira.

From the costs listed above, we can conclude that the estimated total cost of establishing a POS machine business in Nigeria would be about 180,000 Naira.

Remember, these estimates are just estimated costs, and the real cost may vary depending on different factors such as your location, business strategy, as well as competition.

How to Start a POS Business in Nigeria

To execute mobile money services like withdrawals, transfers, airtime purchases, and bill payments as an agent, you must be authorized by a financial institution or POS service provider. Also, as a potential POS agent, you have to first choose a POS service company from the numerous ones available in Nigeria.

Thereafter, you can open an account with the financial institution providing the POS solution, and then register as a POS agent with them.

For a start, you can go through the ones available in Nigeria, compare their rates and choose the most suitable one for you. To make this process easier for you, we will be listing some legitimate and reliable POS services in Nigeria.

1. First bank

First Bank is a reputable commercial bank in Nigeria that has diligently served Nigerians for decades. In recent years, this bank has given Nigerians access to POS solutions to make banking more convenient.

How to Start a POS Business in Nigeria with First Bank

Firstbank’s official POS agency platform is Firstmonie. Essentially, as a Firstmonie agent you will be registered under First Bank to function as a POS merchant in Nigeria.

As an agent of the FirstBank POS solution, you can withdraw money, pay bills, buy airtime, deposit money and even enrol Bank Verification Number for customers. The good part is that First Bank of Nigeria does not need any cost for you to become a POS agent. If you meet all the requirements, you will get a free POS device and start the business immediately.

Requirements for Starting a First Bank POS Business

Here is a list of the basic requirements needed to start a First Bank POS business in Nigeria:

An existing business
Accessible location in an open area
Bank Verification Number (BVN)
Valid ID cards like voter’s card, national ID card, driver’s licence, or even international passport
Utility/Electricity bill
Corporate bodies need to provide their business registration documents
Engagement in commercial actions for at least twelve months
Minimum capital of just NGN50,000
A First Bank account that must have been active for at least one year

How Can I Become a First Bank POS Agent?

Here is a guide on how you can become a Firstbank POS agent, also known as a Firstmonie agent:

First, visit the official FirstMonie agent banking website and search for the FirstMonie agent onboarding form.
Next, fill out the form and agree to the specified terms and conditions of the services.
Tap on the “Send” tab to submit your application request to First Bank.

To ensure that the application is processed as fast as possible, visit the closest First Bank branch around you to check on the status of your POS agent request. Make sure you take the complete list of the requirements when going to the bank.

How Can I Get a FirstMonie POS?

To obtain a First Bank POS machine in no time, you have to deposit a sum of just 50,000 Naira into your Firstmonie wallet or First Bank agent account. Please it is important for you to know that the 50,000 Naira deposited money is yours and will not be deducted from your Firstmonie account. It serves as a caution fee throughout your duration as a POS operator.

How Long Would It Take To Get a FirstMonie POS?

The process of applying for and getting a First Bank POS is not so short. It will take about two to four weeks for you to get your FirstMonie POS machine.

How Much Does First Bank Charge For POS Transactions?

First Bank charges agents N50 for transactions they execute ranging between N1-N5000. Transactions from N5001 – N30,000 will attract N100 fee.

Learn more here: Firstmonie POS – Charges, Cost and Everything You Need to Know

2. Wema Bank POS

A Wema POS merchant is a person who operates a Wema Point-of-Sale terminal, which is developed to serve as a more convenient means for paying for goods and services. Just like First Bank, Wema Bank doesn’t really need potential agents to pay any money before they become agents.

Here are the services you can perform as a Wema POS agent on behalf of Wema bank:

Wema bank account opening.
Money withdrawal
Cash deposit into Wema bank account.
Money transfer
Bills payment
BVN services
BVN enrolment

What Are the Requirements for Starting a Wema POS Business?

Wema Bank requires the following for anyone to become an agent:

A Wema bank savings account
An Android phone with data
Startup funds/capital
Own a business with a physical business location
Valid means of identification
Passport photographs
Bank Verification Number
Evidence of business registration (CAC)

How Can I Become a Wema POS Agent?

Here is a guide on how you can become a Wema Bank POS agent, also known as a Firstmonie agent:

First, download the Wema bank POS agent banking form from the official website, print it out and fill it out.
Next, take the form to the closest Wema bank branch
The bank will reach out to you if they approve your application

Alternatively, you can just go to the nearest Wema bank and POS agent registration form. Thereafter, you can fill out the form and submit it. Don’t forget to take the required documents with you when going to the bank.

