How To Get POS Machine From Banks in Nigeria 2023?
How To Get POS Machine From Banks in Nigeria? For quite some time now, many Nigerians are thinking broadly as many have started taking withdrawals from the POS (Point of Sale) business in the country. There are many banks that you can use to start a POS business in Nigeria.
Below in this article, we will show you how to get POS machines from all banks in Nigeria that support it. Before then, let’s see how to start the POS business and also how profitable it is.
What is a POS machine?
A POS machine (also known as the Point of Sale terminal) is a portable electronic device that allows businesses or merchants to accept bank card payments for customers’ goods and services.
The machine allows mobile money sellers or agents to perform all banking services for customers while earning a percentage of the commission from each transaction or service.
Small business owners prefer using POS terminals as a payment option over cash.
Use of POS machine
The POS machine can be used to perform almost all transactions in the bank, including:
- Opening a bank account
- Depositing money into a bank account
- Withdrawing cash from a bank account
- Wire Transfer
- Payment services such as paying bills, such as electricity bills, DSTV, GOTv, StarTimes, utility bills, tax payments, donations, etc.
How lucrative is POS Business
POS is also known as agent banking and anyone can start it in Nigeria. Speaking of lucrative, the business is running well and many are making real money from it.
I know many people who earn their living from this business. Most of them are students and they are doing well. So even if you are still a student at an institution in the country, you can use this to generate additional income.
POS activities include money transfer, withdrawal of money, sale of charged cards, payment of other bills such as Gotv, Dstv, Startime, PHCN, and many more.
How to Start POS Business
POS is a service provided by financial institutions such as banks. The fee they charge is called a convenience fee. You should also know that this kind of business struggles in an area where there are limited or no banks and ATMs.
This is to say that people need the money and when they do they have no choice but to run to an available cash register for the money. To start a POS business, you need to have cash available to spend as most consumers will come for withdrawal than for a deposit.
Remember that the services include withdrawal, wire transfer, bill payment, and also recharge cards.
How to Get POS Machine from Bank in Nigeria
Visit the customer representative of the banks where you want to buy POS machines. If you have an account with them, that would be easier. Tell them you want to get the POS machine from their bank.
Here are the steps you should follow if you want to know how to get POS machine:
Open current account
The first step you need to take to get a POS machine is to open a Current account with the bank. Banks like Union Bank, GTBank, and Zenith bank will ask you to open a current checking account with them and deposit money into the account. You will be given a current account opening form to complete and you must also be provided with two (2) referents who are current account holders within the same bank or another bank.
Make sure you fill out the form correctly; ask questions where you are not clear. If you want the bank to process your form and open your current account quickly, please enable two referees who are current account holders within the same bank. If you open a current account with Union Bank, you must deposit two thousand five hundred nairas (N2,500) into the account as the first deposit for account activation.
Please note: with some other banks, such as Access Bank, Firstbank, and UBA, you do not need to open a current account once you have a savings account with them.
Fill out the POS agent registration form
After opening a current bank account, the next step is to fill out the POS agent registration form to open your agent account. Please make sure to complete the POS agent registration form correctly. When filling out the form, please take the time to read the ‘terms of your partnership with the bank; where you are confused, ask for clarification before signing.
Bank like FirstBank requires you to deposit the sum of fifty thousand naira (N50,000) into the agent account before getting the POS machine.
Download and activate the POS mobile app to initiate transactions
Once your agent account is opened, your bank will send you a text message that you are now a mobile POS agent and you can now download their mobile POS app (mPOS) or agent banking app.
Download the Mobile POS app and activate it to transact with it first. The different banks and their mobile POS apps include:
- Union bank – UnionDirect app
- Bank access – AccessPaypad
- Firstbank- FirstbankPaypad
- UBA – UBA Moni
- FCMB – FCMBPayPad
- GTBank – GTCube
And so on. For how to get a POS machine from Opay, you can read how to get Opay POS machine here.
