How To Get Free POS In Nigeria (2023)
Do you always ask yourself how to get free POS in Nigeria? Acquiring a POS machine can be a costly investment for small businesses or startups.
Point of Sale (POS) machines has become an essential tool for small and large businesses in Nigeria, providing an efficient means of accepting payments from customers.
The new cashless policy in the country increases the number of people looking for POS machines. Before, the majority of people who were requesting POS machines were those who had an interest in the POS business.
However, many business owners are now interested in having POS machines in their shops/stores. This is to make payment easy for many customers. Perhaps some people don’t have enough money to buy the machine.
It is not surprising that many people are asking, “How can I get free POS in Nigeria?” Free POS in Nigeria, is that possible? In this article, we will explore the various options available for individuals and business owners to get a free POS in Nigeria.
Whether you want to use it to start a POS business or accept payment for your products is fine. So let’s dive in.
Requirements to get free POS in Nigeria
To get free POS in Nigeria, you will need to meet the requirements below;
- Bank account: To get free POS in any bank in Nigeria, you must have a bank account with them or with a partner bank. You may need to open a bank account or link your existing bank account.
- Transaction volume: many banks may require that you meet a minimum transaction volume to qualify for a free POS machine.
- Valid identification: Providing valid identification, such as a National ID card, driver’s license, or international passport, is crucial. ID verification is required to complete the registration process.
- Business Location: You may need a physical business location accessible to customers and where you can install the POS terminal.
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How can I get free POS in Nigeria?
It is easy to get a free POS machine in Nigeria, as many people think. To get free pos in Nigeria, you need to follow the simple steps below;
- Visit any bank and open an account: to get free POS in Nigeria, you first need to open a current account with a bank like First Bank, Union Bank, GTBank, Zenith bank, etc. Although each bank has its special requirements, they are always similar. You might need two references to open a current account. However, you can open savings if you don’t have the references.
- Make a deposit: After opening the account, you will need to deposit at least N2500. Then request a POS agent form and fill it out. Make sure all your details are current. You don’t need this if you already have a working account with the bank.
- Fund the agent account: After that, some banks, like the first bank, will request you to deposit the sum of N50,000 to begin the transaction. Once you make the deposit, you can download and activate the POS app to start transacting. However, before downloading the app, make you receive a text message that says, “you are now a mobile POS agent” from the bank.
- Activate the account: Then activate the app and start transacting. Now you must wait and perform 25 transactions before calling the bank and requesting free POS. The post will be sent to you within 1 – 2 weeks.
Which bank gives free POS machines?
There are many banks in Nigeria that give out free POS to companies or individuals. Those banks include;
- First Bank of Nigeria Limited
- Guaranty Trust Bank (GTBank)
- Access Bank Plc
- United Bank for Africa (UBA)
- Zenith Bank Plc
- Ecobank Nigeria
- Stanbic IBTC Bank
- Fidelity Bank Plc
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Does Opay give free POS?
There are many people asking if Opay gives free POS or not. The answer is YES. Opay POS application is totally free. However, you must have at least ₦20,000 or above in your account before you can apply for the POS.
The ₦20,000 will serve as a caution fee which will be debited from your account once the application is approved. However, the money will be refunded when you return the POS terminal to the company.
How to get OPay, Kuda, Moniepoint POS
Below are the steps to get Opay POS;
- Download the opay app and create an account.
- Login to your account
- Then upgrade your account to Marchant (You may need to learn how to do that)
- Now switch from the normal profile to Marchant.
- Then click on “Marchant apply.”
- It will bring a new page asking for some information. Just provide the correct details.
- Upload your valid ID and transaction history for the past three months.
- Take a snapshot of your shop.
- Submit. The opay team will review it and let you know if you qualify for the POS.
Other apps may not be totally the same, but they all follow a similar process.
Pros and cons of POS terminal in Nigeria
|Using a POS machine can increase your sales because customers who do not have cash can easily pay with their credit cards.||Some banks’ POS terminals may not accept all types of cards|
|POS terminals keep detailed and accurate records of transactions.||Despite the fact that some banks provide free POS terminals, they may charge transaction fees for each transaction that is processed.|
|POS terminals can process transactions quickly, which reduces the amount of time customers must wait in line to make purchases.||POS terminals may occasionally experience issues, which could cost businesses money in repair and maintenance.|
|POS terminals eliminate the need for merchants to handle cash, which is both time-consuming and risky.||Sensitive customer and business data may be lost as a result of hacking or other security lapses that may occur with POS terminals.|
|Some banks provide additional services to merchants who use their POS terminals, such as loans, overdraft facilities, and savings accounts.|
FAQs on How To Get Free POS in Nigeria
How much is POS machine cost?
The price of POS on the type of POS you want and where you are buying from. However, the general price for POS in Nigeria ranges from N20,000 to N50,000.
Does bank pay POS agents?
Bank does not directly pay POS agents. However, it allows them to earn a commission for each transaction performed. It is often based on the percentage of the transaction value.
Where can I get POS apart from banks?
Many fintech companies/apps give out POS terminals for a very affordable price. Some even give away free POS. Those fintech apps include OPay, Kuda, Moniepoint, Palmpay, Paga, and many others.
How much does a POS agent make?
The amount a POS agent makes depends on the number of daily transactions. The higher the transaction, the higher they earn.
Final thought: How To Get Free POS in Nigeria
Many banks and fintech apps giving out free POS machines will not ask you to pay for the POS. However, most of them will request you to deposit a certain amount in your account to be qualified.
In a nutshell, you will still need money to get the POS machine. If you have the required deposit amount, you can go ahead and apply. Moreover, applying for a POS machine is only needed if you have something to deposit.
Finally, thanks for reading our article on How To Get Free POS in Nigeria. We hope you read more of our articles.
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