Best banks for POS business in Nigeria

Read all about the best banks for POS business in Nigeria.

The POS business is a very popular and lucrative business in Nigeria, it is very easy to start and does not require much capital before you can establish and begin making money.

It’s wonder why there are so many POS shops littered around every street corner in the business areas of Nigeria.

Before going into this business, you will obviously need a POS machine, which you can get from any commercial banks or from popular fintech companies like Opay, Kudi etc.

While most people choose to get their POS machines from the fintech companies, it is not unusual for one to decide to get he’s/hers from the bank.

The only issue here might be the process and requirements you will need to go through before you get a POS machine from the bank, otherwise the charges and fees are good enough for you to make your profit, after all that is the whole point of this endeavor.

If you have decided to get your POS machine from one of the commercial banks and you want to know which of the banks is the best for POS business in Nigeria, then you have come to the right place.

In this post, I am going to be writing about the best banks for POS business in Nigeria and more. Remember to leave us a comment after you finish reading and also share with your friends on social media.

Let’s get into it then…

Read my post on the best POS machines

First bank

The first bank first monie POS allows you to carry out banking transactions like buying airtime, open account, withdraw money, deposit money and many more.

Unlike many other POS operators that require you to pay an amount of money in other to get their POS machine, the firstmonie POS is free of cost and only requires you have the following:

• An existing business
• A business location that is visible and accessible
• A valid ID card (voter’s card, national ID card, driver’s license, international passport)
• Biometric Verification Number (BVN)
• 1-3 months old utility bill (Preferably PHCN Bill)
• Corporate bodies must have their business registration documents

Access bank

To get an access bank POS, you will need to become a CLOSA Agent. As a CLOSA agent, you can buy airtime, withdraw money, deposit money, open account, pay bills and many more.

Before you can get an Access bank POS machine, you will need to fulfil the below requirements:

• A visible business location which is easily accessible
• Minimum working capital of N50,000
• Valid ID card, mainly Voter’s card, Driver’s License, International passport, National ID card.
• Utility bill
• Business registration documents for corporate bodies

Zenith bank

To get the zenith bank POS, you will need to apply for agent banking by filling the agency banking form. As a zenith bank agent, you can carry out transactions like buying airtime, deposit money, withdrawing money, paying bills etc. and you will get paid for it.

In other to get the zenith bank POS, you will need to have the following requirements:

• Proof of address (utility bill)
• Valid means of identification
• 2 Passport photographs
• An existing retail/business outlet with a trading name and a physical geographical location for a minimum of 12 months.
• An outlet can be a school, market, shopping mall, filling station or any business outlet with reasonable human traffic.
• The outlet should accommodate a dedicated desk/counter and minimum of one (1) staff to handle agent banking services
• Must have maintained an active Zenith bank account for a minimum of 6 months

Polaris bank

You can also get the SurePadi POS from Polaris bank by applying for one via the Polaris bank website. You will need to open a current account before you can be given a POS machine.

Once you have completed the process, Polaris bank will send you the machine, which should be available to you in 3 weeks or less.

SurePadi POS charges

*0.75%* of any Cash withdrawals.

*0.5%* on Cash Deposit (Polaris to Polaris)

*N40* flat rate for all Fund transfers.

*N100* on all Bill Payment

*1.5%* on Airtime Purchase

UBA

To get a UBA POS, you will need to register as a UBA Moni agent, which will allow you to carry out banking transactions like cash deposit, money withdrawal, bill payment and many more, while you earn commissions.

In order to get the UBA POS, you will need the following requirements:

• A valid means of identification e.g., international passport, DL, National ID, or voter’s card
• A recent utility bill of your proposed operating site. The space must be easily accessible, and not too close to other agents
• A UBA account. You can use your standard individual or a corporate account for this purpose.

GTBank

You can also get a POS machine from Gtbank, which is also one of the best available. You will need to open a Gtbank business current account. After which you can then apply for the Gtbank POS by completing a form.

As a Gtbank POS agent, you can carry out transactions like opening account, cash withdrawal, cash deposit, buying airtime, paying bills and many more.

Summary

With the above, you should now have all the information you need about the best banks for POS business in Nigeria.

If you require further help, then don’t hesitate to leave us a comment below or visit our contact us page and send us an email, and we will get back to you as soon as we possibly can.

Read my post on Moniepoint POS

Conclusion

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