How Long Would It Take To Get a FirstMonie POS?

Wema Bank’s POS machine can take you up to one month to collect. Although this bank doesn’t charge you any cautionary fee to obtain the POS machine, you must have used your Wema bank account for about six months.

How Much Does Wema Bank Charge For POS Transactions?

The standard merchant service charge of Wema Bank POS is only 0.5% per transaction, which is capped at NGN1000.

3. Opay POS

An Opay POS agent is a POS merchant that is registered under Opay, which is a licensed digital fintech platform in Nigeria. Opay is a fast-growing and popular fintech company that has used its POS agency to produce different job opportunities for many Nigerians. Because of Opay, many Nigerians can now earn a good living for themselves, through their agency service. If you want to become an Opay POS agent, you don’t even need to pay any agent fee. Here are some of the transactions you can execute as an agent with Opay POS:

Receive money and transfer money to others too
Subscribe to diverse TV service providers and gain money as a commission
Pay less money for airtime recharge on the Opay platform and also get discounts while doing this.
Paying electricity bills quicker and more conveniently.

What Are the Requirements for Starting an Opay POS Business?

Here is the vital information you would need if you want to register your Opay business and start operating legally:

Bank Verification Number (BVN)
Your recent utility bill (not older than three months)
Valid means of identification
Passport photographs

How to Become an OPay POS Agent

Follow the steps below to learn how to become an Opay POS agent:

First, visit the Google Play Store or App Store on your iPhone and download the Opay app
Next, sign up for an Opay account using your basic details and tap on the “Merchant Application” icon
Thereafter, enter your correct details and upload all the necessary documents
Lastly, submit your merchant application form on the platform for the Opay team to review.

Alternatively, you can send an email to Opay’s official email address, ng-support@opay-inc.com asking for an OPay agent merchant registration form.

How Much is the OPay POS Terminal?

Listed below are the different prices of Opay POS terminals:

NGN50,000 for Pay Smart POS
NGN35,000 for OPay Traditional POS
NGN8,500 for OPay Mini POS.

What are the Transaction Fees of Opay POS?

As an agent, Opay POS charges you a token of just 0.5% on the amount of every withdrawal you perform below N20,000 Naira. As for withdrawals you execute of more than N20,000 Naira, Opay charges you a flat rate of just N100 naira.

How Can I Get an Opay POS Machine?

To qualify for an OPay POS machine, you must have a very good transaction history on your Opay account because new Opay account owners are not qualified to obtain the POS machine. Once you’ve executed a reasonable number of transactions via your Opay account, follow the steps below:

First, sign into the Opay mobile app
Next, submit your POS terminal application request
Wait for the Opay team to receive, review, and process your request within at least 24 hours.

Once your Opay POS terminal request is authorized, one of the Opay team members will contact you to come and collect the POS machine.

Although Opay POS is completely free for merchants who have amassed a reasonable transaction history with Opay, you still have to provide a caution fee of NGN20,000, which you will make available at all times in your wallets. After the approval of the POS terminal request, the caution fee in your Opay account will automatically take effect.

If you are a new Opay merchant who can’t wait to build up your transaction history, then it’s best for you to just buy an Opay POS terminal from a third party.

4. Bankly POS

Bankly POS is another popular Nigerian Fintech company that offers the average Nigerian a virtual saving wallet that they can use with ease. This platform has used its agent scheme to create lucrative jobs for hundreds of Nigerians. A Bankly POS agent is a digital financial merchant who enlists his/her POS business directly under Bankly. As a Bankly POS agent, you can perform any of these transactions:

Cash withdrawal
Transfer of funds
Deposit cash to bank accounts
Utility bills payment like airtime, data, electricity, etc
Provide access to Bloom users’ savings
Transfer funds to other beneficiaries

How Much Does It Cost to Become a Bankly POS Agent?

As stated earlier, the Bankly agent scheme was begun with the major purpose of creating jobs for the average struggling Nigerian. Therefore, it is free for anyone interested. However, the only thing you’ll need to start is your capital, which should not be less than 20,000 Naira, depending on your area and/or other circumstances.

What Are the Requirements for Starting a Bankly POS Business?

To begin your business as Bankly POS merchant, you require these documents:

A valid government-issued means of identification like your driver’s license, national ID card, Voter’s card or even international passport.
Business certificate for registered business
Utility bill /PHCN bill
Bank account number
Email address
Bank Verification Number (BVN)

How Can I Become a Bankly POS Agent?

