Top 12 Best Bank For POS Business In Nigeria [No.8 Is the Cheapest]

List of Best Bank For POS Business In Nigeria

Best Bank For POS Business In Nigeria

Best Bank For POS Business In Nigeria: Point of sale, or POS, was widely utilized by business owners for the payment of goods and services. This service has quickly grown into its own industry in Nigeria, owing to the huge population of people looking for better and faster ways to withdraw and move money.

The POS business is one of the most profitable and low-capital businesses to start in Nigeria, but you have to first analyze the cost of a POS system before you begin.

In this article, Mystudyextra shares insight about Best Bank For POS Business In Nigeria, their prices and charges, best POS for small business, List of cheapest POS machine in Nigeria and which bank is best for POS business.

List of Best Bank For POS Business In Nigeria

Many commercial banks in Nigeria offer POS services to entrepreneurs who are interested in becoming agents with them. Before you go into business with anyone.

Below are the list of best bank for POS business in Nigeria:

1. How to start a POS business with First Bank

Here is a guide on how to start a POS business with First Bank:

How To Become A POS Agent For First Bank ? To be accepted as a First Bank POS agent, you would have engaged in commercial activities for at least 12 months, and have a functional First Bank account for one year.

Below are the steps:

  • Visit the FirstMonie agent banking site
  • You’ll be directed to the FirstMonie agent onboarding form, which you’ll fill out and agree to the terms and conditions of their services.
  • Click the “Send” button to submit the agent request to FirstBank.

2How to start a POS business with Wema Bank

You don’t need to pay to become a Wema Bank POS agent. Just have an existing business with a physical location and meet the general requirements for applying to become an agent

How To Become A POS Agent For Wema Bank: Here is a guide on how to start a POS business with Wema Bank Below:

  • Visit the nearest Wema Bank branch.
  • Fill out the agent registration form.
  • You will be contacted if your application is approved.
  • You can also download the Wema Bank POS agent registration form.
  • Print out and fill it out. Submit it to a Wema Bank branch and wait for more instructions.

ALSO READ: How to start a POS business in Nigeria

3. How to start a POS business with GTBank

Here is a guide on how to start a POS business with GTBank:

How To Become A POS Agent For GTBANK: It does not cost anything to become a GTBank agent.

Here’s all you need to do:

  • Have a current GTBank Business Current Account
  • With a current account, you can visit the closest GTBank branch.
  • Meet the customer care staff and ask for the GTBank POS application form and the agreement form.
  • After your application has been approved, the bank’s customer care will contact you for the collection of the POS machine.

4. How To Start a POS Business With Ecobank Xpress Point 

Below is a step by step guide on how to start a POS business with Ecobank:

  • First,  submit your Ecobank POS agent application.
  • When your application has been received by the bank, a representative will contact you within 72 hours.
  • You can send an email to [email protected] to do a follow-up on your application.

5. How to start a POS business with Access Bank

Follow this guide to learn how to start a POS business with Acess Bank:

  • Go to an Access Bank branch, preferably the place you opened your account, and ask for the agency banking application.
  • Fill out the Access Bank agent banking application forms you were given.
  • Ensure you fill in all the details with accurate information.
  • Submit your application to a banking officer who will ensure that it is reviewed by the right department.
  • After your information has been verified by the Access team, you’ll be registered for agent banking.

6. How to start a POS business with Zenith Bank

Note, it is free to become a POS agent for Zenith Bank, so do not pay money to any third party.

How To Become A POS Agent For Zenith Bank, Below is a guide on how to start a POS business with Zenith Bank:

  • Go to the nearest Zenith Bank and go to their customer service.
  • Request for their POS Agent registration form.
  • Fill and submit it
  • After the form has been approved, you will be given a Zenith Bank POS machine.
  • Next, download the Zenith banking app on your phone and start your POS agency business.

7. How to start a POS business with Kudi Bank

Here is a guide on how to start a POS business with Kudi bank:

How To Become A Kudi POS Agent

  • Download the Kudi app from the app store.
  • Open an account with Kudi by signing up with your phone number.
  • Connect the Kudi bank app to your functional bank account.
  • After funding your e-wallet, you can start transactions.
  • Use the Kudi app for airtime recharge, TV subscription, and electric bills.
  • After using the app for 2 weeks, you can check your inbox or enquire about your eligibility for a free POS.
  • Similarly, you can go to a Kudi office or call their customer care to confirm your eligibility swiftly.
  • Visit the Kudi office at 19b Bosun Adekoya Street, Lekki Phase 1.
  • There, request the agent form, fill it and submit it.
  • You will be asked to pay a non-refundable fee of N20,000 there.
  • The Kudi team will approve your application and you get a  POS machine.

8. How to start POS business with Opay mobile bank

What is an Opay POS Agent? An Opay POS agent is anyone who performs point of service transactions using the OPay POS Machine or terminal. Below you will find the easy steps on how to start a pos business with opay

How To Become A POS Agent For OPay

  • Download the OPay app on the play store.
  • Send an email to [email protected] requesting for the OPay merchant application form.
  • You can also log into the OPay app and select the Merchant icon.
  • Enter your details.
  • Upload all the required documents.
  • Submit the application form for review.

9. How to start a POS business with Bankly 

How To Become A POS Agent For Bankly

  • Download the Bankly Agent mobile app.
  • Create an account by signing up on the app and include the KYC details.
  • Your account must be verified before you continue with the registration.
  • You’ll be verified by Bankly support personnel.
  • After verification, log into the app and start your transactions.

10. How to start a POS business with Paga

 How To Become A Paga POS Agent 

  • To start the business first fill the POS agent form.
  • After that, a Paga representative will contact you for the onboarding process.
  • If you were not contacted after 7 days of the application, send an email to  [email protected].
  • Likewise, you can send an email to  [email protected], or log onto the website. Click on Agent and Become an Agent to start.
  • A Paga representative will contact you for more instructions on the registration process.

11. How to start a POS business with Monie Point 

Here is a simple guide on how to start a POS business with Monie Point:

How To Become A POS Agent For Monie Point 

  • Visit the official Monie point website.
  • Choose the option to become an agent. You will be directed to fill out a form, which you’ll be contacted with by Monie Point.
  • Confirm your email address and phone number so that a cluster manager can contact you within 48 hours.
  • You will be directed by the manager on what to do next to confirm your agent account with Moniepoint.
  • After your application has been approved, you can log in to the Moniepoint dashboard to manage your account.
  • You can also do the registration at a Moniepoint branch. An officer will guide you on the process of registration.

12. How to start a POS business with Quickteller 

How To Become An Agent For Quickteller

Below is a step by step guide on how to start a POS business with Quickteller:

  • Complete the application form and submit it along with the required documents.
  • Pay the Agent Start-up Capital (N10,000) into the IFIS operational bank account.
  • The Quickteller Agent location will be inspected and certified by an IFIS Business support partner.
  • Quickteller activates your IFIS agent account and you’ll get the login details and credit alert.
  • The IFIS Agent Banking training and receiving the following setup kits:
  • IFIS Certificate of Completion.
  • IFIS ID for identification.
  • Transaction Log Book/Register.
  • An Agent code.
  • Branding materials.
  • Tariff Sheet.

13. How to start a POS business with Baxi Box

Below is a guide on how to start a POS bussiness with baxi box

How To Become A Baxi POS Agent

1. Download the Baxi mobile app on Google play store or Apple store, OR buy the Baxi Pos from a sales representative.

2. Submit these documents for registration:

  • Completed Agent application form and agreement through POS.
  • Copy of an ID for you and your guarantor.
  • Proof of address for you and your guarantor.

3. Set up and activate your account:

4. Create data

5. Verify your location
6. Wait for the backend activation
7. Fund your Baxi agent wallet
8. Do the training and branding process.
As an agent, you will be trained and given a starter pack. After the location has been branded, you can begin operating as an Agent and start earning money.
Alternatively, you can request to become a Baxi POS Partner by either filling out the onboarding form online or on the Baxi website.

These banks we have  mentioned are some of the banks in Nigeria that are most preferred by POS agents.

Please keep in mind that you must first and foremost be registered as a POS agent of any of these banks before starting your POS business with them. You have to also create an account in these banks and perform regular transactions.

Also Read: Top 15 Online Jobs For Students in Nigeria [That Pays Well]

What Are The Differences Between Mini, Traditional & Android POS Machines?

To understand better the POS prices as we are going to discuss later in this article, you may need to know the differences between a mini POS, a traditional POS, and an Android POS.

A Mini POS Machine: A mini POS also known as mpos is usually a small size, hand-held POS terminal, which may not be able to print a transaction receipt. A mini POS machine is usually like a small calculator and can perform every other function that the traditional and android POS can perform, only that it is usually in a very small size, and cannot print receipts. Most mini are usually connected with mobile phones through Bluetooth, and may not function fully without a mobile phone.

