Top 10 POS Machines in Nigeria

You will usually need money to buy or pay for a host of needs. But it is not always convenient or safe to carry physical cash with you everywhere. If you wish to perform money transactions without necessarily handling physical cash, there are a host of methods to do so:

1. One method is by using your bank’s text/USSD codes for mobile banking on your phone. 
2. Another is by using your bank’s mobile app, or website (online banking). So long as your phone or computer is internet-enabled. 
3. A third method would be to go to the nearest automated teller machine (ATM) of any functional bank around you to make transactions. Now you can do so, regardless of whether you have an account with that bank or another one. You are allowed to use your ATM card, fingerprint(s), or mobile code (sent to your registered mobile number) to access your account this way.
4. A fourth, highly versatile method is available to all persons – the use of POS machines in Nigeria. It is available to both bank account owners, and those without a bank account.

What is a POS Machine?

A Point of Sale (POS) machine is a machine or terminal used to make payment for goods and services by a retail customer. That location where a customer pays for an order or service itself, is the point of sale. POS machines allow customers to use their ATM card to connect to their bank accounts, and pay for goods (or transfer money). It could be a debit, credit, or prepaid (ATM) card. Any applicable tax (particularly Value Added Tax on goods) will also be deducted along with the payment.

But there are also cases where the customer has no ATM card within reach. This can also be handled on POS machines in Nigeria (and elsewhere). That is, by using the customer’s bank’s USSD code for that transaction. Thereafter, it generates a receipt for you. POS machines are designed to access bank accounts through the internet. 

A POS device could be the cash register at the checkout point of a supermarket. It could otherwise be the portable electronic terminals that are now widespread in various agent shops and sales outlets around town. It could also be an integrated payment processing tool at the checkout point of an e-commerce store. The latter case allows you to pay for your order immediately, while still on the web store. Typical examples of web-based integrated POS used on Nigerian e-commerce websites include Paystack and Rave. 

Advantages of Using POS Machines in Nigeria

A major advantage of using portable POS terminals is the convenience of carrying it around, of course. Thus, POS terminals may be used to deposit and withdraw cash anywhere. People also use POS machines to pay for utility (and other specialized) bills in remote and rural locations – as they often have limited access to banks. Thirdly, it is a cashless and secure way of handling transactions, thus preventing the exposure of cash to thieves. 

There is a fourth advantage in using POS machines in Nigeria (and beyond). They are programmed to help marketers to monitor both consumer behavior and internal records. You can use POS devices to monitor stock or inventory, buying trends, collect market-related data, and check the accuracy of product prices.

POS Machines in Nigeria: The Top 10 Providers

Here, we present to you the top 10 providers of POS machines in Nigeria (as of 2024), in no particular order. Our major focus here would be on the portable POS terminals (and their host companies), their speed and performance.

Right from 2013, the Central Bank of Nigeria granted a number of financial institutions the license to operate POS agencies. This became necessary in the face of several thousands of underbanked and unbanked citizens who could not access physical bank branches. POS agents became a useful intervention measure, and an extension of standard banking services to such citizens at low cost. They are otherwise called mobile money agents.

Opay

Set up in 2018, Opay is a fintech company operated by Opera company – the owners of Opera browser and Opera News. OPay has risen to become the most efficient and popular mobile payment platform in Nigeria. It has over 18 million registered app users and 500,000 agents in Nigeria alone; and the coverage has since extended across Africa.

Its range of services include loans, savings, money transfers, deposits and withdrawals, payments (utility bills, cable TV, food and more), and airtime purchase. Opay POS charges 0.5% per transaction, once you have upgraded to Preferred Merchant Status.  

To apply as an OPay agent, you must download the Opay App from Google (or Apple) Play Store, register and upgrade your profile to KYC 3 (Know Your Customer). Fill in all your necessary details/data (including utility bill, valid government ID and BVN) and wait for the Opay team to confirm your KYC by email and text message. This should take a maximum of 72 hours. Thereafter you can upgrade your profile to ‘Merchant’. Note that you can choose to open an Opay Online Merchant account, or a POS Merchant account. 

The final stage is to apply for the OPay POS device. There are three categories of the POS terminal to choose from which are N50,000 for OPay Smart POS, N35,000 for OPay Traditional POS, and N8,500 for OPay Mini POS.

Opay POS charges are as follows:

• Withdrawals: It charges 0.5% per transaction (N20,000 and below); and N100 flat rate per transaction (N20,000 and above). 
• Bill payments: 2% of the amount.
• Deposits: It charges a N10 flat rate per transaction (N5,000 and below); N20 flat rate (above N5,000); and N30 flat rate (N10,000 and above).

Moniepoint

Moniepoint is a mobile money agent established by TeamApt, a fintech company, in 2019. It now has well over 150,000 agents across Nigeria, and is said to be the fastest in operation. It also works with the online payment gateway, Monnify. Moniepoint offers services such as loans, expense cards, withdrawals and deposits, transfers, data and airtime, payment of bills and more.

To register as a Moniepoint agent, you must first open a Moniepoint Business Account, by opening and filling the Business Account application form. To do so would require your:

• active phone number
• active email address
• Bank Verification Number
• valid Government ID and
• a utility bill (to verify your address)

Thereafter, you need log in to your Moniepoint business account, and choose what business you need a POS for. Then select POS ->Channels -> Request New POS -> MP35P Smart POS on the menu. You will also provide  the delivery address where the POS terminal will be received. Finally, you need to fund your business account with a minimum of N21,500 (cost of the POS machine). 

Once your email and physical address are confirmed, it takes a maximum of 48 hours to be contacted by a dedicated Relationship Manager. He/she would guide you through the remaining process. In all, the Moniepoint terminal costs N21,500. N10,000 will be charged as caution fee; N10,000 as logistics fee; and N1500 as insurance fee (for a whole year). 

Moniepoint POS charges:

• Withdrawals: a flat rate 0.5% per transaction (between N1 and N20,000); and N100 per transaction (above N20,000)
• Money transfers: a flat rate of N20 per transaction

Bankly

Established in 2018 by Fredrick Adams and Tomilola Adejana, Bankly is a fintech company notable for its financial behavior tracking algorithms. The data gathered by these algorithms helps to offer personalized services to individual customers, including multi-channel methods of withdrawal. Bankly also offers deposits and withdrawals, money transfers, payment of bills, account overdraft and savings. 

To apply as a Bankly agent, you need to download the Bankly mobile app. You will also open a Bankly Business account and fill in your KYC (Know Your Customer) details. Then wait for the confirmation from a support staff. You can apply for a Bankly POS at the cost of N25,000. That is, N15,000 for the POS machine; and N10,000 refundable cautionary fee (when you return the machine in good condition). An additional condition is that the POS device must be used for at least 30 transactions per day. Otherwise it would be withdrawn from the agent. 

Bankly POS charges are as follows:

• Withdrawals: 0.5% per transaction 
• Deposits: An average of N20 per transaction

Nomba (formerly Kudi)

Nomba is a fintech company set up in 2017 with a special chatbot designed to make financial payments much simpler. The founders are Yinka Adewale and Pelumi Aboluwarin. A year later, the company rolled out its POS service, and now its coverage is all over Africa. Nomba provides utility and cable TV bill payments, money transfer, savings account, data and airtime purchase, and more. 

You can become a Nomba agent by downloading the Nomba app to apply and fill in your details. After two weeks of consistent use of the app for transactions, you automatically qualify for a Nomba POS. The alternative would be to fill a physical form at the nearest Nomba agent. The cost of obtaining a Nomba POS is as follows:

• Nomba Mini costs N25,000
• Nomba Lute N30,000
• Nomba Pro for N62,000 and
• Nomba Max for N85,000. 

The Nomba POS charges are variable. They are as follows:

• a variable fee of 1.4% on all Naira transactions; and
• 3.6% for international transactions.

PalmPay

Palmpay is a fintech company set up in 2019 by Transsnet – a partnership between NetEase, and Transsion Holdings (owners of the Itel, Tecno Mobile and Infinix brands). It now has outlets spread across the African continent. Palmpay operates a cashback reward system on airtime for its users.  The app additionally offers account creation, loans, and payment of bills. 

To obtain a Palmpay POS, you can download the PalmPay Business app from Google or Apple app store to complete the application form. You can also open and fill the Palmpay POS Apply form, supply all the necessary details, then wait for a dedicated staff to contact you within a week.

The cost of Palmpay POS is N30,000 cautionary fee (if it is rented); or N60,000 (for full ownership). Your cautionary fee will be refunded when you return the POS machine in good condition. 

Palmpay POS charges are as follows:

• Deposits: 1.5% per transaction (using wallet or bank transfer)
• Withdrawals: N10 per transaction (N5,000 and below); N25 per transaction (N5,001 to  N50,000); and 
  N50 per transaction (50,001 and above).

Baxi Box

Baxi is a digital payment platform set up by Adeola Abudu and Folu Majekodunmi under the name Capricorn Digital Limited in 2014. It was later acquired by MFS Africa in 2019. Baxi operates through multiple channels which include POS, wallet, mobile, online and B2B options. The Baxi Box is the POS option of the digital platform.

Baxi offers services such as airtime and data sales, cash deposits and withdrawals, utility and cable TV bills payment, insurance, vehicle renewal, and Golden Chance Lotto payments. It charges N30 flat on fund transfers, and 0.55% on all withdrawals

You can apply to become a Baxi POS agent by completing the Baxi Agent application form on the Baxi Mobile app.

The Baxi POS is in two forms: the Baxi Android POS, and Baxi mPOS. The Baxi Android POS runs on Android 8.1 and costs ₦80,000 (full ownership), and ₦15,000 (to rent it). While a cautionary fee of N10,000 is charged to rent the Baxi mPOS.

Baxi Box POS charges are as follows:

• N30 flat rate on fund transfers
• 0.55% on all withdrawals.

Paga

Paga was founded in 2009 by Pagatech company, and now has over 19 million users in Nigeria alone. It offers money transfer, payment of bills, airtime and data purchase, receiving payments, utility bills, JAMB e-pins, and emergency funds.

The Paga POS charges are as follows:

• Withdrawals: 0.55% per transaction (on amounts up to N20,000)
• Deposits: A flat rate of N30 per transactio

You register to become a Paga POS agent for free through the available channels:

• – Email: Send a message to service@mypaga.com, or
• Log on to www.paga.com. Select Agent -> Become an Agent to start. You may also use the live chat feature on the website to make a request.
• Call: 07000007242 Or 012777160
• Social media: Contact the company on X (Twitter): @paga; Facebook: @mypaga; or WhatsApp: 08099227242
• Send SMS: 09090027242

The Paga POS costs N30,000 to obtain.

The Paga POS charges are as follows:

• Withdrawals: 0.55% per transaction (on amounts up to N20,000)
• Deposits: N30 flat rate per transaction

Firstmonie

Firstmonie is a digital payment platform owned by First Bank of Nigeria. It offers account creation, deposits and withdrawals, money transfers, BVN creation, airtime purchase, and bills payments. There are now over 200,000 Firstmonie agent outlets across Nigeria. 

You can apply to become a Firstmonie agent for free, and the POS device is also free if you meet the minimum requirements. Such an applicant must fulfil the following conditions: 

• be an existing business owner, 
• have a valid physical location (you will provide a utility bill such as PHCN bill as proof), 
• have a valid government ID card,
• have a First Bank account.
• present his/her BVN, 
• present 1 to 3 months utility bill, and
• present his/her business registration papers (if it is a corporate body).

Then you can open and fill the Firstmonie Agent Onboarding Form.

You should also download the Firstmonie app on Google (or Apple) app store.

Firstmonie POS charges are not uniform. They are as follows:

• Withdrawals: It charges N100 naira per transaction (N10,000 and below); N200 per transaction (between N10,000 and N100,000); and N300 per transaction (above N100,000).
• Bill payments: N100 flat per transaction
• Deposits: It charges N50 per transaction (N5,000 and below); N100 per transaction (between N5,000 and 30,000); N150 per transaction (between N30,000 and N100,000), and N200 per transaction  (above N100,000).
• Money transfers: First Bank to First Bank transfers attracts N100 per transaction (N30,000 and below); N150 per transaction (between N30,000 and N100,000); and N200 per transaction (above N100,000). While interbank transfers attracts N100 per transaction (N20,000 and below); N200 per transaction (between N20,000 and N100,000); and N250 per transaction (above N100,000).

Quickteller (by Interswitch)

Quickteller is a popular electronic payment system set up in 2008. It is one of the products of Interswitch, a major digital payments and e-commerce support provider across Africa. Set up in 2002 by Mitchell Elegbe, Interswitch Nigeria has functioned as a versatile transaction switching and processing company since its inception. Now it has extended its operations across the African continent. Besides Quickteller, Interswitch also created the well-known Verve card payment system. Thus the Interswitch platform is now an integrated online payment processing company that allows online payments with the use of ATM cards, the Web, bank branch, voice, and POS machines/terminals.

The Quickteller platform is so versatile that it now facilitates seamless payments for a broad host of goods and services. They include payment of:

• utility bills
• flight tickets
• cable TV
• online shopping (connecting with over 100 stores worldwide)
• funds transfer
• mobile airtime
• e-JAMB pins
• sports lottery
• Western Union Transfer
• savings
• loans and
• several other payments.

• be an adult with a legitimate business,
• have an android phone with Android 4.0 (or higher)
• have a valid business location (show a utility bill as proof)
• upload a passport photograph, and
• a valid government ID card
• upload a Guarantor’s Character Confirmation Form (with the Guarantor’s passport photograph attached)

Thereafter, your uploaded documents will be verified within 24 hours, and and your account will be activated.

You are allowed to start operation with no startup capital. However, you will need to fund your wallet with some money (by paying to IFIS-designated bank account). Following this, a Quickteller Paypoint POS will be given to you for the cost of N75,000.

Quickteller POS charges are as follows:

• 1.5% per transaction (for all local, QR, and USSD payments). It is capped at N2000 (maximum transaction fees), never higher.

Wema Bank

Wema Bank POS is owned by Wema Bank, the oldest and most resilient bank in Nigeria. Wema POS can be used for both local and international cashless transactions. It also provides customized payment solutions for all kinds of business ventures and organizations, which include schools, hospitals, government, airlines, and more.

The Wema POS can also be operated using phone number, USSD code, QR (Quick Response) code, or Contactless modes.

To become a Wema Bank POS agent, an applicant must fulfil the following conditions:

• have a Wema bank savings account (active for at least 6 months)
• have an Android phone
• provide startup funds/capital
• have a verifiable business location (show a utility bill as proof)
• have a valid government ID card
• upload passport photographs
• show evidence of business registration (by CAC)

Thereafter, the applicant will download the Wema Bank POS Agent Banking Form, print it out, and fill it. Then he/she will submit the form to the nearest Wema Bank branch, along with the necessary documents (as stated above). It may take up to a month to be contacted by the bank, for you to receive the Wema POS. the POS machine is issued at NO cost to applicants.

Wema bank POS charges or standard MSC (Merchant Service Charge) is just 0.5% per N1,000 transaction.