Follow the steps provided below to become one of Bankly’s POS agents:

First, download the Bankly Agent mobile app either.
Next, create an account with Bankly by signing up on the platform and then providing the KYC details Wait for the Bankly team to verify your account before you continue with your registration. One of Bankly’s support personnel will execute the verification process.
Log into the Bankly app and start initiating your transactions.

How Long Does it Take to Get a Bankly POS and How Can I Get a Bankly POS Machine?

According to users online, the duration it takes to get a Bankly POS machine is quite brief. Getting your Bankly POS should only take between two days to a week. You can apply through the app to get it.

How Much is the Bankly POS Machine Cautionary Fee?

The Bankly POS terminal costs about 25,000 NGN. If you can return the POS machine in good condition whenever you want to shut down your business, Bankly will refund you 10,000 NGN. Also, the sum of 25,000 NGN you paid doesn’t mean that you are purchasing the POS terminal, as Bankly still has the right to e to collect the POS if you don’t use it or do not satisfy the specified target of thirty transactions every day.

How Much Does Bankly POS Charge For Transactions?

Bankly POS charges just 0.3% for withdrawals and 35 NGN for every transfer you make using the terminal.

5. Monie Point POS

Moniepoint is one of the most prominent, credible and fast-growing digital money platforms in Nigeria. With this platform, you can make a lot of money as a mobile money agent by offering banking services to the people in your environment. The best part is that it is absolutely free for anyone interested. Here are the services you will be able to offer as a Moniepoint agent:

Cash withdrawal
Fund Transfer
Instant Settlement
Payment of Utility Bills

What Are the Requirements for Starting a Monie Point POS Business?

You will need the following documents to start your own Monie Point POS business:

Verified means of identity, such as driver’s license, International Passport, Voters’ card, or National ID Card.
Recent Utility Bill (PHCN Bill)
Business License or your CAC certificate (for registered businesses only)
Valid Bank Verification Number
Valid bank account number

How Can I Become a Monie Point POS Agent?

To become a verified MoniePoint POS agent, follow these steps:

Visit the official Moniepoint website and find the agent registration form.
Next, fill out the form with the correct information because that is what they will use to reach out to you.
Wait for a cluster manager to reach out to you after 48 hours. This agent will direct you on the next steps to take to complete your onboarding process.

Alternatively, you can visit the MoniePoint head office and register as an agent. Once your application is approved, you can log in to your Moniepoint dashboard and manage your account.

How Can I Get a MoniePoint POS Terminal?

If you want to obtain a Monie Point POS device, follow the steps below:

First, log into your Monie Point account
Next, tap on the POS menu you find on your dashboard and tap on “Request New POS”.
Fill out the address where you will like your terminal delivered to.
Lastly, wait for your relationship manager to deliver the POS machine to you within 48 hours.

Alternatively, you can contact your Cluster Manager who directed you through the onboarding process to help you with a POS terminal.

How Much is the MoniePoint POS Machine?

The Moniepoint POS machine is relatively cheap compared to the ones offered by other platforms. It just costs an affordable amount of N21,500. Note that this amount may increase if you are buying the terminal from a third party.

How Much Does Monie Point POS Charge?

Here is a list of the POS charges and the commission structure of MoniePoint:

Moniepoint charges agents a flat rate of 0.5% of the transaction amount for any withdrawal between N1
to N20,000 you execute.
The platform charges a flat rate of N100 for transactions you make above N20,000
They charge agents a flat rate of N20 for all transfers
Moniepoint gives agents a cashback of up to N20 on all withdrawals and just N5 on transfers.
For airtime, the platform charges you 2% for all networks.
There is zero charge on bill payments.

6. Kudi POS

A Kudi POS Agent is a merchant authorized by Kudi to deliver a wide range of financial services to the public. There are zero cost or stringent requirements attached to becoming a Kudi POS merchant, as it is absolutely free. All you have to do is just to download and sign up on the mobile app by using your contact details and linking the mobile app to your Nigerian bank account. Here are the services you will be able to offer as a Kudi POS agent:

Funds transfer
Quick withdrawals
Bill payments
Purchase of data and airtime for all networks.

What Are the Requirements for Starting a Kudi POS Business?

You will need the following documents to start your own Kudi Point POS business:

Verified means of identity, such as driver’s license, International Passport, voter’s card, or National ID Card.
Recent Utility Bill (PHCN Bill)
Business License or your CAC certificate (for registered businesses only)
Valid Bank Verification Number
Valid bank account number

How Can I Become a Kudi POS Agent?

