13 Best POS Machines in Nigeria: Your Perfect Solution ( 2023)
Looking for the best POS machine in Nigeria? Due to the adoption of cashless policies POS machines have become popular in the country.
POS machines, or Point of Sales Terminals provide businesses with convenient payment options for their customers.
But with so many different POS machines on the market, finding a reliable one is difficult.
Some worry about not getting their money’s worth, while others have no idea what the requirements are to get one.
I’ve been a businesses woman for five years. From my extensive knowledge, I have compiled a list of the best POS machines in Nigeria.
Consider these five factors to avoid making a mistake you’ll regret.
Five Factors to Consider When Choosing a POS Machine in Nigeria
- Cost
- The Functionality
- Ease of use
- Accessibility, and
- Security
Cost:
Put the upfront cost of purchasing a POS machine at the top of your mind.
Evaluate your budget to determine the most cost-effective option. Some machines are more expensive than others.
Take your time to check the cost of transactions on each machine. Some machines charge very low while others charge as much as 20%
Functionality:
The functionality of the POS machine includes features such as the ability to process different types of payments (e.g., debit, credit, and utility bill payments) on different devices.
Some POS machines have the nasty habit of being picky with cards. This is infuriating when trying to attract customers.
Assess the specific needs of your business and choose a POS machine that offers the best features.
Ease of Use:
Of course, ease of use is a major factor to consider when choosing a machine. You want something that is easy and increases your efficiency, a machine that is user-friendly for a non-tech person.
Running a business is stressful enough. Choose a machine that has great customer service.
Security:
Ensure that customer data and payment information are protected from theft or fraud. Look for a POS machine that complies with industry standards for security.
By considering these factors, you’ll choose a POS machine that meets your business needs and provides a positive experience for both you and your customers.
Now according to these factors, Here are the 13 best pos machines in Nigeria.
Related Post:
- How to Start POS Business in Nigeria – Become a POS Agent in 2023
- How To Get Free POS In Nigeria (2023)
- PiggyVest vs Opay: which is better? ( 2023)
- 14 Genuine Online Investment Platforms In Nigeria
- Opay POS vs bank POS: which is better? (2023)
13 Best POS machines in Nigeria
1. Opay POS Machine
Opay comes at the top of this list.
Opay gained popularity in 2019 when it offered an unusual N100 promo for its bike-hailing service.
Since then, Opay has become one of the top fintech companies in Nigeria with minimal issues.
It is valued at over $2 billion and accounts for 1 in every 5 POS transactions in the country.
Opay is approved by the Central Bank of Nigeria and is used by over 10 million Nigerians, making it the best POS machine currently available.
Machine and transaction costs:
Opay has three types of POS machines.
- Android or smart: N60,000 NGN
- Traditional or basic: N45,000 NGN
- Opay Mini Pos: N8,500 NGN
POS charges are as low as 0.5%. 0.6% when you’re a beginner. N100 for every transaction below N20,000 NGN
Pros.
- Ease of use.
- Licensed by CBN
- Fast and secure transactions
- 24/7 support
- Earn commissions for utility bill payments.
- Free machine repair for 12 months.
- Instant settlement for your transactions.
- Easy to apply and acquire
- NO daily target to reach
- Top-notch network
- Many varieties of OPay machines.
Cons
- Slow acquisition of machines after application. 48 hours to get a response.
Some requirements for getting an Opay POS machine.
- A valid ID card
- BVN
- Proof of utility bill payment
- Banking statement from the last 3 months
- A business ownership license, and
- A picture of your place of business.
Read this to learn: How to get an OPay POS machine in Nigeria
2. MoniePoint POS Machine
MoniePoint began by offering financial services exclusively. It is a subsidiary of TeamApt.
Since its inception in 2018, it has quickly expanded into a behemoth financial institution. In 2022, it processed over $10 billion worth of transactions for more than 400,000 businesses.
MoneyPoint is headquartered in Uyo and has the widest reach of any POS company in Nigeria.
Machine and transaction costs:
- MoniePoint has one machine: N21500
- O.5% for N1000 to N19,999
- N100 for all deposits
Pros:
- Ease of use.
- Easy to apply and acquire.
- Licensed by CBN
- Fast and secure transactions
- 24/7 support
- Instant dispute resolution
- Only 1 machine makes it easy to choose from.
- Fast acquisition of your machine. 48 hours after application.
- Accepts all card and transfer payments.
- Top-notch network service
Cons:
- A daily milestone of N20k is to be reached every day except Sundays.
- Constraining agreements; Read their terms and conditions to know about this
- No commissions for utility bill payment
- No free machine repair.
- POS machines can be claimed by the company if you fail to reach your daily milestone.
