Best Bank POS In Nigeria

10 Best Bank POS In Nigeria – 2023 Ultimate Guide

ByMina Miller

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If you’re a business owner in Nigeria, then you’re familiar with the convenience of accepting payments through Point of Sale (POS) machines.

But with so many options available, it is difficult to determine which bank POS is the best fit for your business.

I’ve been a businesswoman in Nigeria for 5 years. I know what to look for when you want to get a POS machine.

In this article, I’ll take a close look at the various options available and help you determine which bank POS is the best in Nigeria.

But before we dive into it, let me answer a simple question.

Which Bank POS is best in Nigeria?

The best bank POS in Nigeria is the Kudi or Nomba POS. The machine is free of charge and you only need to pay a cautionary fee of N10,000.

You’ll get your money back if you return the machine in good working condition within a year.

Applying for a Nomba POS machine is easy, you only need to visit their official website or call their customer care to apply.

Now let’s dive into the article.

ALSO SEE: 13 Best POS Machines in Nigeria: Your Perfect Solution ( 2023)

10 Best Banks for POS Business in Nigeria

10. Polaris/Surepadi

You must pay a cautionary fee of N15000 to get the Surepadi or Polaris POS machine.

This fee does not mean you have bought the machine. The machine can be taken from you if you breach the terms of the agreement.

Surepadi POS charges

  • Cash withdrawals: 0.75%
  • You will be charged N75 for every N1000.
  • Deposits between Polaris bank accounts: 0.5%
  • Fund transfers: N40 flat rate.
  • Bill payments: N100

Surepadi comes as the most expensive bank POS machine in Nigeria.

9. Ecobank Xpresspoint POS Machine

Xpresspoint POS machine

The Xpresspoint POS machine is given free of charge but you must have an active Ecobank account to acquire it.

You also need N10,000 as starting capital. Your POS agent account will be funded with this money so that you can start doing business as soon as possible.

Requirements for Becoming an Ecobank Xpress Point POS Agent

  • Valid ID such as a Driver’s license, National ID Card, Voter’s ID Card, etc.
  • Passport photographs
  • Bank Verification Number (BVN)
  • Current Account references
  • Evidence of business registration (CAC Certificate)
  • A minimum capital of N50,000

Two (2) current/corporate account references or duly completed Character Reference Form

Ecobank POS Charges

  • N50 to N300 for deposits or withdrawals within N100,000
  • N100 for transactions above N100,000

Ecobank Customer Care Line

8. Union Direct

The Union Direct POS machine is one of the many products and services that Union Bank offers to its customers to facilitate digital transactions.

It is Free of charge but you need to have an active account with Union bank and a starting capital of N50,000 to acquire their POS machine.

Requirements for Becoming a Union Direct POS Agent

  • Valid IDs such as a Driver’s license, National ID Card, or Voter’s ID Card.
  • Passport photographs
  • Bank Verification Number (BVN)
  • Current Account references
  • Evidence of business registration (CAC Certificate)
  • A minimum capital of N50,000
  • Active GTBank account

Union Direct POS charges

  • Cost of transaction: 0.75%

Pros:

███████████████████████████████ 100%

  • Agents with high transactions are rewarded
  • Easy to apply and acquire (1 week)
  • Earn commissions
  • Easy to use
  • Free of charge
  • Licensed by CBN
  • Fast and secure transactions
  • No daily target to reach
  • Efficient customer support

Cons:

██████████████████ 40%

  • Agents are paid at month’s end
  • Shared 50/50 with the agency
  • No free repair
  • No tutorial to give you a headstart
  • You must have a sizeable amount of money to start
  • Must have an existing account with Union Bank
  • High cost of transacting

Union Direct Customer Care Line

7. GTBank POS Machine

GTBank’s POS system is now one of the fastest-growing POS systems in the country.

Created to extend the bank’s services to areas where they are not easily available, it is now a well-known name in the POS business in Nigeria.

The POS machine is given to existing customers free of charge.

 Requirements for Becoming a GTBank POS Agent

  • Valid ID such as a Driver’s license, National ID Card, Voter’s ID Card, etc.
  • Passport photographs
  • Bank Verification Number (BVN)
  • Current Account references
  • Evidence of business registration (CAC Certificate)
  • A minimum capital of N50,000
  • Active GTBank account

GTBank POS Charges

  • 0.75% for every payment made on the machine.

Pros:

██████████████████████████████ 90%

  • Free for every GTBank business owner
  • Free maintenance.
  • Ease of use.
  • Licensed by CBN
  • 24/7 support
  • Earn commissions for utility bill payments.
  • Easy to apply and acquire
  • NO daily target to reach
  • Holds online surveys to help customers solve their problems
  • Fast and secure transactions

Cons:

██████████████ 70%

  • Takes 7 days – 14 days to acquire
  • Must have a fully functional account with GTBank
  • Inadequate Network services
  • Takes a week to a month for a POS application to get approved
  • High cost of charges compared with others
  • Must meet a requirement of N50,000 daily before you get paid
  • An active account with GTBank

GTBank Customer Care Line

6. UBA

UBA POS is accessible free of charge, but you need to be an active UBA customer to acquire it.

It would help if you also had a starting capital of N50,000.

This money will be funded into your account so that you can start doing business right away. 

The machine will be taken from you if you breach UBAs terms and conditions of using the machine.

Requirements for Becoming a UBA POS Agent

  • Valid ID such as a Driver’s license, National ID Card, Voter’s ID Card, etc.
  • Passport photographs
  • Bank Verification Number (BVN)
  • Current Account references
  • Evidence of business registration (CAC Certificate)
  • A minimum capital of N50,000
  • Active UBA bank account

UBA POS Charges

This is a simple table showing you the charges of UBA POS transactions.

S/NTransaction TypeFee (N)Agent (N)UBA (N)
1DepositN100N70N30
2WithdrawalsN100N70N30
3Intra-bank TransferN100N70N30
4Interbank Transfer (N1-N5,000)N50N31.58N12.54
5Interbank Transfer (N5,001-N50,000)N100N70.53N23.59
6Interbank Transfer (N50,000-above)N150N105.26N38.86

Pros:

██████████████████████████████ 100%

  • Multi card capabilities
  • Earn commissions
  • Ease of use
  • Free of charge
  • Licensed by CBN
  • Easy to apply and acquire
  • Fast and secure transactions
  • No daily target to reach
  • Customer support 24/7

Cons:

██████████████████ 40%

  • 8 days for agents in Lagos, more for others outside of Lagos
  • An active UBA bank account
  • No machine maintenance.

UBA POS Customer Care Line

5. Wema Bank POS

Is Wema Bank POS free?

Yes, Wema bank POS is free. 

You will have to meet some requirements to acquire one though. If you apply and get approved you will be given a POS  machine for as little as a day to a week. 

The time it takes to acquire your machine varies depending on your location, the availability of the device, and your application process.

Requirements for becoming a Wema Bank POS agent

  • Valid ID such as a Driver’s license, National ID Card, Voter’s ID Card, etc.
  • Passport photographs
  • Bank Verification Number (BVN)
  • Current Account references
  • Evidence of business registration (CAC Certificate)
  • A minimum capital of N50,000

Wema Bank POS Charges

  • N30 charge on withdrawals between N1000 and N5000.
  • N50 charge on withdrawals between N5100 and N10000.
  • 0.5% per transaction capped at N1,000

Wema Bank Whatsapp Customer Care Line

Wema Bank has no public Whatsapp customer care line but you can reach them through these other social media handles:

Wema Bank also has an FAQ Section where you can

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4. Zenith Bank POS

Zenith Bank POS

The Zenith POS machine is free of charge. But you will need to have an active Zenith account and a starting capital of N50,000.

Your POS account will be funded with this money for you to start doing business. Zenith bank can take their machine back if you breach the terms of the agreement.

Zenith Bank POS Requirments

  • Valid ID such as a Driver’s license, National ID Card, Voter’s ID Card, etc.
  • Passport photographs
  • Bank Verification Number (BVN)
  • Current Account references
  • Evidence of business registration (CAC Certificate)
  • A minimum capital of N50,000
  • Active Zenith bank account

Zenith Bank POS charges

  • N50 to N300 for deposits or withdrawals within N100,000
  • N100 for transactions above N100,000

Pros:

██████████████████████████████ 100%

  • Multi card capabilities
  • Earn commissions
  • Ease of use
  • Free of charge
  • Licensed by CBN
  • Easy to apply and acquire
  • Fast and secure transactions
  • No daily target to reach
  • Customer support 24/7

Cons:

██████████████████ 40%

  • 8 days for agents in Lagos, more for others outside of Lagos
  • An active Zenith bank account
  • No repair

Zenith Bank Customer Care Line

3. FirstMonie POS Machine

Firstmonie is a mobile banking and payment platform by First Bank of Nigeria. 

The platform was designed to make banking more accessible and convenient for individuals and small businesses.

It is available as a mobile app, and with a POS Terminal.

Acquiring a FirstMonie POS machine is free of charge, but you will need N20,000 as a starting capital. Your POS account will be funded with this money.

Requirements for Becoming a FirstMonie POS Agent

  • Valid ID such as a Driver’s license, National ID Card, Voter’s ID Card, etc.
  • Passport photographs
  • Bank Verification Number (BVN)
  • Current Account references
  • Evidence of business registration (CAC Certificate)
  • A minimum capital of N20,000
  • Active First bank account

FirstMonie POS Charges

  • A flat N100 NGN for transactions below N20k,
  • N200 for transactions above N20k

Pros:

██████████████████████████ 90%

  • Ease of use
  • Free of charge
  • Licensed by CBN
  • Easy to apply and acquire
  • Fast and secure transactions
  • Recruit more agents and earn dividends
  • No daily target to reach
  • Efficient customer service

Cons:

██████████████ 40%

  • Earning shared 50/50 with the agency
  • High cost of transaction compared to others
  • Must have an active FirstBank account
  • Earnings paid at months end
  • No commissions
  • No repair of the machine

FirstMonie Customer Care Line

2. Access CLOSA POS

The Access Closa POS banking service is the second in line for the best bank for POS in Nigeria.