Take the steps below to success become an authorized Kudi POS agent:

First, download the Kudi mobile app from the Google Play Store or the App Store.
Next, open an account with Kudi by registering on the platform with your phone number
Link the Kudi mobile app to your functional Nigerian bank account
Fund your e-wallet and start executing financial transactions for both yourself and people around you

Keep using your account to execute transactions like airtime recharge, TV subscription and payment of electric bills. After constantly using the Kudi platform for about two weeks, check your inbox or contact customer care to make enquiries about your eligibility for a free Kudi POS.

How Can I Get a Kudi POS Machine?

If you decide not to wait and build your Kudi account for 2 weeks before getting eligible for a POS machine, just visit the nearest Kudi office around you. The branch in Lagos is located at 19b Bosun Adekoya Street in Lekki Phase 1.

When you get to their office, request the agent onboarding form, fill it out with your correct details, and submit it. Thereafter, they will ask you to pay a non-refundable fee of 20,000 NGN immediately. Once you pay, the Kudi team will approve your agent application and give you the POS machine immediately.

How Much is a Kudi POS Machine?

Kudi POS machines come at no cost, however, agents have to pay N20,000 as a caution fee and are also mandated to deliver a transaction report to the Kudi team at the end of each day. The goal of this is to show them that you can fulfil the daily transactions limit target on the Kudi POS.

How Much Does Kudi POS Charge?

Here is a list of Kudi POS charges for withdrawal transactions:

100 – 4,500 (N25)
501 – 25,000 (0.6%)
25,001 – 500,000 (N150)

7. Guaranty Trust Bank (GTB) POS

A GTBank POS agent is an authorized merchant who delivers financial services to neighbourhoods on behalf of GTBank. Just like other POS platforms, becoming a GTBank POS agent attracts no cost at all.

Here are the financial services you will be able to execute as a Gtbank agent:

Opening of instant accounts
Deposit and Withdrawal of Cash
Customer Enquiries
Payment of bills
Transfer of funds to bank accounts and wallets

What Are The Requirements for Starting a GTB POS Business?

The following are the important requirements you need to start an authorized GTB POS business:

A functional Guarantee Trust Bank account
Valid means of identification like a Voters Card, NIN, Drivers License, or International passport
An existing business location.
Proof of address like Utility/PHCN bill

How Can I Become a GTB POS Agent?

First, you need to have a functional GTBank Business Current Account before you can think of venturing into GTBanks’s agency service. If you already have this, follow the steps below:

Visit the nearest GTBank branch around you and speak to any of the customer care, demanding the GTBank POS application form as well as the agreement form.
Fill out the onboarding form and submit it
Wait for the bank to approve your application to become a GTBank POS merchant. Once this is done, their customer care service will contact you to come and collect your POS machine.

How Much is a GTBank POS Machine?

The GTBank POS machine is free of charge. So as long as you meet the requirements, you are free to collect the POS machine. It should take at least two weeks for the bank to process your application and give you a POS terminal for your business.

How Much Does GTB POS Charge?

GTBank POS charges agents NGN100 for transactions they make between NGN1000-NGN5000, then a token of NGN200 for a transaction they make between NGN5100-10000.

Check this out: Squad POS (by GTB) – Convert Your Phone Into A POS Machine in 5 Steps

8. Paga POS

Paga was one of the first POS platforms in Nigeria. Essentially, this financial institution allows people who want to make an income to earn money through their POS agency programme. As a Paga POS agent, you would receive proper training on how to execute financial transactions for your neighbourhood on behalf of Paga.

The agent registration fee on Paga is N20,000. This amount covers both startup funds and branding. Here are the transactions you can perform for your customers as a Paga agent:

Account Opening
Cash Deposit
Cash Withdrawals
Bill Payments
Airtime & Data
Send Money

What Are The Requirements for Starting a Paga POS Business?

You will need the following documents to start your own Paga Point POS business:

Verified means of identity, such as driver’s license, International Passport, voter’s card, or National ID Card.
Recent Utility Bill (PHCN Bill)
Business License or your CAC certificate (for registered businesses only)
Valid Bank Verification Number
Valid bank account number

How Can I Become a Paga POS Agent?

Follow the steps below to become an authorized Paga POS agent:

First, visit the official Paga platform and fill out the Paga agent onboarding form.
After filling out this form, wait for one of Paga’s representatives to contact you and instruct you on how to complete the onboarding process. If they do not reach out to you after 7 days of filling out the form, just send an email to service@mypaga.com

How Much is Paga POS and How Long Does It Take To Receive It?