Read to learn How To Get A Moniepoint POS Machine In Nigeria – 2023
3. Baxi Box POS machine
Requirements for getting a Moniepoint machine
- A valid ID card
- BVN
- Proof of utility bill payment
- Banking statement from the last 3 months
- Ownership of a business.
- A picture of your place of business
Baxi’s parent company Capricorn Digital Ltd was founded in 2014 by Degbola Abudu and Folu Majekodunmi but was acquired by MFS Africa in 2021.
MFS plans to build Baxi into a key node on its digital payment networks. This will allow it to make regional and global payments.
Baxi is designed to meet everyday payment needs such as utility, airtime, TV, and data subscription. A brother company to Beyonic, another fintech company bought by MFS in 2020.
Machine and transaction costs
There are three varieties of Baxi Baxi machines,
- The Baxi Android: N30,000NGN
- The smaller version, Baxi MPOS: N10,000
Cost of operations: There are varying charges that go from 0.6% to as high as 20%.
Pros:
- Return the POS terminal and get your money back
- No registration fee
- Print recharge card pins with machines
- Reliable network
- Ease of use
- Easy to apply and acquire. 1 day to 1 week
- Tutorial videos to teach how to use Baxi
- No monthly milestone to be met
- Earn a commission with each recharge card purchase
- Ability to fund accounts directly
- Licensed by CBN
- Fast and secure transactions
- 24/7 support
- Instant dispute resolution
Cons:
- Varying charges that are high compared to others
- Lack of free maintenance
Requirements for applying for a Baxi POS machine
- A valid ID card
- BVN
- Proof of utility bill payment
- Banking statement from the last 3 months
- Proof of ownership of a business.
4. Kudi POS,
Kudi or Nomba has been there for Nigerians in good times and bad.
Kuda, a parent company of Kudi POS, is a fintech company operating in Nigeria and the UK.
It was founded by Babs Ogundeyi and Musty Mustapha in 2019.
Offering free transfers when it started, Kuda has since become one of the favorite digital banks favored by entrepreneurs.
Machine and transactions cost
- Kudi POS machine costs N20,000
- Wavering between 0.6% to 0.5% on withdrawals.
- N110 for any above 200k
- N20 flat for deposits.
Pros:
- 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:
- Must have an existing account.
Requirements for getting Kudi POS machine
- A valid ID card
- BVN
- Proof of utility bill payment
- Banking statement from the last 3 months
- Proof of ownership of a business.
5. Flutterwave POS machine
Iyinoluwa Aboyeji and Olugbenga Agboola founded Flutterwave in 2016, and since then it has developed into a titan with a $1 billion market cap.
It is headquartered in San Francisco, California with operations in 14 African countries including Nigeria.
Since its inception, Flutterwave has processed more than 200 million transactions, estimated at over $16 billion.
Machine and transaction cost
- Flutterwave machines cost N10,000
- 0.6% on every withdrawal.
- N20 for every deposit. (N6 for every N1000.)
- A flat rate of N20 for transfer.
Pros:
- No stamp duty
- 24/7 customer support
- Ease of use.
- Licensed by CBN
- Fast and secure transactions
- 1 day to 1 week to acquire
- Earn commissions for utility bill payment
- Issues Mastercard
- Accepts all cards
- Cheap
- Easy to apply and acquire
cons:
- Higher cost of operation
- Lack of free maintenance
- Not easily accessible
Requirements for getting a Flutterwave POS machine
- A valid ID card, No NIN
- BVN
- Proof of utility bill payment
- Banking statement from the last 3 months
- Must open an individual account if you have no proof of business ownership.
6. Paga
One of the oldest companies offering POS services was founded in Nigeria in 2009 by Tayo Oviosu and was publicly found in 2011.
Their aim was to make it possible for customers to carry out basic financial transactions without the constraints of banks. And it worked pretty well.
Since its start, Paga has served over 12 million customers and processed over 72 million transactions worth $4.6 billion.
The partnership between Paga and Western Union has the added benefit where Western Money transfers sent to users can be deposited into their Paga accounts.
Paga has over 4000 POS agents nationwide, making it to be one of the most trusted POS services in the country as of today.
Machine and transaction cost
- Paga POS machine cost N30,000
- 0.55% on withdrawal
- N30 NGN flat on every deposit
Pros:
- Easy to apply and acquire. Takes around 1 day to 1 week
- Tutorials for beginners
- Earn commissions
- Licensed by the CBN
- Ease of use
- No daily target
- Fast and secure transactions
- Instant payment of earnings
- Customer support 24/7
Cons:
- No free repair.
Requirement for getting a Paga POS machine
- A valid ID card, No NIN
- BVN
- Proof of utility bill payment
- Banking statement from the last 3 months
- Ability to start without proof of ownership of the business.