In addition to downloading and activating the mPOS, you can also activate your bank’s Mobile banking POS USSD code to initiate transactions. The USSD code will be sent to you by your bank after completing your POS agent registration. The POS USSD code executes all transactions that the mobile POS app does.
Complete 25 transactions to get the POS machine
After downloading and activating your mobile checkout app or USSD code, the next step is to perform banking-related services or transactions for customers using the mobile checkout app or ussd code. Once you have completed 25 trades using the mobile app or ussd code you are good to go. Call your bank and request your POS MACHINE directly.
Your POS terminal will be delivered to your store/store within 1 – 2 weeks.
The steps I discussed above are the current procedure for getting a POS machine from a Nigerian bank. If you follow the steps above, you will get the POS machine from your bank.
How to get a POS machine may differ from bank to bank, continue reading to know how to get POS Machine from all banks in Nigeria.
How To Get POS Machine From First Bank – Firstmonie POS Machine.
Firstmonie is a mobile money agency that developed my first bank in Nigeria. If you are a first bank user, you can get a free cash machine at the first bank.
Firstmonie provides free POS machines in Nigeria to any interested person like you. And their terminal is, among other things, super-fast, and reliably secured. And it accepts all cards.
Getting firstmonie POS will help you eliminate cash and counterfeit theft, access secure transactions 24/7, track your sales and collections.
And do cheaper transaction means for both business and private individuals.
Keep in mind that the cost of their POS transaction will depend on the type of business you operate in, 0.75% for general merchants, 1.2% for hotels, and 0.2% for wholesale.
Request Free Firstmonie POS Machine.
To request your free Point of Sales Terminal (POS) machine from the First Bank of Nigeria, go to the nearest FirstBank branch.
Firstmonie offers free POS machines in Nigeria, but with the condition, to get a free terminal from them, you need to open (create) any type of account (savings, current, partner account) with First Bank.
If you have a small business, go for a Savings Account
Visit the branch where your account is located for faster processing. But if you have moved, you can go to the nearest branch.
Go to their retail department and get the POS application form. Fill out the form, sign the page, and then submit. And then wait, within a week your cash register will be ready to be picked up for free.
- 2 passport photos.
- Nuts (nepa) bill.
- 2 current account holders (for guarantors).
- Monthly turnover of about N1million.
- A suitable business location.
How To Get Pos Machine From Access Bank – Access Bank POS Machine.
Access Bank offers a free payment terminal to anyone who meets their requirements. If you are an access bank user, you can get it for free. The terminal is one of the safest and free POS machines in Nigeria.
You must visit any nearest Access Bank branch to collect POS documents. Access bank POS terminals per transaction are 1.25% with a limit of N2,000.
Request free access Bank POS machine.
Visit the nearest access bank branch or go to where your account is located for faster processing. if you haven’t moved.
Ask and go to their sales department to get the POS application form. Fill out the form, sign the page and then return it to them. And then wait, your checkout will be ready within 2 weeks.
- Nice business location.
- Minimum N50,000 in your entry bank.
- A valid ID. (Voter card, driver’s license, national ID card, and other government-approved ID).
- Nuts (NEPA) bills.
Make sure you have an account with them. If you don’t, go to their branch near you to access or register from your mobile phone by dialling *903# and selecting “1” and clicking the option to register.
Now enter your first and last name, followed by gender (male, female) and date of birth. That’s all.
You may be asked to change your default PIN to the new one. So dial *903# and select “My Wallet” then select Change PIN Now Enter the old PIN (1234, 0000, or 1111). And enter the new PIN which you can remember and confirm.
How to Get POS Machine from Zenith Bank – Z-Money POS Machine.
Z-Money was developed by Zenith bank. The Z-Money agent is also known as the Zenith POS agent.
Zenith bank is one of the leading commercial banks in the country (Nigeria). And if you are looking for a free POS machine in Nigeria.
Request a free Zenith bank POS machine.
Getting the free Zenith bank POS terminal means you are ready to start banking and earn extra income.