Generally, Paga POS costs about N20,000, which includes money for both branding and startup. Also, it takes between a day to 1 week to receive your Paga POS. Note that paying 20,000 Naira doesn’t mean you have purchased the POS device since it is just a cautionary fee.

How Much Does Paga POS Charge?

Paga PIS charges agents 0.55% on withdrawals and only N30 flat on deposits made of any amount. This implies that Paga charges you N5.5 on every N1000 withdrawal you make for a customer and N30 to transfer any amount of money with your Paga account.

9. Zenith Bank POS agent

Zenith Bank agent banking is the official financial inclusion program of Zenith Bank. Essentially, the bank adopted this programme to extend retail financial services across the country, especially to the underbanked regions.

As a Zenith Bank POS merchant, you will help to render financial services to the public on behalf of the bank. Here are the services you would be able to render:

Account opening
Cash withdrawal
Cash deposit
Funds transfers
Bills payment
Airtime Purchase

What Are the Requirements for Starting a Zenith Bank POS Business

Here is a list of the things you need to start a Zenith Bank POS business:

An existing business in an open physical location that you’ve operated for at least twelve months
Functional Zenith bank account for a minimum of 6 months
Download the Zenith bank agent banking app on your Android device.

Attach the following documents to your registration form:

For individual accounts:

Proof of address (utility bill)
Valid means of identification
2 Passport photographs

For corporate accounts:

Proof of address (utility bill)
2 Passport photographs
TIN
Certificate of Incorporation, and Memorandum and Article of Association.

How Can I Become a Zenith Bank POS Agent?

To become a Zenith Bank POS Agent, follow the steps below;

Visit the nearest Zenith Bank and locate the customer service inside the bank.
Request for their POS Agent registration form
Fill and submit the form
Wait for them to approve your application and give you the POS machine.
Lastly, download the Zenith mobile banking app on your Android phone and commence your POS agent business.

How Much is Zenith Bank’s POS Terminal?

Zenith’s Bank POS terminal is absolutely free of charge. So once you meet the basic requirements, you are free to collect the POS machine.

How Long Does it Take to Get Zenith Bank’s POS Machine?

If you live in Lagos, it usually takes about 8 working days for the bank to process your request and give you the POS terminal. However, if you live in other locations outside of Lagos, it may take up to three (3) weeks to get approved.

How Much Does Zenith Bank POS Charge?

Zenith Bank POS charges agents 1.25% of payments they execute above 2000. As for deposits and withdrawals of less than NGN100,000, the bank expects agents to charge between NGN5 to NGN300 and receive a minimum agent commission of about 45%.

10. Access Bank CLOSA agent

Access Bank CLOSA POS agency service is the official agency service of Access Bank. Essentially, as a CLOSA agent, you access financial services to the average people within a neighbourhood.

The agent does this by processing transactions fast and easily through their mobile phones or the Point-of-Sale (POS) terminals. Here is a lost of the services provided by Access Bank Closa agents:

Cash Deposits
Cash Withdrawals
Funds transfer
Bill Payments
Airtime Purchase
Account Opening

What Are the Requirements to Become An Access CLOSA POS Agent?

The minimum requirements you need to have to become an agent include:

A business location that is open and accessible
Minimum capital of about N50,000
A valid means of identification such as a Voter’s card, Driver’s License, International Passport, or NIN
Utility bill
Business registration documents (just for corporate bodies)

How Can I Become an Access Bank POS Agent?

To become an Access Closa agent, follow the steps below:

Visit the nearest Access Bank branch and request a Closa agency banking form.
Take the form and fill it out with the necessary details.
Submit it to the bank customer service.
Wait for the Access team to verify your information and register you as a CLOSA agent. This will take about one to two weeks.

How Can I Get an Access Bank POS Machine?

Follow the steps below to get an Access Bank POS machine after your Closa agent application is approved

Visit any Access Bank branch.
Next, go to the customer care section.
Obtain the POS request form, fill it out, and submit it back to the customer care provider.
Wait for the Access Bank team to contact you when it is ready.

How Much Is Access Bank POS Charge?

Access Bank POS fee is about 1.25% per NGN2,000. So you will be charged this fee when you execute transactions as an Access Closa agent.

11. Quickteller Paypoint POS

Quickteller POS agents are authorized merchants who earn revenue by rendering financial services to the public. As a Quickteller Paypoint POS agent, you can pay bills, transfer funds, withdraw cash, deposits and even do airtime recharge for people in your neighbourhood.