Also read: How to Get Paga POS Machine in Nigeria. (The Best Way 2023)
7. GTBank POS
GTBank’s POS system became popular in late 2019 and 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.
GTBank has over 24 million customers in 10 African countries and the UK.
Machine and transaction cost
- GTbanks POS machine is given to existing customers free of charge.
- 0.75% for every payment made on the machine.
Pros:
- 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:
- 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
Requirements for getting a GTBank POS machine
- A valid ID card
- BVN
- Proof of utility bill payment
- Banking statement from the last 3 months
- Proof of ownership of a business.
- An active account with GTBank
8. Firstmonie POS machine
Firstmonie is a mobile banking and payment platform by First Bank of Nigeria.
You can perform various financial transactions like money transfers, bill payments, and airtime purchases.
The platform was designed to make banking more accessible and convenient for individuals and small businesses. It is available as a mobile app, with USSD codes, and SMS.
Popular for its ease of use, and security, Firstmonie has helped many people access financial services and conduct transactions without visiting a bank branch.
Machine and transaction cost
- Free of charge but N20,000 starting incentive.
- A flat N100 NGN for transactions below N20k,
- N200 NGN for transactions above N20k
Pros:
- 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:
- 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
Requirements for applying for a FirstMonie POS machine
- A valid ID card, No NIN
- BVN
- Proof of a utility bill payment
- Banking statement from the last 3 months
- Business License
- Picture of a place of business
- Active First bank account
9. Paycentre
PayCentre is a financial technology (fintech) company based in Lagos, Nigeria.
Their payment system allows customers to access its services in their local communities. Customers can also use PayCentre’s mobile app to access its services from their smartphones.
Focused on financial inclusion, Paycentre is affordable and accessible.
PayCentre is licensed by the Central Bank of Nigeria and is regulated by the Nigerian Communications Commission. It has received several awards for its innovative digital financial services, including the 2019 Digital Paytech Provider of the Year at the Nigerian Business Leadership
Machine and transaction cost
- Bos POS N25000
- MPOS N14000
- 1 to 5000 is N10.5
- 5001 to 50,000 is N26.5
- 50k and above is N52.50
- A flat rate of 20 for transfer and deposit.
- N90 flat for an amount greater than N20000.
Pros:
- Gifts you for joining
- Great customer service
- Licensed by CBN
- Resurrect an old agent and get 20 free transactions
- Easy to apply and acquire
- Be an agent for 12 months and qualify for a loan
- Ease of use
- No daily target
- Fast and secure transactions
- Customer support 24/7
Cons:
- No commissions
- No free repair of the machine
Requirements for applying for a Paycentre POS machine
- A valid ID card, No NIN
- BVN
- Proof of utility bill payment
- Banking statement from the last 3 months
- Business License
10. Zenith Bank POS Machines
Zenith Bank is a major financial institution in Nigeria that offers a range of financial products and services, including POS terminals.
Their POS terminals are designed to enable businesses to accept payments from customers using debit or credit cards.
Zenith Bank POS terminals support all major payment cards such as Verve, Mastercard, and Visa. They also offer various types of POS terminals to meet the needs of different businesses.
Machine and transactions cost
- Free of charge, must have N50k NGN for starters
- N50 to N300 for deposits or withdrawals within N100,000
Pros:
- 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:
- 8 days for agents in Lagos, more for others outside of Lagos
- An active Zenith bank account
- No repair
Requirements for applying for a Zenith bank POS machine
- An existing Zenith bank account
- A business
- Business License
- Starting capital of 50K
- A valid ID card, No NIN
- BVN
- Proof of utility bill payment
- Banking statement from the last 3 months
11. Quickteller POS
Quickteller is a financial technology company in Nigeria that offers a range of payment solutions, including POS machines.
The machines are designed to accept payments from customers using debit or credit cards. Quickteller POS terminals are portable, secure, and equipped with the latest technology.
EMV-compliant supports payment from all major cards, such as Verve, Mastercard, and Visa. The terminals come with a range of features such as real-time transaction reporting, inventory management, and customer loyalty programs
Machine and transactions cost
- Free of charge. But must meet requirements, and have startup capital of upto N10000 NGN
- N100 on all transactions
- Commissions are to be shared 50/50 with the agency
Pros:
- Can take all money if no longer interested
- Earn commissions on airtime purchase
- 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
Cons:
- Expensive cost of transaction
- No tutorial to teach you some fundamentals
- No machine repair
Requirements for applying for a Quickteller POS machine
- A physical office location/shop.
- Any smartphone operating or internet-enabled laptop/computer
- A copy of a valid ID card
- Proof of utility bill payment from the last three months
- A copy of your passport photograph
- A copy of your Guarantor completed Character Confirmation Form with your guarantor’s passport photograph
- Zero minimum start-up capital is required.
