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 access your bank account without necessarily handling the cash, there are a host of methods for doing 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 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 ATM of any functional bank around you to make transactions, regardless of if it is not your bank.{You are allowed to use your ATM card to access your account this way. Or, use your fingerprint (thumb or index finger) and your registered phone number to access the machine. Or, otherwise do a cardless transaction by generating a code on your mobile phone (which must be in your hand)}.
4.  A fourth, highly versatile method is available to all persons. That is, both those who have access to the internet and have a bank account; and those without internet connection (or even without a bank account). That of course is by making use of a POS agent.

POS Machines in Nigeria – 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 (whether debit or credit card) to connect to their bank accounts and pay for goods or transfer money. 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 card within reach. This can also be handled on a POS machine by using the bank 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 preceding 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 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. And even pay utility (and other specialized) bills by people in remote and rural locations with limited access to their banks. Secondly, it is a cashless and secure way of handling transactions, thus preventing the exposure of cash to thieves. 

A third advantage of using POS devices in general is that they are programmed to help marketers 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 and Agent Banking in Nigeria: The Top 10

Here we present to you the top 10 POS machines (and services) in Nigeria as of 2023, 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 charges 0.6% per transaction for withdrawals of N20,000 and below; and a flat fee of N120 for higher withdrawals. 

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’. 

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.

Moniepoint

Moniepoint is a mobile money agent established byTeamApt, 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 can access the application form on the Moniepoint website. Once your email and address are confirmed, it takes a maximum of 48 hours to be contacted by an agent. He/she would guide you through the remaining process. You would be required to open a Business Account with a minimum of ₦21,500 to obtain a POS Terminal. You either obtain a normal POS, or a SmartPOS. 

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. Bankly charges 0.5% for all withdrawals; and N10 for deposits below N2,000 (or N20 if higher).

To apply as a Bankly agent, you download the Bankly mobile app 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 for the cost of N15,000. 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. 

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. The app charges 0.7% per withdrawal.

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 N20,000. 

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. Also, the money transfer fees are as low as N10 per transaction. The app additionally offers account creation, loans, and payment of bills. 

To obtain a Palmpay POS, you download the PalmPartner app from Google or Apple app store. Complete the application form and wait for a dedicated staff to contact you within a week. The cost of the POS is N20,000.

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 deposits, and N100 flat on transactions above N20,000 (or 0.55% on the amount if lower).

You can apply to become a Baxi agent through WhatsApp, email, their website, social media channels, and the BaxiMobile app ( take note of customerservice@capricorndigi.com, www.baxibox.com, 017008571). The Baxi POS is in two forms: the Baxi Android, and Baxi MPOS. The Baxi Android POS costs N30,000, while the Baxi MPOS costs N10,000. 

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 app/POS charges 0.55% on withdrawals and a flat rate of N30 on every deposit. 

You register to become a Paga POS agent for free either by email or on their website (service@mypaga.com, or log on to www.paga.com). The Paga POS costs N30,000 to obtain.

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. 

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, 

– have a valid government ID card,

– present his/her  BVN, 

– present 1 to 3 months utility bill, and – present his/her business registration papers (if it is a corporate body). The registration page is as follows: (www.firstbanknigeria.com/personal/ways-to-bank/firstmonie/agent-banking) 

You should also download the Firstmonie app on Google (or Apple) app store, and have a First Bank account. 

Access Closa

Access Closa is a mobile money agent set up by Access bank. At present, they have a network of over 100,000 agents nationwide, who use both mobile banking and POS machines to service customers. Services offered by Access Closa include deposits and withdrawals, funds transfer, airtime and data, account creation, and payment of bills. 

The Access Closa POS is given free of charge. To register as an agent, you must provide the following: 

– a good business location, 

– minimum working capital of  ₦50,000; 

– valid government ID; 

– Utility bill; and 

– business registration documents (for corporate bodies). 

You can use the USSD code *903# or send email to contactcenter@accessbankplc.com to begin the registration process. 

GT Express 

GT Express is a mobile money agent that belongs to Guaranty Trust Bank (GTCO). It provides services such as account opening, funds transfer, payment of bills, deposits and withdrawals. 

You can apply to become a GTBank mobile money agent by visiting any branch of GTCO to collect a POS application form. Alternatively, you can download the GTBank Mobile Money agent form from the website, fill it and submit it at the nearest GTCO branch. Thereafter a dedicated staff will contact you once approved. The GT Express POS is free of charge. Such an applicant must have: 

– a GTbank current account, 

– a good business location, 

– a valid government ID, and 

– utility bill.

About Post Author

Omolola Akinyemi

A Computer Science graduate of UNILAG, I hail from Ekiti state of Nigeria. An astute teacher, learner & admin assistant of many years experience. I love technology, innovation, and Nature. A problem solving mentality is important to me. The future is only seconds away, and I believe I can define the future now. You can also.

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