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How to Get POS Machine in Nigeria

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This article contains information on how to obtain a POS machine in Nigeria both for free and via paid means.

POS business is big business!

TVs and Audio Category

If you’re here, I guess you want to key into this amazing easy to do business.

Or perhaps you want to know how to obtain the POS machine in Nigeria so your customers can pay for goods they buy from you.

Well, for whatever reason you’re here, Career Acada is at your service to show you the requirements and processes by which you can get a POS machine in Nigeria.

First, Career Acada is delighted to give you background knowledge of POS.

What does POS mean?

POS is an abbreviation for Point of Sale. It is also called Point of Purchase (POP).

It is a device that comes in different shapes and sizes that allows debit cardholders of local banks to make payments for goods and services rendered in retail locations.

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Advantages of using the POS machine in Nigeria

  • The use of the POS machine in Nigeria reduces the stress of carrying cash around.
  • It saves people the stress of going to the bank to join tedious queues since we have POS withdrawal shops/centres.
  • Payments/transactions are confirmed immediately.
  • Buyers of goods can pay directly to a seller’s account without using cash since POS accepts debit/credit cards the same way ATM does.
  • It is not just for payment only but can be customized for bill payment such as airtime (recharge card printing), DSTV, GOTV, etc.
  • You can customize your POS to collect School fees, rent, tax, donations, etc.

The value of the POS machine is not to be underestimated at all.

A reminder would be having to queue on the line in the hot Nigerian sun just to withdraw from the ATM or having to carry bulk cash around for the payment of goods and services.

Let us take a look at how you can obtain a POS machine in Nigeria
Where to obtain a POS machine in Nigeria.

You can get a POS machine from any of the following sources:

  • Banks- commercial, microfinance
  • Agencies- e.g Quickteller, Opay
  • Purchase from a licensed seller

Requirements to obtain a POS machine

For you to obtain a POS, you must fulfill certain criteria.

They include:

  • Have a shop or sales point
  • Have a volume of customers
  • Possess a registered business name and supporting documents
  • A passport photograph

Except you’re using the third means outlined above (purchasing via a licensed vendor), getting a POS machine in Nigeria is usually free.

The institutions that give them make their money via charges whenever the POS is used for transactions.

Free POS machine VS purchased POS machine

Your thoughts must have wandered in asking why a person would want to pay for an ATM rather than just get a free one with any of the banks or Agencies.

Well, outlined below are the advantages and disadvantages of getting a POS machine in Nigeria using both methods.

Obtaining a free POS machine in Nigeria
To get free POS otherwise known as MPOS machine there are many conditions to be met. They include;

  • It is mostly given to people who are already into or have done agency banking before and live in high brow traffic areas especially because you must prove that your business can do at least #100,000 worth of transactions every day.

For some, the money you pay for registration could be up to #15,000 or more is enough to add more money and buy for yourself.

They could decide to call it agent registration and it is a compulsory payment.

For some, you’ll need to pay for logistics for physical visitation to your location or the terminal address.

You also pay for branding materials, courier for the POS delivery.

Sometimes you could spend more than N20,000 on these extra fees!

It could also take about 30 days before you get the free mobile POS and you need to have a smartphone to sync it before you can transact with it.

As an agent you will not charge extra for a utility bill, airtime recharge hence your only profit comes from commissions on those bill payments.
REGULAR POS (ONLY FOR PURCHASE)
It works independently without a smartphone.

You get the amount from transactions sent to your wallet.

From your wallet, you can thus transfer to your bank.

You get your POS machine in Nigeria within 3 working days after payment.
No target
You earn extra commission on cable TV, utility bills, airtime recharge and you are free to charge customers for your service.

From the bank
As was earlier indicated, various banks give out POS machines. These include commercial banks like:

  • Zenith Bank,
  • First Bank,
  • Access Bank,
  • Ecobank,
  • Skye Bank now Polaris Bank
  • Fidelity
  • Sterling Bank etc

Also, several Microfinance banks give out POS machines in Nigeria.

Bottom line is that it makes them money.

Most of these institutions would give you for free as long as you meet their conditions. Each has its different ways of operating but to get a POS from a bank, the procedure is the same.
Just walk into any of their branches and ask for the account officer.

You’ll be given directions on what to do and the agreements to sign.

Typically, your POS request would be processed and the POS machine will be handed to you in under 2 weeks.

Now that you know the ways of getting a POS, your choice of method depends on you.

You typically would consider the intensions of use, the amount of time you’ll take to make a good profit from obtaining it, and the advantages of using a particular POS service provider.

Career Acada has taken the time to compile the research on several of these companies that offer POS services such as Paga, Opay, and Baxi box.

Take your time to peruse those articles and you can thus get more information with regards to which one would suit your needs.

We hope you found the information written in this article informative as to how to get a POS machine in Nigeria.

We appreciate you our dear readers and hope that you have already subscribed to the blog to receive live updates of jobs and information such as this.

Do enjoy the rest of your day and stay blessed.

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