- Money to fund your account
- And that’s all.
12. Bankly
Bankly is a fast-growing financial technology company in Nigeria that has secured several rounds of funding to expand its operations and offerings.
In 2021, Bankly announced the successful closure of a seed funding round worth $2 million.
The company was founded in 2018 by Tomilola Adejana and Fredrick Adams with the aim of digitizing the informal thrift collection system known as “esusu” or “ajo” in Nigeria.
With this funding, Bankly is poised to expand its operations and continue providing affordable and accessible financial services to underserved communities in Nigeria.
Machine and transactions cost
- N15000, to be refunded N10,000 if the machine is returned in good condition.
- 0.5% for every withdrawal. N5 for every N1000
- A flat N20 for every deposit.
- Transfer above N2000 is N20
Pros:
- Money to be refunded if the machine is returned in good condition
- Easy to apply and acquire, takes a week
- 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
Cons:
- Daily target of 30 transactions to reach every day except Sunday
- No tutorial to teach you some fundamentals
- No machine repair
Some Requirements for getting a Bankly POS machine account
- A business
- Business License
- Starting capital of 50K
- A valid ID card, No NIN
- BVN
- Proof of utility bill payment
- Banking statement from the last 3 months
13. Union Direct POS Machine
Union Bank is a long-established commercial bank in Nigeria that has been providing financial services to individuals and businesses for over a century.
In 2021 Union Bank Plc posted gross earnings of N175 billion.
The Union Direct POS machine is one of the many products and services that Union Bank offers to its customers to facilitate digital transactions.
Machine and transaction cost
- Free of charge, but must have starting capital of up to N150,000
- Cost of transaction: 0.75%
Pros:
- Agents with high transactions are rewarded
- Easy to apply and acquire. 1 week
- 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
- Efficient customer support
Cons:
- Agents are paid at month’s end
- Shared 50/50 with the agency
- No free repair
- No tutorial to give you a headstart
- Must have a sizeable amount of money to start
- Existing account with Union Bank
- High cost of transacting
Requirements for applying for a Union Direct POS machine
- An existing Zenith bank account
- A business
- Business License
- Starting capital of 50K
- A valid ID card, No NIN
- BVN
- Proof of utility bill payment
- Banking statement from the last 3 months
Requirements For Getting POS Machines From Banks
Here are what Banks require before they give you their POS machine.
- Legitimate ID card ( either: voter’s card, Nationwide ID card, Worldwide passport, and driver’s license)
- 2 to 4 passport {photograph}
- Latest utility bill (either: Nepa invoice, waste administration receipt, water invoice, or every other legitimate invoice that exhibits your tackle)
- Present an account together with your bank.
Price of POS Machines in Nigeria
| POS Provider | POS Machine Type | Price in NGN |
| Opay | Android or smart | 60,000 |
| Opay | Traditional or basic | 45,000 |
| Opay | Opay Mini Pos | 8,500 |
| Monie Point | – | 21,500 |
| GTBank | – | Free |
| Baxi | Baxi Android | 30,000 |
| Baxi | Baxi MPOS | 10,000 |
| Flutterwave | – | 10,000 |
| Kudi / Nomba | – | 20,000 |
| Paga | – | 30,000 |
| Firstmonie | – | Free + 20k starting incentive |
| Paycentre | Bos POS | 25,000 |
| Paycentre | MPOS | 14,000 |
| Quickteller | – | Free |
| Bankly | – | 15,000 |
| Union Direct | – | Free (must have starting capital of 150,000 |
Also See: 10 Best Bank POS In Nigeria – 2023 Ultimate Guide
FAQs: Best POS Machines in Nigeria
Opay and Moneypoint, which is better?
Opay and Monie Point are digital payment platforms in Nigeria that offer financial services. Although they provide similar services, they have differences that make one more suitable for certain users.
Opay enables users to carry out everyday transactions easily. You can access loans, and get access to their ride-hailing, food delivery, and shopping services.
Monie Point is a payment platform for merchants and businesses that accepts various payment methods such as cards, bank transfers, and mobile money.
Choosing the better platform depends on your needs. As well as their pros and cons
Which POS has the best network in Nigeria?
In Nigeria, OPay has the best network. You get access to efficient customer care service and a free bank account that receives your transactions.
Opay should be your first POS provider if you are looking for excellence.
Which POS is good for business in Nigeria?
Ipay is the best for business. Consider what your budget is when choosing a POS machine, and consider the pros and cons of every machine you find.
How easily are they accessible? How much does the machine cost? How much do transactions cost? How good is their network service, and customer care?
These are some questions you need to bear at the top of your mind when searching for the machine you need.
ALSO READ:
