10 Best Banks for POS business – How to start a POS business in Nigeria 2024

pos business
pos business

If you are interested in beginning a business that operates point-of-sale terminals (POS), you have the option of approaching either a traditional commercial bank or a FinTech company such as Opay or others of its kind for the POS equipment that you will need.

After you have made the decision that you will obtain your POS machine from a commercial bank, the next step is to search for the commercial bank that will provide you with the highest quality of service available in the industry. And that brings us to the crux of the matter: the purpose of this post is to show you the most acceptable bank for POS businesses in Nigeria so that you can get the most out of your company.

Why commercial banks and not FinTechs?

One might legitimately believe that purchasing a point-of-sale (POS) machine from a commercial bank offers a number of benefits over purchasing a POS machine from a FinTech company. The fact of the matter is that neither of these potential benefits nor any of these potential distinctions exist at all.

Similarly, it’s possible that purchasing a POS machine from a bank doesn’t come with any or many drawbacks. The main difficulty with obtaining a POS machine from a bank is that some commercial banks have stringent standards, and applying for and obtaining a POS machine from them might be a bit more time-consuming. In contrast to the procedures used by certain FinTech organizations, this one might be simpler.

Having said that, given that you have chosen to obtain your POS machine from a commercial bank, we are here to provide you with improved direction regarding which commercial bank would be the ideal option for your POS business and which bank you should try first.

Why Are These Banks Best For POS Businesses?

If I were to tell you that a particular bank is one of the finest in Nigeria for point-of-sale (POS) business, one of the questions that you might be tempted to ask me is, “What exactly is it about that bank that makes it one of the best?” How did we come to the conclusion that these banks are the very finest ones to work with when it comes to the POS business?

The lower transaction charge rate, wider network coverage, faster speeds, and greater agent commissions are the primary pillars around which our evaluation is founded. Therefore, the banks we will highlight in this post are highly efficient and competitive in the point-of-sale banking business.

You are aware that the primary goal of a business is to generate a profit, and the key to being successful in the point-of-sale (POS) industry rests on acquiring POS machines that have a low charge rate but a high commission rate for sales agents.

The simplicity of obtaining the POS machine, the quality of the network, the quality of the customer service, and so on were additional variables that we investigated.

Best Bank For POS Business

Which bank is best for operating a POS business? If you are thinking about starting a POS business and getting a POS machine from a commercial bank, this should be the primary concern on your mind.

We have done extensive study and analysis to develop those POS machines that would provide you with the best in the industry, even better than the POS machines you may acquire from FinTech businesses like Opay POS, etc.

1. Wema Bank

WemaPay is the name of the agency banking system that Wema Bank uses; this system is in charge of the Wema Bank POS machine.

Compared to other banks’ POS machines, the one at Wema Bank has a charge rate that is extremely low and incredibly competitive. This makes it one of the best bank POS machines you could ever imagine.

Wama Bank POS Charges

Wema Bank only:

  • It charges a N30 withdrawal fee for withdrawals of N1,000 to N5,000.
  • It charges a N50 withdrawal fee for withdrawals from N5,100 to N10,000.

2. Firstbank

Firstbank agency banking system is called Firstmonie, and in addition to that, their fees are rather reasonable.

You may be required to have a current account with Firstbank that has had monthly transactions of at least N500,000 in order to be eligible for a POS system from that financial institution. This cannot be a business account; nevertheless, a personal checking account will serve the purpose just fine.

Firstbank POS Machine Charges

Due to the fact that they have customer-friendly fees, FirstBank is consistently ranked as one of the top banks for point-of-sale businesses. It’s possible that this is why I’ve observed so many point-of-sale (POS) operators using FirstMonie.

  • Charges N50 on transactions from N1 to N5,000
  • Charges N100 on transactions from N5001 to N30,000.
  • Charges N150 on transactions from N30,001 to N100,000.
  • Charges N200 flat rate on transactions above N100,000.

3. Monie Point POS agency

This company has a stellar reputation for its promptness, dependability, and profitability. Monie Point allows its agents to function as a miniature bank for the community they serve. You can offer a variety of services, including cash withdrawals and transfers, the payment of bills, and the topping off of airtime using Monie points.

How to Become a Monie Point POS Agent?

You can sign up to become an agent for Monie Point on their website, which can be found at www.moniepoint.com.

The following instructions will walk you through the process step-by-step:

  1. Go to their website.
  2. Click on “Get started.”
  3. Input your full name, phone number, email, and other important details.
  4. Choose other POS agencies you work with (if any).
  5. After that, an aggregator will get in touch with you and provide you with additional instructions. You just need to pay a little fee and submit an application to receive a pos machine.

