Here are the best POS machine in Nigeria with low charges, Point of Sale machines have emerged as indispensable ways for businesses of all sizes and individuals to carry out financial transactions without having to go to the bank.
The use of POS machines started in Nigeria since the year 2013, when the Central Bank of Nigeria (CBN) implemented the agent banking system, opening up new avenues for financial services in underbanked and unbanked communities.
These machines have since being transforming the way transactions take place in the country, offering convenience and efficiency like never before.
Whether you’re a small retail store in Lagos or you are running a busy restaurant in Abuja, or you are just an individual looking for a small business to start.
POS machines have become the solution for modern financial transactions and there are different companies giving out or selling these POS machines in Nigeria.
Our goal is to reveal to you the best POS machine in Nigeria, shedding light on the best solutions available, the financial institutions that provide them, the charges they offer, and the opportunities they present for entrepreneurs.
Best POS machine in Nigeria with low charges
There are number of different POS machine providers in Nigeria, but some of the most leading and reputable companies include:
OPay is one of the most popular POS machine providers in Nigeria, with a large network of agents across the country, unarguably they provide the best POS machine in Nigeria.
OPay POS machines are known for their reliability and ease of use, and they offer a wide range of features, including the ability to accept payments from major debit and credit cards, as well as mobile wallets.
Moniepoint is another best POS machine provider in Nigeria, with a large network of agents across the country.
Moniepoint POS machines are known for their affordability and their ability to accept payments from a variety of sources, including debit and credit cards, mobile wallets, and bank accounts.
Quickteller is another best POS machine in Nigeria for business that is backed by Interswitch, one of Nigeria’s leading payment processing companies.
Quickteller POS machines are known for their security and reliability, and they offer a wide range of features, including the ability to accept payments from major debit and credit cards, mobile wallets, and bank accounts.
Paga is a leading mobile money provider in Nigeria that also offers best POS machine.
Paga POS machines are known for their convenience and affordability, and they offer a variety of features, including the ability to accept payments from major debit and credit cards, as well as mobile wallets.
5. Access Bank
Access Bank is one of the largest banks in Nigeria, and it also offers best POS machine in Nigeria to its customers.
Access Bank POS machines are known for their security and reliability, and they offer a wide range of features, including the ability to accept payments from major debit and credit cards, as well as bank accounts.
Best bank for POS business in Nigeria
- First Bank
- Zenith Bank
- Union Bank
- Keystone Bank
- Kudi POS.
All of the POS machine providers listed above have good reputations and are reliable. They offer a variety of features and benefits to their customers, and they have a large network of agents across the country.
Comparison of the Best POS machines in Nigeria
Here is a comparison of the overall best POS machines listed above, based on their transaction charges and fees:
|POS Machine Provider
|0.6% below ₦20,000, ₦120 above ₦20,000
|0.5% below ₦20,000, ₦100 above ₦20,000
|1% below ₦5,000, 0.75% between ₦5,000 and ₦50,000, 0.6% above ₦50,000
|0.55% for cash withdrawals of up to ₦20,000
|1.2% for cash withdrawals of up to ₦10,000, 1% for cash withdrawals between ₦10,000 and ₦50,000, 0.85% for cash withdrawals above ₦50,000
As you can seen, Moniepoint and OPay offer the lowest withdrawal charges, at 0.5% below ₦20,000. For withdrawals above ₦20,000, Moniepoint charges a flat rate of ₦100, while OPay charges ₦120.
Quickteller also offers competitive withdrawal charges, at 1% below ₦5,000, 0.75% between ₦5,000 and ₦50,000, and 0.6% above ₦50,000.
However, it is important to note that Quickteller also charges a flat rate of ₦15 for all withdrawals.
Paga and Access Bank have the highest withdrawal charges, at 0.55% for cash withdrawals of up to ₦20,000 and 1.2% for cash withdrawals of up to ₦10,000, respectively.
In terms of transfer charges, all of the POS machine providers listed above charge a flat rate of ₦20.
Which Option is Most Cost-Effective for Different Types of Businesses?
The most cost-effective POS machine for a business will depend on the type of business and the volume of transactions that it processes.
For businesses that process a large number of small transactions, such as supermarkets and retail stores, Moniepoint and OPay are the most cost-effective options.
This is because they offer the lowest withdrawal charges for transactions below ₦20,000.
For businesses that process a smaller number of larger transactions, such as restaurants and hotels, Quickteller and Access Bank may be more cost-effective options.
This is because they offer lower withdrawal charges for transactions above ₦20,000.
It is also important to consider the other features and benefits that each POS machine provider offers. For example, some providers offer additional services such as bill payment and airtime recharge.
Requirements for Obtaining a POS Machine in Nigeria
To obtain a POS machine in Nigeria, businesses need to meet the following requirements:
- Have a valid business registration certificate (CAC certificate).
- Have a valid bank account.
- Have a Bank Verification Number (BVN).
- Have a valid government-issued ID card (such as a National ID card or passport).
- Provide two passport photographs.
- Provide a utility bill (as proof of address).
- Some POS machine providers may also require businesses to provide additional documentation, such as a business plan or a financial statement.
Where and how to Obtain POS Machines in Nigeria
You can obtain your own POS machines from a variety of sources, including:
- Banks: In the list of best POS machine provider presented above, we listed out some banks that provider these POS to their customers.
- Mobile money operators: Mobile money operators such as OPay, Moniepoint, and Paga also offer POS machines, you can register as an agent or merchant using their mobile app, then you can request for POS machine and have it delivered to you.
- Payment processors: Payment processors such as Interswitch and Verve also offer POS machines.
- POS machine providers: There are also a number of independent POS machine providers in Nigeria.
Benefits of Choosing the best POS Machine
Selecting the right Point of Sale (POS) machine for your business in Nigeria is not just a decision; it’s an investment that can yield numerous advantages, it can either impact your business positevely or negatively.
Knowing the best pos machines and what they offer will save you from a lot of headaches. So let’s look at why it’s absolutely important.
1. Stress Free and without Network Errors:
The right POS machine is tailored to your business needs, streamlining your operations.
In other words, using good pos machine that can handle your transaction volume, integrate seamlessly with your business is a really vital need that you must care about.
Many POS machines end up frustrating you and your customers. The best POS machine in Nigeria that we have listed are mostly stress free and they hardly have network issues, issues of money getting hanged or improper record of transactions that have been carried out.
These little things can ruin your business if you don’t pay attention to them.
2. Cost Savings:
A well-chosen POS machine can save you money in the long run. It minimizes costly errors.
I have come accross many POS machines which charges very high and these charges can impact the prices you set and the prices can also determine how much customers you get.
Apart from the charges, you need to also worry about the cost of getting this POS machine, some are easy and cheap to obtain while some are expensive, getting the right POS machine ensures you dont waste too much money.
3. Enhanced Customer Experience:
The best POS system contributes to a smoother, faster, and more secure transaction process. Customers appreciate the convenience and safety, leading to improved satisfaction and loyalty.
The right POS machine offers robust security features, safeguarding both your financial data and that of your customers. This peace of mind is invaluable in today’s digital age.
Whether you run a small shop or a large enterprise, the best POS machine can scale with your business.
It’s not a one-size-fits-all solution but a dynamic tool, the company of bank prodiving you with the POS should allow you to swiftly upgrade and customize anything related to how your POS is setup, and the bank it is tied to.
Choosing the best POS machine is more than a technological decision; it’s a strategic move that can impact your bottom line and customer relationships positively, this is why knowing the companies that offers the best POS machine in Nigeria matters.
How to Apply for a POS Machine in Nigeria
We have already outlined and overview of how and where to get the best POS machine in Nigeria amongs all the list we mentioned, as en end note, here is a little guide to guide you.
To apply for a POS machine, whether you are a business or individual, go to your bank, mobile money operator, payment processor, or POS machine provider.
The application process will vary depending on the provider, but it will typically involve providing the required documentation and completing an application form, we have mentioned some of the requirements above.
Once the application has been approved, you will be able to collect their POS machine from the provider. The provider will also provide you with training on how to use the POS machine and how to manage their POS account.
Obtaining a POS machine is a relatively straightforward process for businesses in Nigeria. You only need to meet the basic requirements listed above and contact a POS machine provider to apply.
Once the application is approved, you will get the POS machine and start accepting cashless payments from your customers.
When choosing a POS machine provider, it is important to consider the following factors:
- The features and benefits offered by the provider.
- The coverage of the provider’s network of agents.
- The pricing of the provider’s services.
- The reputation of the provider.
It is also important to read the terms and conditions of any POS machine provider before signing up for their services.
This will help you to understand the fees and charges that you will be responsible for, as well as the other terms of the agreement.
POS machine providers in Nigeria play an important role in supporting the growth of the cashless economy.
By providing businesses with a convenient and secure way to accept cashless payments, POS machine providers are helping to make it easier for people to spend money and grow their businesses.
If you are a business owner in Nigeria, you should consider using a POS machine to accept cashless payments from your customers.
This will help you to improve your sales and grow your business.
When choosing a POS machine provider, it is important to compare the transaction charges and fees of different providers.
It is also important to consider the type of business and the volume of transactions that it processes.
If you are a business owner, you should contact multiple POS machine providers to get quotes and compare their services before making a decision.