Pos machine cost in Nigeria 2020

cost pos machine in Nigeria

Are you unemployed and thinking of a small business venture to go into in Nigeria that is capable of paying your bills, you are on the right page. 

Are you a owner of a business either small or great and you are thinking of how to get payment for your goods and services quicker and much better, you are also on the right page. 

It is simple, It is called POS Business or Machine.

Point of Sale (POS), is also called Point of Purchase (POP) Machine. It is a device that allows local debit cardholders to make payments for goods and services mostly in a retail location.

Point of Sale Machine reduces the stress of carrying cash around, it also gives instant notification/confirmation of goods and services payment. That is why you get alert whenever you do cash withdrawal or transfer with a POS agent. 

Where and How To Get A POS Machine In Nigeria 

How To Get A POS Machine In Nigeria

There are two major ways of getting Point of Sale Machine in Nigeria, they are:

  1. Banks
  2. Agency bank

Guide to get a POS Machine in Nigeria 

  • Have a sales point 
  • Posses a registered business name 
  • A Passport Photograph 
  • Get it free or Pay Cash 

How To Get POS From the Banks in Nigeria. 

  • Have a business name
  • Account number 
  • Business email address 
  • Phone Numbers
  • And some other personal details e.g BVN number, house address etc. 

E.g Zenith Bank 

  • The application form requests,
  • the full business name,
  • the business owner account number,
  • the business email address,
  • phone numbers

and other minor details, and  processing takes 72 hours. You could email the form to possupportunit@zenithbank.com and also copy Zenithdirect@zenithbank.com. 

The business owner will then be required to sign a Point of Sale agreement document with the bank. Upon approval, the POS terminal is delivered in less than two weeks to the business address indicated on the form.

How Effective Is A POS Machine For A Nigerian Business?

Pos machine cost in Nigeria 2020

With the help of a Point of Sale system, you can pull out the information within a second. It can access the information from the central hub and has access to the inventory. It has the capability to pull out the reports on the fly and it can bring up the date and exact information on necessary details such as sales, items, time log, etc.

  • Faster Payment Process

The Point of Sale system generally uses barcodes scanning; you can modify and complete transactions fast. It is obvious that when you type 12 character data with the normal keyboard in a system it takes at least 6 seconds. but if the same thing can be done with the scanning process it can be done in less than 2 seconds. 

As a result, POS system is much faster than the manual process.

  • Provide Accurate Report

Accuracy always plays a very important role in business transactions. A single mistake can lead to the loss of reputation of a business. But by using the POS system in your business, you can make the database as well as your calculation very easy. 

  • Easy Tracking

With the help of POS System it is possible to track the inventory easily. 

Point of Sale system keeps a better record of inventory and it can provide you accurate information of how many items are sold and how many remain in the stock. As such it is very helpful for any kind of business. Using the POS system, inventory details have all data about your products movements such as sales details, date of sales, the price of the product, etc. 

In the traditional system what we used to do is that we enter all the sales data into the excel sheet and then we used to calculate the inventory movement of each and every item. Thus there was a huge chance of getting errors. However, with the help of a POS system, you do not need to fetch data from anywhere in the system.

  • Improve Customer Relationship 

With the help of a POS system, the relationship between the customer and the owner and staff have really improved. 

Point of Sale systems help the business owner to produce accurate customer behavior reports and on the basis of that you can devise a marketing strategy, for example, you can implement a loyalty program, incentives, and this is what helps to improve the relationship with the existing clients. 

Apart from that it also helps the business owner to get new customers.

You can clearly see that Point of Sale systems have become very essential for every business and as such every business owner should purchase a POS system and implement it today.

How To Use A POS Machine In Nigeria 

Research has it that POS terminals in Nigeria are mostly issued by banks. If you are requesting a Point of Sale terminal from your bank, you will be directed to your account officer to obtain a form. However, some of these forms can equally be printed online. 

For Agency Bank, we have, OPay, Quickteller etc. 

