Latest Price of POS Machines in Nigeria

Latest Price of POS Machines in Nigeria: Point of Sale machines popularly known as POS Machines were used by businesses to enable easy customer payment. During the COVID-19 lockdown when banks had to close down to avoid the spread of the disease, POS Machines became popular as they made it easy for people to withdraw their money despite the closure of banks. Another event that made POS machines more popular was the cash scarcity period of February to April 2023, banks had a limited amount of cash to distribute but POS operators found a way around this and made cash available.

These two events made POS machines popular and inspired many Nigerians to open POS businesses. POS terminals are everywhere, you can hardly walk more than two hundred meters without finding a POS operator at the corner of the street. There are many Nigerians who cannot say the last time they visited and queued up at an ATM to withdraw money thanks to POS machines. POS has proven very helpful to people who live in rural areas and have to travel long distances to get to a bank branch for their financial services.

Even though there are so many POS operators in Nigeria currently, there are still people who want to get into the POS business and want the latest prices of POS machines in Nigeria. We will provide a list of companies that distribute POS machines and the cost of acquiring them, we will also provide you with information that might be helpful in their quest to acquire a POS machine.

What is a POS Machine?

A POS machine, short for “point-of-sale machine” is a device used for making payments at stores. Many shops with POS machines act like mini-banks, you can use your debit card to withdraw cash or even deposit money in your account. This is especially helpful because there might not always be a regular bank branch nearby. You can also use a POS machine to purchase airtime, and data, or even send airtime to someone else by providing the phone number that the airtime or data is to be sent to. It is a convenient way for people to access important financial services without having to travel long distances.

Types of POS Machines Available in Nigeria

• Opay POS: Opay POS is a specific type of POS offered by Opay, a popular mobile money platform in Nigeria.  It lets you accept payments anywhere on their mini POS device, get money instantly, and offer extra services like airtime top-up and bill payments. You can apply for an Opay POS through the Opay Business app.

• Palmpay POS: Palmpay POS is another popular option in Nigeria, similar to Opay POS. It also allows you to accept payment in return for cash. It charges customers a very small fee for each transaction.

• Moniepoint POS: Moniepoint Pos is another popular POS machine in Nigeria, they are distributed by Moniepoint a mobile banking platform.

• Firstmonie POS: This POS machine is offered by First Bank of Nigeria, it caters particularly to those in unbanked or underbanked areas. Besides accepting payments, Firstmonie POS allows transactions like cash withdrawals, deposits, bill payments, and even airtime recharge.

• Baxi POS:  This POS offers a multipurpose system for payments, bills, airtime, and money transfers. It also offers a large agent network and a unique postpaid option for agents.

• Flutterwave POS: Flutterwave also offers POS machines. It accepts a variety of payment methods beyond just cash, including debit/credit cards, bank transfers, and even mobile money platforms popular in Nigeria.

Latest Price of POS Machines in Nigeria

• Moniepoint POS: A brand new Moniepoint POS costs ₦ 22,000
• Firstmonie POS: Firstmonie POS is free and is only given to prospective agents who meet the Bank’s requirements.
• Palmpay POS: A brand new Palmpay POS costs ₦ 21,500 and the Palmpay Android POS Terminal is ₦70,000.
• Opay POS: Opay Smart POS costs N50,000,  Opay Traditional POS costs N35,000 naira, and the Opay Mini POS costs N8,500.
• Baxi POS: A brand new Baxi POS machine costs  ₦ 30,000
• Flutterwave POS: The POS machine is free, but agents are required to pay a cautionary fee of N10,000.

Requirements for Firstmonie POS Machines

If you are interested in acquiring the Firstmonie POS machine, here are the things you must do:-

• You must have an existing business.
• Your business must be situated at a visible and accessible location.
• You must provide a valid means of identification (Voters’ card, National ID card, Drivers’ License, International Passport)
• You must provide your bank verification Number (BVN)
• You must provide a utility bill not more than three (3) months old
• You must also provide business registration documentation for corporate bodies.

Where To Purchase POS Machines in Nigeria

You can get a POS machine through the channels listed below:-

• Banks: Most major banks in Nigeria offer POS terminals as part of their services. You can apply for and get POS machines from banks like First Bank, Zenith Bank, GTB, and Access Bank. These banks have requirements and fees associated with obtaining a POS machine.

• Mobile Money Providers: You can request for a POS machine from Opay, Paga, PalmPay, and Kuda Bank. You can use their mobile apps to request a POS machine.

• Online marketplaces: You can also visit online marketplaces like Jumia, Jiji, Konga, etc., and purchase a POS machine to be delivered to your location.

POS Charges Per Transaction in Nigeria

Each transaction conducted at POS terminals comes with a charge. For example, in most places, a withdrawal of N1,000 to N5,000 attracts a charge of N100. Find out the charges for POS transactions below:-

• ₦1000 to ₦5,000             –      ₦100
• ₦5500 to ₦10,000          –     ₦200
• ₦10,500 to ₦20,000      –     ₦300
• ₦20,500 to ₦30,000      –     ₦400
• ₦30,500 to ₦40,000      –     ₦500
• ₦40,500 to ₦50,000      –     ₦600
• ₦50,500 to ₦60,000      –     ₦700
• ₦61,000 to ₦70,000      –     ₦800
• ₦100,000                          –    ₦1,000

For deposits and transfers

• ₦1000 to  ₦5,000           –      ₦100
• ₦5500 to ₦10,000          –     ₦200
• ₦10,500 to ₦20,000      –     ₦300
• ₦20,500 to ₦30,000      –     ₦400
• ₦30,500 to ₦40,000      –     ₦500

How To Start A POS Business in Nigeria

Starting a POS business in Nigeria does not require much. All you need to do is find a visible location preferably close to busy parks, markets, or shopping complexes; the place does not have to be very large or spacious unless you are planning to have more than one operator in one place. If you cannot afford a small shop, you can go for a small space in a good location. You need a table and a chair, an umbrella(if you are operating in an open space), and a POS machine.

You can start small with maybe N50,000 to N100,000 and expand over time depending on how good business is. POS operators are in demand so there is a guarantee that you will get customers within days of operation.

Frequently Asked Questions

How much is a POS machine in Nigeria currently?

The price of POS machines in Nigeria depends on the agency issuing them, some agencies offer free POS machines. Overall, you should budget about N30,000 for a POS machine in Nigeria.

Can I start a POS business with 50k?

Absolutely! We all have to start somewhere, don’t we? You can start the business with N50,000 and expand later when there are more funds to pump into the business.

How much is the midpoint

POS machine in Nigeria today?

A brand new Moniepoint POS machine currently costs about N21,500 in Nigeria today.

How Can I become a First Bank POS agent?

All you have to do to become a First Bank POS agent is to meet the requirements listed below:-

• You must have an existing business.
• Your business must be situated at a visible and accessible location.
• You must provide a valid means of identification (Voters’ card, National ID card, Drivers’ License, International Passport)
• You must provide your bank verification Number (BVN)
• You must provide a utility bill not more than three (3) months old
• You must also provide business registration documentation for corporate bodies.

Overall, POS machines/centers offer convenience, gone are the days when one had to stand in long queues under the sun to withdraw cash. You can simply stroll to any street corner and you will find a POS  machine to withdraw cash for a very small fee. POS business is also a lucrative business for someone who is just starting in life, for a small amount; you can start a POS business.

We hope that this article on the latest price of POS machines in Nigeria was informative and helpful, you can ask us questions if you have any and we will respond swiftly.