What Are the Requirements for Starting a Quickteller POS Business?

The potential Quickteller POS agents need these documents for their registration:

Passport photograph
Recent utility bill to confirm a residential address
A valid identification card (NIN, Voter’s card, driver’s license, or international passport)
A business registration certificate (for only registered business).

How to Become a Quickteller POS Agent

To become an agent with Quickteller, follow the step below:

First, visit the official Quickteller platform
Next, complete the Quickteller agent application form then submit it with the necessary documents.
After registration, have at least N1000 on your Quickteller wallet, to be eligible for a free android POS and a starter kit.
Thereafter, wait for Quicktellwe to contact you to finish up the onboarding process

How Can I get my POS Terminal from Quickteller?

You can obtain Quickteller Andriod POS terminals from IFIS by executing a minimum of 300 transactions every month on the POS and applying for the terminal through the platform’s field support staff in your location. Alternatively, you can purchase the POS terminal via the Quickteller official website. Once payment is verified, the POS terminal will be sent to your address

How Much is Quickteller POS Terminal?

The Quickteller android POS terminal is currently 75,000 Naira. It will take about 7 days for the terminal to be delivered to you.

How Much Does Quickteller POS Charge?

Quickteller charges a 1.5% charge for every transaction you make above NGN 2,000. This applies only to local transactions.

12. Ecobank Xpress point

Xpress Points are Ecobank-authorized locations that enable the average Nigerian to use simple banking services without visiting the bank. This reasonable business opportunity is a source of living to thousands of individuals and business owners in Nigeria. As an Xpress agent, you will be able to offer these services:

Open an Ecobank Xpress Account
Withdraw funds from your Ecobank Xpress Account
Deposit funds into your bank account
Transfer funds to any bank
Pay bills (TV, internet, utilities etc.)
Top up your airtime

What Are the Requirements for Starting an Ecobank POS Business?

Here is a list of what you need to register as an Ecobank Xpress point agent:

Start-up capital
Minimum of NGN10,000
A laptop with an internet connection
An android device that is capable of downloading the Ecobank POS Agent App
Feature phone for USSD transactions
Passport photograph
Bank Verification Number (BVN)
Valid means of identification, such as NIN, Driver’s License, Voter’s Card (PVC) or International Passport
Utility bill of agent’s address (not more than 3 months)
Two (2) current or corporate account references or a completed reference form.

For corporates/SMEs only:

Corporate Affairs Commission (CAC) documents for Registered Companies
TIN Number/Tax Certificate (just for Registered Companies)

How Can I Become an Ecobank POS Agent?

To become an Ecobank Xpress agent, follow the steps listed below:

Visit the nearest Ecobank around you
Collect the agent application form and fill it out
Submit your application form
After the bank gets your application, a representative will reach you within 72 hours.
After your registration process, download the Ecobank agent app on your Android phone or computer and start transacting.

To follow up on your Xpress agency application, just email EngAgencySupport@ecobank.com to make inquiries.

How Long Will It Take You to Get an Ecobank POS Terminal?

It will take between 7 days to 2 weeks for your application to be processed and approved. As an Xpress point agent, you are free to use a computer or an Android phone to perform transactions.

How Much is the Ecobank Xpress Point Charge?

According to Ecobank, Xpress Point services are absolutely free. So you can deposit and withdraw for customers at no cost. However, transferring to another bank will attract a fee of N50.

13. Baxi Box POS

BaxiBox POS agent is a merchant that is authorized by Baxibox to be a POS service provider. Essentially, this fintech platform focuses on bringing financial inclusion to the doorstep of the average Nigerian and also empowers youths through is agency programme by providing a source of income to them. Below are some services you will be able to offer as a Baxibox agent:

Utility Bill payment
Airtime recharge and data purchase
Tickets to public events
Payment on Sports betting platform
Insurance payment
Generation of WAEC pins

What Are the Requirements for Starting a Baxi Box POS Business?

The following are the basic requirements you need to get started as a Baxi POS agent:

Valid Identification, such as NIN, Voter’s card, International passport, or Driver’s license.
Utility bill (PHCN bill)
Business license (CAC certificate for registered business only)
Valid Bank Verification Number (BVN)
Bank account number
Valid email address
Passport photograph.