4. Zenith Bank

I am aware that many people have the impression that Zenith Bank is a large bank, but the fact of the matter is that their POS machine is one that should be considered for use in POS businesses. It is one of the top banks in Nigeria for point-of-sale (POS) businesses, and it can assist you in maximizing your potential earnings margins.

Zenith Bank POS Charges

  • The typical fee the agent will charge for deposits and withdrawals ranging from N1 to N100,000 is between NGN50 and NGN300.
  • They charge 1.2% for transactions above N2000.
  • The minimum agent commission is about 45%.

5. Opay POS agency

The CBN has granted Opay a license to operate as a mobile money platform. They offer pos transactions that can be carried out conveniently and at cheap fees. Additionally, the site has earned a stellar reputation for being regarded as one of Nigeria’s most dependable post offices.

How can I become an Opay agent?

Here are the steps required to become an Opay pos agent:

  1. Get the Opay app by downloading and installing it.
  2. After that, you will need to create and register an agent account.
  3. After that, you will be required to upgrade your account to the level of an agent. Opay allows you to upgrade your account if you provide the company with your personal information and documentation.

After completing the registration process and updating your account, you will be able to begin using it to conduct transactions. You will be able to make a request for an Opay pos machine once you have completed a sufficient number of transactions.


If you are in need of a POS machine for your company, you should pay First City Monument Bank (FCMB) a visit. FCMB is another great bank in the area. In order to qualify for a POS machine from FCMB, you will likely need to satisfy the majority of the following requirements:

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

FCMB POS Charges

FCMB POS Charges depend on the nature of the business; they are usually 0.2% for wholesale, 1.25% for hotels, and 0.75% for general merchants.

7. UBA 

Because they have such cheap transaction fees, UBA’s mobile banking agency, known as UBA Moni, has established itself as one of Nigeria’s most successful bank point-of-sale (POS) terminals.

Not only are the UBA POS charges reasonable, but their daily aim is also within reach, particularly if you are situated in an advantageous area. UBA requires their merchants using the POS devices to have a minimum monthly transaction volume of N1,000,000, equivalent to around N35,000 per day.

UBA POS Machine Charges

The UBA POS charges start at NGN50 and go up from there. Agents can typically receive commissions of up to 70 percent, albeit this number is highly variable depending on the transaction.

The UBA Moni transaction fees are broken down below for your convenience.

S/NTransaction TypeTransaction FeeAgent’s Commission (N)UBA’s Commission
3Intra-bank TransferN100N70N30
4Interbank Transfer (N1-N5,000)N50N31.58N12
5Interbank Transfer (N5,001-N50,000)N100N70.53N23
6Interbank Transfer (N50,000-above)N150N105.26N38

8. Kudi POS Agency

Kudi in Hausa means “money.” This company is committed to providing everyone with the opportunity to engage in electronic banking. You can earn money in additional ways, such as by becoming a Kudi pos agent and providing financial services. Kudi is one of the mobile money agents in Nigeria that brings in the greatest revenue.

How can I become a Kudi POS agent?

Here are the easy steps to becoming a Kudi POS agent. They are:

  1. Download and install the Kudi app.
  2. Open an account
  3. Finance your wallet.
  4. After you have deposited money into your wallet, the final step is to begin conducting financial transactions. You need to have a big network of agents in order to acquire a Kudi pos machine.

9. Access Bank 

If you want to get the most out of your point-of-sale (POS) business, you might consider getting your POS from Access Bank, which is another great commercial bank. Access Closa Agent is the name given to their agency banking system. They offer very low transaction fees that are on par with other businesses in their industry.

Access Bank POS Machine Charges

  • Charges N100 on transactions between N1 and N5,000.
  • Charges N200 on transactions between N6,000 and N10,000.
  • Charges N300 on transactions between N11,000 and N15,000
  • Charges N400 on transactions between N16,000 and N20,000

The base charge on each transaction with the agent is N100. Plus, N50 on higher transactions, e.g., a cash withdrawal of more than N5000, will cost N150.

10. Polaris Bank

SurePadi is a point-of-sale (POS) machine that is owned by Polaris Bank and issued by Polaris Bank. I am sure you are familiar with SurePadi. If you are looking for the top bank in Nigeria that offers POS, this is a good alternative to keep an eye out for. They have withdrawal fees that are both modest and comparable to those of other companies.

SurePadi POS Charges

  • Cash withdrawals = 0.75% charge fee
  • The deposit fee from Polaris to Polaris is 0.5%.
  • All fund transfers = N40 charge fee (flat rate).
  • Bill payment = N100.

These POS agencies have demonstrated their dependability, profitability, and convenience over the course of many years. In the event that you are interested in working as a POS agent, the following information will assist you in making the appropriate choice.

How much do P O S machines cost in Nigeria?

  1. Dot pay POS terminal machine (N30,000)
  2. V71 POS terminal (N35,000)
  3. Pax POS machine (N40,000)
  4. Nexgo G2 POS machine (N43,000)
  5. Bank NEW8210 POS machine (N43,000)
  6. POS S90 machine (N45,000)
  7. Baxi Android POS machine (N50,000)
  8. Newland N910 Android POS machine (N87,500)
  9. A920 POS machine (N90,000)
  10. TPS300 USSD handheld dual-brand POS machine (N65,000).
  11. Kudi POS Machine (N35,000)
  12. Dataway POS Machine (N15,000)
  13. Opay Mini POS Machine (N8,500)
  14. Opay Traditional POS Machine (N35,000)
  15. Opay Android POS Machine (N50,000)
  16. Payforce POS Machine (N25,000)
  17. Monipoint POS Machine (N10,000)
  18. ECOSA POS (N25,000)
  19. Accelerex POS (N10,000)
  20. Surebanka POS (N10,000)
  21. Playcenter POS (N14,000)
  22. Flutterwave POS (N10,000)
  23. Baxi mpos (N10,000)
  24. Baxi Android POS (N30,000)
  25. PalmPay POS (N30,000)

Is it profitable to run a POS business?

Now that you are familiar with the best banks for POS businesses, you may be asking whether or not the POS business is as profitable as many say it is. Regardless of how competitive the market may appear, the point of sale (POS) industry in Nigeria will continue to be one of the most lucrative industries in the country for the foreseeable future. If you are in a favorable location, you might be shocked to learn that you make at least N5,000 each day, if not more.

How to start a profitable POS business in Nigeria

The point-of-sale (POS) business is increasingly becoming one of the most lucrative or successful business ventures any entrepreneur may undertake in Nigeria, regardless of whether they are located in the historic city of Benin or in Lagos, the commercial metropolis of Nigeria.

The Central Bank of Nigeria (CBN) published guidelines in 2013, eight years after the fact. However, the business appears to be thriving due to wide adoption, including anyone with a bank account who needs to carry out any transactions or pay utility bills. The CBN released the guidelines in 2013 despite the fact that some skeptics have doubts about the business’s profitability.

How to Become a POS Agent

Starting a POS business is easy and can be done in two weeks to a month, as long as you meet the host bank’s requirements.

Startup Capital:

Experts say that you will need between N80,000 and N100,000, which includes money for the POS machine, to start a business like this. This will also pay for other costs that are needed to get the business up and running.


When you decided to run this business, this is one of the most important things you should have thought about. A strategic location is where many people need to do simple financial tasks. A good place to start a business could be in a remote area, where students live, in a market, or in a place where banks and ATMs are far away from the people.

Get a shop or kiosk

People will be able to use this as their local or nearest financial institution where they can do simple things like withdrawing money, paying bills, sending money to another bank account, etc. People should be able to tell from the look of your store or kiosk that you run a POS business. You can do this by putting a small sign in front of your store to let people who are looking for a POS terminal know where it is.

Get the POS Machine

This is also one of the business’s most important tasks. Experts say there are two ways to get a POS machine: through commercial banks or other financial agents.

The price of a POS machine depends on who is selling it and how strong or advanced the connection is. In order to get a POS machine from a bank, you have to meet some requirements set by the CBN. No matter which bank you go to, it will help you if you already have an account with them.

According to the CBN, you need a valid form of identification to start a POS business. This could be a national ID card, a voter’s card, an active driver’s license, or an international passport. A registered business name, a POS location, passport photos, an account number, a phone number, an email address for the business, and a bank verification number are also needed (BVN).

Some banks authorized to give out POS machines are First Bank, United Bank for Africa, Guaranty Trust Bank, Diamond Access Bank, Zenith Bank, Wema Bank, Keystone Bank, Fidelity Bank, Union Bank, and others.

People with accounts at any of the banks on the list have an advantage. One can get the machine for a very low price, and banks will also let people pay for it in installments if they can’t pay for it all at once.

There are other places to get POS machines, such as microfinance banks and mobile operators such as Interswitch, Quickteller, Paga, FirstMoney, Opay, etc. In the second case, the business operators get to work as agents, while the mobile operators act as hosts.

Other important requirements are a passport photo, a Bank Verification Number (BVN), references from a current account, and proof that the business is registered (CAC Certificate).

Once your application is approved, you’ll get the POS machine and can start selling your services.

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