Traditional POS: Traditional POS is usually the lager and bulkier type of POS machine, which runs on a closed networks and data is stored on local servers, and can print transaction receipts.

Android POS: Android POS is also a larger size of the POS machine which usually comes in the same sizes as the traditional POS, but the android pos may be flatter. The android POS runs in an android operating system, and usually a torch-screen terminal. It a very smart terminal and can also print transaction receipts.

List of Cheapest POS Machine In Nigeria

Top List of Cheapest POS Machine In Nigeria

Based on the research we conducted and from our experience in POS business, we were able to gather the prices of POS machines in Nigeria, compare them and come up with the cheapest among them.

Our selection on the cheapest POS machines is based on not only the price of the POS, but also the charges, customer support and other factors.

So in our selection of the cheapest POS machine, we considered the ones with lower cost price, lower transaction charges, better network connection, and better customer support.

Cheapest POS Machines In Nigeria (Prices and Charges)

  1. Opay mini POS Machine ₦8,500
  2. Flutterwave POS Machine ₦10,000
  3. Surebanka POS Machine ₦10,000
  4. Accelerex POS ₦10,000
  5. Playcenter POS Machine ₦14,000
  6. Dataway POS Machine ₦15,000
  7. Baxi 2.0 Android POS Machine ₦15,000
  8. Palmpay Traditional POS Machine ₦20,000
  9. Opay Traditional POS Terminal ₦20,000
  10. Kudi POS Terminal ₦20,000
  11. Monie Point POS Terminal ₦20,000
  12. Payforce POS Machine ₦25,000
  13. ECOSA POS ₦25,000
  14. Sure pay POS machine ₦25,000
  15. Dot Pay POS Terminal ₦27,000
  16. Bankly POS Machine MP35P ₦30,000
  17. 9PSB Android POS Terminal ₦30,000
  18. Clever Moni Traditional Handheld POS Machine ₦35,000
  19. PayFux POS Terminal ₦35,000
  20. Aisino V71 POS Terminal ₦40,000
  21. Opay Android POS Machine ₦40,000
  22. Nexgo G2 POS Terminal ₦43,000
  23. Bank NEW8210 POS Machine ₦43,000
  24. Pax S90 POS Machine ₦55,000
  25. Nexgo G3 POS Terminal ₦55,000
  26. MHT M1 POS Terminal ₦55,000
  27. Q2 Smart Wiresless POS Terminal ₦60,000
  28. TPS300 USSD Handheld dual brand POS Machine ₦65,000
  29. Impressora Android POS Machine N75,000

In the table below, We decided to summarize the top 10 cheapest POS machines in Nigeria, including their prices, charges, and versions.

1. Opay Mini

0.5% for transactions below N20,000.
And N120 flat charge for withdrawals
above N20,000
2. Dataway only Mini available N10,000 0.6% for every withdrawals
within N10,000.
N100 flat charge for withdrawals
above N10,000.
3. Flutterwave Mini N10,000 0.6% on withdrawals. And N20 on deposits
4. Paycenter Mini
N10.5 – N26.25 charge for transactions of
N50,000 and below. And N50 flat fee for
transactions above N50,000
5. Bankly Traditional N15,000 0.3% on withdrawals. and N35 flat fee on
all transfers.
6. Moniepoint Traditional
0.5% on withdrawals of N20,000 or below. And N100 flat fee on withdrawals above N20,000.
7. Payforce Traditional N25,000 0.5% on withdrawals of N20,000 or below. And N100 flat fee on withdrawals above N20,000.
8. Nomba/Kudi Traditional N25,000 0.6% on withdrawals of N20,000 or below. And N120 flat fee on withdrawals above N20,000.
9. Baxi Mini
0.55% on withdrawals of N20,000 or below. And N100 flat fee on withdrawals above N20,000.
N30 flat rate for cash deposits.
10. Palmpay Traditional
0.5% on withdrawals of N20,000 or below. And N100 flat fee on withdrawals above N20,000

POS prices & charges

From our table above, it is palpable that Blankly, Opay and others, have the cheapest POS charges in Nigeria.


In conclusion, When you want to start a POS business in Nigeria, it is important that you have all of the necessary information. Getting the best and cheapest POS machine for your business will help your business grow. I hope this information is helpful for you. Please leave your comments below.

Leave a Reply

Your email address will not be published. Required fields are marked *