To apply for Z-Money POS, your business must be up to 12 months (1 year). You must have experience with banking services. You must have a Zenith bank account for 6 months and download the agent banking app from the Google Play Store.
If you have come across these, please visit the nearest branch of Zenith bank. You can even go to your account location for faster processing. if you haven’t moved.
Ask and go to their sales department now to get the POS application form. Fill out the form and sign the page before submitting. Now, wait 2 weeks for your POS machine to be ready for pick up.
- Proof of address.
- Nepa bill.
- A valid ID card
- 2 passport photos.
How to Get POS Machine From GTBank
To get a GTBank POS, you also need a current account. Like Zenith Bank, the account must be six months old for application. If you meet the requirement, fill out a form and send it to [email protected] or another responsible office.
How to Get a Pos Machine from WEMA Bank – WEMA POS Machine.
WemaPOS terminals are one of the fastest machines for paying for goods and services both locally (Nigeria) and internationally. It was developed by the WEMA bank.
Customized WEMA solutions for Nigeria hospitals, schools, airlines, IGR collections, and much more. USSD and QR codes are available on WEMAPOS for contactless payments.
WEMA does not charge much, the standard seller service fee is 0.5% per transaction with a maximum of N1,000.
Request free WemaPOS.
To get your free POS machine terminal from wema bank, go to the nearest branch. Or go faster to where your account is located.
Now go to their retail department to apply for the POS. You will be asked to provide some information through the POS application form, so fill it all in and then submit it.
How to Get POS Machine from UBA Bank
It is also easy to get POS from UBA. Their requirement is not so difficult to meet. All you need is a minimum of N1,000,000 in sales per month or N35,000 per day.
You can even request more than one POS from UBA. To apply, you must print, scan and deliver a form on the Internet to a UBA office near you. After that you now have to go to the e-Banking Helpdesk and login, choose New log and select the option e-Banking, at Request type: Select Request, at the class select PoS, on the selected PoS – TAMS (PoS Multi-cards Acceptance) Request.
Once you have completed the form, click CONTINUE, and in the new screen that appears, click Browse to attach and submit the scanned authorization. You will now be given a number similar to this IT201206283615 for future tracking.
UBA Bank will contact you to deliver the POS machine, which usually takes 5-7 working days outside Lagos and 3 days within Lagos.
How To Get POS Machine From FCMB
FCMB POS terminal allows you to debit online to cards used for transactions from the merchant’s location and the accounts. It accepts all card variants issued in and outside Nigeria from cardholders of all banks such as Verve, VISA, and MasterCard. You can also use their POS to do the following:
- Payment for the purchase of goods and services
- Cashback services
- Pre-authorization service
- Card not present service
- Charging Air Time
- Bill Payment (PHCN, DSTV, etc.)
- Option to reverse payment
- End-of-the-day transaction report
- Adaptable for different schools
To get the POS machine, go to their bank and fill out a form. The requirements are similar to those of other banks and there is not much stress involved.
How To Get Union Bank POS Machine
Union Bank POS also accepts all cards and can be used for direct debits in shops, churches, hotels, gas stations, restaurants, supermarkets, etc. Below are the benefits of Union Bank POS.
- Prints transaction receipts
- Accepts transactions of any value
- POS delivered at no cost to the merchant
- Reduces the costs and risks of handling cash
- Accepts MasterCard, VISA, and Verve cards
- Generates reports for reconciliation purposes
- Real-time confirmation of transactions for sellers
- Supports multiple network connectivity options (GPRS, LAN, CDMA, and WIFI)
Conclusion – How To Get POS Machine From Banks in Nigeria
This post has shown us how to get POS machine from banks in Nigeria and the banks below are the most popular bank that offers free POS machines in Nigeria. Other banks also offer free terminals that you can search for online.
If you have any questions about this article, don’t hesitate to leave your comment in the comment section below. And we promise to respond to your comment as soon as possible.
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