The access POS machine is free of charge but you will need an active Access bank account, along with N50,000 starting capital. 

Your POS account will be funded with this N50,000 so that you can start transacting ASAP.

Requirements for Getting an Access Closa POS Machine

  • Valid ID such as Driver’s license, National ID Card, Voter’s ID Card, etc.
  • Passport photographs
  • Bank Verification Number (BVN)
  • Current Account references
  • Evidence of business registration (CAC Certificate)
  • A minimum capital of N50,000

Pros:

███████████████████████████████ 100%

  • Easy to use
  • Offers other financial services like insurance and savings
  • Licensed by CBN
  • Fast and secure transaction
  • Issues Visa Card
  • Cheap
  • Easy to apply and acquire
  • You can earn commissions
  • Get great customer support 24/7
  • No daily target

Cons:

██████████████████ 40%

  • Must have an existing account

Access CLOSA POS charges

  • Transactions between N1 and N5,000: N100
  • Transactions between N5,001 and N10,000: N200
  • Transactions between N10,001 and N15,000: N300
  • Transactions between N15,001 and N20,000: N400

Access CLOSA Customer Care

1. Kudi/Nomba

Kudi POS Machine Price in Nigeria

Kudi POS Machine Price in Nigeria

Kudi or Nomba comes as the number one best bank for POS machines in Nigeria. 

They have only one POS machine that cost N20,000 to acquire. 

This is not a cautionary fee. Once you pay the N20,000 the POS machine becomes yours.

Requirements for Getting a Kudi POS Machine

  • Valid ID such as Driver’s license, National ID Card, Voter ID Card, etc.
  • Passport photographs
  • Bank Verification Number (BVN)
  • Current Account references
  • Evidence of business registration (CAC Certificate)
  • A minimum capital of N10,000

Pros:

███████████████████████████████ 100%

  • Easy to use
  • Offers other financial services like insurance and savings
  • Licensed by CBN
  • Fast and secure transaction
  • Issues Visa Card
  • Cheap
  • Easy to apply and acquire
  • Earn commissions
  • Great customer service
  • Access to the Kudi Bot for help
  • No daily target

Cons:

██████████ 20%

Kudi POS charges

  • Kudi charges waver between 0.6% to 0.5% on withdrawals.
  • You get charged N5 for every N1000 withdrawal.
  • N20 flat for deposits.
  • N25 for transactions below N5000
  • N110 for transactions above N200k
  • N150 for transactions above N500,000.

Kudi/Nomba Customer Care

FAQS

Which Bank is Good For POS in Nigeria?

A good bank for POS in Nigeria is Access Close. 

Access is one of the most popular banks in Africa. If you are an existing customer you will be given the machine free of charge. The commission rates and low charges applied also makes it one of the best banks you can rely on for your POS business in Nigeria. 

Which Bank Gives POS Faster?

Access, Zenith, Kudi, and Firstmonie are the fastest when it comes to banks that give you their POS machines fast. 

If you are in need of a POS machine and you want to acquire it fast, then these banks are great options.

But know that how quickly you apply for and acquire a POS machine depends on your location, availability of the machine, and your application process.

Do Banks Charge for POS machines?

POS machines from Banks are free of charge. But you need to have an existing account with the bank you want to acquire a POS machine.

You will also need to have a starting capital that starts from as low as N10,000 to as high as N150,000.

Their requirements are all the same: a valid ID, proof of business ownership, utility bill payment that confirms your address, BVN, and your starting capital.

How Much Do Banks Charge for POS Transactions?

Banks charge from as low as 0.5% to as high as 0.7% for each transaction.

For example, Kudi/Nomba charges waver between 0.6% to 0.5% on withdrawals. You get charged N5 for every N1000 withdrawal. N20 flat for deposits.

While Surepadi charges go 0.75% on cash withdrawals, N75 for every N1000, and N40 for transfers.

Final Thoughts on The Best Bank POS In Nigeria

When it comes to choosing the best bank POS in Nigeria, consider factors such as the level of security, ease of use, affordability, and accessibility.

While several banks offer POS services in the country, some stand out from the crowd based on their exceptional features and benefits.

Ultimately, the best bank POS in Nigeria will depend on your business needs, budget, and preferences.

Take your time to research and compare the different options available before making a decision.

Check out all the articles about POS business in Nigeria:

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Mina is a personal finance writer and entrepreneur with a deep love for technology in the business world.

She is not only a successful, tech-savvy businesswoman but also a dedicated mentor, guiding aspiring entrepreneurs in Nigeria.

Explore her work and be inspired by her journey of leveraging tech innovation for business success in Nigeria.

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