How Can I Become a Baxi Box POS Agent

Below are the steps to take if you want to become a Baxibox POS agent:

First, download the Baxibox app on your phone
Locate the registration option
Use your Bank Verification Number to help upgrade your basic Baxibox account either Baxi Flex or Baxi Pro
Fill out the information for your KYC
Next, request for the Baxibox POS machine
Fill and submit the registration form
Get your guarantors to fill out their forms.
Make the due payment for the Baxibox POS device
Submit the necessary documents for the agent registration to obtain the POS device
Submit the already signed registration form and your guarantor’s form
Contact Baxi customer care via the app for more information.

Note that the Baxi box has a POS license fee of just N5,000. You have to pay this fee to get registered as an agent.

How Much is Baxibox POS Machine?

Although Baxibox POS machine is free, you still need to pay a cautionary fee of 10,000 NGN for Baxibox Mpos or only 30,000 NGN for the Baxibox Android POS. This cautionary fee is to make sure that agents do not damage the POS.

How Long Does It Take To Receive the Baxibox POS Machine?

It will take between 7 days to 2 weeks for your application to be processed and approved, and the Baxibox POS terminal sent to you.

How much does Baxi Box POS charge?

The Baxibox POS charges just 30 NGN for transferring money to any other bank and just 0.55% on a single withdrawal transaction that you execute. They charge you these for withdrawals:

0.55% from 1-20,001 NGN
100 NGN from 20,001 to 100k
150 NGN from 100,001

14. UBA POS

A UBA Moni POS agent is a merchant that is authorized to use the UBA network to provide POS service to the public to guarantee that formerly excluded people become a part of the financial world. Here are some of the services you can provide as a UBA Moni agent:

Fund Transfer between banks
Deposit of Funds
Withdrawal of Funds
Balance Enquiry
Account Opening

While it will cost you nothing to become a UBA Moni agent, you have to meet at least NGN1,000,000 monthly turnover or N35,0000 as the day-to-day transaction. If you don’t, your license to operate under UBA will be revoked.

What Are the Requirements for Starting a UBA POS Business?

To become an authorized UBA Moni agent, you must meet these mandatory requirements:

Have an existing business.
A start-up capital of about NGN50,000.00.
Own a functional UBA corporate or individual account.
Provide a valid means of identification, such as a Voter’s card, NIN, International passport, or Driver’s license.

How Can I Become a UBA POS Agent

To become a UBA POS agent, follow the steps below:

Visit the nearest UBA bank around you. Note that you must already have an existing account with them
Collect the agent application form and fill it out
Submit your application form

After filling out and submitting the agent request form, wait for them to contact you for further details about the onboarding process.

How Can I Get a UBA POS Machine?

To be eligible to obtain the UBA Moni POS, you have to meet a minimum of NGN1,000,000 turnover every month or N35,0000 turnover every day. If you satisfy this turnover requirement, follow the steps below to get a UBA Moni POS:

Identify a merchant
Print out the enrollment form.
Get the principal decision-maker to help you complete the request form
Scan the POS request form and submit it to the nearest UBA bank
Visit the e-Banking Helpdesk and log in.

After you follow the instructions listed above, wait for the support team to contact you and inform you of the day they will be sending the POS terminal.

How Much Does UBA POS Charge?

UBA POS charges agents the sum of 100 NGN on every transaction they execute between 0 to 5000 NGN. So for every 5000 NGN transaction you execute, it attracts an extra 100 NGN charge.

What Are the Requirements for Starting a POS Business?

Here is a list of the fundamental things you need to start a POS business:

1. Start-up capital

As earlier stated, you need start-up capital for your POS business. This money will keep the business afloat until it starts yielding profit.

2. Location

The next requirement for a POS business is a location to run the business. You need to choose a busy area with a high need for POS services, which will make your business flourish. Good examples of areas for these businesses are markets, parks, beside a hospital, or any other well-populated areas.

3. Official requirements

The Central Bank of Nigeria (CBN) has set certain requirements that POS merchants must satisfy before any financial company approves them. Although the CBN permits POS merchants to work under any POS service provider suitable for them, the required documents are generally similar to each other.

For more clarity, ask the customer service of your potential POS provider to give you their list of requirements. Below are some of these documents:

Valid means of identification like National
ID Card, Voter’s ID Card, etc.
Passport photographs
Bank Verification Number (BVN)
Current Account references
Evidence of business registration (CAC Certificate)
Start-up funds/ capital minimum of NGN50,000
Tax Identification Number (TIN)

Why Are POS Businesses Important?