How To Use A POS Machine 

Pos machine cost in Nigeria 2020
  • Your POS machine should be fully charged before the business of the day.
  • Power it on by pressing the button until you hear a beep
  • When asked, enter your password which could be some letters such as 123456
  • If there is connection, it should connect and be ready to accept payments.
  • A buyer presents his debit card and you insert it in the card slot.
  • The buyer secretly enters his pin.
  • Confirm by pressing enter.
  • You forward it for processing
  • If successful, your account gets credited and 2 receipts are printed.
  • Cut out the customer’s copy and give to him while you cut out the merchant’s copy for your records and for reconciling with your bank if necessary.
  • You could also sign up with your bank for SMS Notifications so you get an SMS for every payment made into your account on the POS.
  • GTbank POS 

GTBank Point of Sale terminal provides a convenient, modern & efficient means of processing payment online & real-time as value is credited to the Merchants account within 24 hours.

The benefits of the PoS terminal to Merchants include the following:

  • Improved efficiency minimises cash handling and aids reconciliation.
  • Increase in sales as Merchant have access to both cash and card-carrying Customers.
  • Instant confirmation of payment for goods.
  • Reduces cost of Personnel and equipment for handling cash receipts.
  • Reduces exposure to loss due to armed robbery or pilferage by Employees.
  • Eliminates the inconvenience of cheque confirmation and clearing period.

FCMB Charges

FCMB Point of Sale terminals is designed, configured and deployed to cash outlets to facilitate the exchange of value between a cardholders and merchants. 

The FCMB POS terminal accepts all cards variance issued in Nigeria from cardholders of all the banks such as Verve, VISA and MasterCard. 

FCMB charge on transactions is based on the nature of your business. Wholesale attracts 0.2%, hotels 1.25%, General Merchants 0.75 %.

The Benefits of FCMB POS Terminal 

Pos machine cost in Nigeria 2020
  • Payment for goods and services.
  • Cash Back services
  • Pre-Authorization service
  • Card Not Present service
  • Air time recharge
  • Bill payment (PHCN, DSTV, etc)
  • Payment Reversal option
  • End of Day transaction report
  • Customizable for different schools, industries, scheme that will capture transaction details as specified by the organization  with online reporting features


UBA mobile Point of Sale terminal is about Blackberry Curve phone, but works just like the traditional POS currently used in many stores and cash collecting business outlets.

mPOS terminals are portable, low cost and extremely secure.

Many stores and cash collecting outlets that are already operating the new UBA mPOS have discovered it to be a good strategy to increase sales and expand their customer base.

mPOS allows even the smallest business to be able to easily track and analyse sales and trends in their business as all sales are automatically and instantly captured on the retailer’s system thereby improving accountability and transparency in business transactions.

Where To Buy POS In Auchi 

You can purchase a POS machine in Auchi online via registering with Opay, Quickteller etc. The forms will be filled, payment made and POS sent to your address or collected at their designated office.

What Are POS Transaction Charges in Nigeria?

Generally commercial banks in Nigeria follow CBN guidelines in implementing their charges. On an average, commercial banks charge owners of POS Machine 0.75 % for each transaction for General Merchants, hotels 1.25%, and 0.2% for wholesale dealers. 

Now the POS Merchant (owners) are at liberty to charge their customers what they feel is ok and profitable although there is a guideline.

Let’s take Access Bank for example,  here is their guideline:

Pos machine cost in Nigeria 2020

How To Start POS Business In Nigeria  

How To Start POS Business In Nigeria

For those who are interested in the business part, the following steps will guide you on how to start a POS business in Nigeria.

They are:

  1. Get A Good Location 

Location matters in any business and POS business is not an exemption. Where you position your business is very important because it increases the number of patronizers which invariably means more profit. It should be in a place that is visible and accessible and a little bit far from any commercial banks around.

  1. Get A Shop

After you must have gotten a good location, you have to get a shop around that location because your POS business needs a physical address.

One good thing about POS business is that it doesn’t require large space, a small space is enough. You can rent it or use your house if the environment is safe.

Decorate your shop with banners and materials that will be given to you by your POS Mobile Agent. 

If you are already a shop owner, you have to increase your customer base; because it will put you at an advantage most especially if you are getting your POS from the bank.

  1. Capital 

You need a capital base of at least N100,000 and above at hand for withdrawals and another N100,000 for transfers. Another thing is that you need to budget for the rent of your shop. 

  1. Acquire The POS Machine 

There are two ways of getting POS Machine, they are:

  1. Banks
  2. Agency bank


At the time of writing this story it was estimated that POS merchants make between N2,000 to N5,000 daily from the money accrued from their charges. 

Multiple this per week and per month you will discover that it is a huge business venture that needs to be properly harnessed.

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