POS businesses and POS merchants are very important because they deliver an easy and stress-free experience for their daily customers. They ensure

1. Safety

Sometimes, going to the bank to withdraw a huge amount of money is not safe. It can attract a lot of attention and make you a prey for robbers. You can reduce this risk by withdrawing from a POS agent in your neighbourhood.

2. Convenience

POS services offer you convenience since you wouldn’t have to visit the bank anytime you want to execute a financial transaction.

3. Save money

Because of POS services, people don’t have to pay pricey transport fares just to go to a bank close to them for withdrawal.

4. Saves time

Ultimately, with POS, transactions can be executed very fast. So your financial transactions can be completed in minutes without stress.

Where Do I Locate My POS Business?

If you are planning to set up a POS business in your area or move your POS business to your neighbourhood, here are 5 locations that are likely to attract traffic and get your POS business customers:

1. Universities

Establishing your business inside universities and new areas with off-campus lodgings is a very good way to guarantee steady patronage of your business. Also, you have to build a solid relationship with students that will make you a favourite amongst their community.

2. Event Centres

Event centres are a primary hotspot for POS businesses because it is bound to attract a steady flow of visitors who come to attend events. Your business will surely be a hot cake, especially during weekends.

With a trustworthy network, people will definitely come to rely on you for quick transactions to support their spending at the event.

3. Markets

Establishing your POS business close to or inside a market is another sure winner. However, you will have a lot of competition because so many people know that the market is a good location for POS to thrive.

To stand out from others, carefully find locations where numerous people pass through every day. Market car parks and entrances are good locations because so many are coming in and going out and are bound to see your POS business.

3. Malls

Malls are another great location to establish your POS because they are home to so many restaurants, stores, businesses, arcades, and even cinemas. This implies that a lot of people come around with the intention to withdraw and spend money.

So your strategically placed POS business will allow people to get the money they need to do the spending they want to do, while still having fun in all the amazing locations in the mall.

4. Religious Centres

Religious centres, especially large ones, are bound to attract a multitude during peak periods. There is always a steady flow of individuals from midweek to regular Sunday services. Also, religious centres are often overlooked by other POS businesses, so if the area works for you, it is definitely a great place to start your POS business.

How Do I Succeed As a POS Merchant?

Here are some tips that will increase your chances of succeeding as a POS merchant:

1. Be Security Conscious

If you want to grow your POS business in no time, then you must pay attention to your staff and clients to ensure that you don’t get defrauded. This implies that you have to take physical security measures like keeping your valuables (Cash, keys and cards) safe at all times and locking up your shop or kiosk properly after the day ends.

Also, this means not believing in everything you hear. If anybody calls to request a PIN, card details or any other personal information, a mindful POS agent will realize that the individual is a fraudster.

2. Invest in Your Staff

As your POS business slowly expands, you will certainly need more people to supervise customers and execute transactions. Hence, it is very important to hire trustworthy and reliable people and train them on how to run the business properly.

Make sure that your workers understand how to interact with customers properly, handle disputes and even detect fraud. The only way you can expand profitably is when you have workers who can provide value to customers.

3. Monitor Cashflow

One of the thrilling things about engaging in the POS business is how fast you can make additional cash on every transaction you execute. However, you must not take this with levity as money can disappear as fast as it comes if you do not track your gain. It is extremely easy to mismanage your profit.

4. Be Attentive

As a POS agent, you are making a considerable number of financial transactions every day. Some of these transactions may even involve a huge amount of money. This indicates that you must pay attention to every transaction so that you do not make mistakes.

The only difference between a daily transaction and an expensive mistake can be just one zero so you must be extra meticulous when executing transactions. Always double-check all financial transactions to confirm that the details are accurate.

5. Be Calm & Polite

Since the POS business is an extremely competitive one that needs additional attention to detail, you must be calm and polite to customers if you want to attract and keep them.

One good way to retain your customers is by delivering the best customer experience to them. In your dealings with customers, make sure that you are calm and polite. You can even make an extra effort to welcome them warmly and thank them for coming to patronize you after every successful transaction. This is a foolproof way to create a loyal customer base.

Final Thoughts

Now that you’ve learnt how to start a POS business in Nigeria, it is up to you to pick a suitable POS service provider and start your registration process. Don’t forget to count the cost of establishing the business and work towards the capital. Lastly, the beauty of operating a POS business lies in the location flexibility, so don’t think twice when you need to move to peak areas, where there’s an occasion that can fetch you a lot of money through your POS service. Camps, trade fairs, weddings or any other similar event that attracts a lot of people is a good place for you to be.