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The complete guide on how to start a POS business in Nigeria

by Biztraction
5.5k views 9 minutes read
POS business in Nigeria

In almost every street in Nigeria today, there is a POS store where you can carry out various types of transactions. POS, short for Point of Sales, has become a common and lucrative business in Nigeria. And just like every upcoming business venture, everyone wants to get involved.

So what must you know before starting a POS business in Nigeria?


Overview of POS business in Nigeria

The POS business came into Nigeria in 2013. This was because the CBN introduced the agent banking system that year. The result paved the way for all financially related services to reach the public especially in unbanked regions of Nigeria.

One major solution provided by the POS business is the reduction of endless bank queues.

Also worth mentioning is the proximity of POS businesses, which solves stress and eradicates the need for transportation to go to the bank for even flimsy transactions. It favours especially people living in remote and local areas where banks are far from their homes.


How Does The POS Business Work?

A POS agent operates under a POS service provider, like a bank or a financial technology company. The agent keeps cash at hand for transactions, which will incur a bank charge fee.

In the POS business, the agent offers customers a variety of transactions to choose from, such as withdrawal, transfer, bill payment, or even opening a personal bank account. A POS device makes it possible for the agent to carry out all cash transactions with the customer’s debit card. The agent selects the transaction type on the POS terminal and the amount. Then the debit card is inputted and the customer’s four-digit pin consecutively.

The GPRS network connects to the bank’s server to approve the transaction, which, if successful, brings out receipts for the agent and customer, respectively


Read also: Top 20 Agri-business Ideas and How to Start an Agribusiness 


How Do POS Agents Make Money?

POS businesses can make a daily return of between 5,000 NGN to 20,000 NGN daily, even more. Although, an enormous factor in doing this is the location of the business.

POS agents make their profits from the charge fee on every transaction performed by the customers, from withdrawals to airtime buying. Sometimes, the POS service provider also gives the agents a commission.

In most cases, when a customer comes to make a transaction, such as a withdrawal of 5,000 NGN, the agent collects a charge fee of 100 NGN, of which the POS provider takes a certain percentage, while the rest goes to the agent’s wallet.

Every transaction by a POS agent for a customer warrants a service charge, which the customer pays. The payment of this charge is where a chunk of the POS agent’s income originates.

As earlier mentioned, the bank or the POS provider also pays the agent a daily or weekly commission. This commission depends on the number of transactions the agent has carried out using their wallet or service.


Is the POS business profitable in Nigeria?

As of October 2021, the total amount of transactions at POS terminals in that year hit 4.1 trillion NGN in Nigeria. This statistics is a testimony that this business is profitable.

There are several reasons for this.

Banks in Nigeria only open their branches in busy areas, where there are markets or many other businesses. So, people living far from these places will have to go at least a thirty minutes drive from their homes. Many people in Nigeria suffer from this menace, and the POS business is a lifesaver to them.

Therefore, the POS business has become a reliable alternative to the bank, especially for transfers and withdrawals.

The business also needs no advertising campaign because every community needs it. POS agents place their stores in noticeable locations. All of this contributes to the lucrativeness of this business.


Services offered by POS businesses

Some services offered by POS businesses are mentioned below;

  1. Withdrawal of funds from a bank account
  2. Opening a bank account
  3. Funds deposit
  4. Payment of bills such as electricity, TV subscription, airtime and others
  5. Funds transfer
  6. BVN enrolment

Read also: Profitable Business Ideas to Earn at least 200k monthly


Advantages of owning a POS business

  • Affordable capital: 

Many businesses need an enormous sum as capital, but the POS business is not one of them. At least the sum of 50,000 NGN suffices to start the business, which you can raise within a short time.

  • It does not need an expensive structure: 

Everyone knows how expensive it is to afford annual shop rent in most places in Nigeria. But for POS business, there is no need for a fancy structure, at least while starting. Most POS businesses use a simple wooden kiosk as the office of their business.

  • Customer traffic: 

For a business to flourish, it needs customers, and the POS business never has a lack of customers. People always need to make transactions all day, this brings in more profit for the agent.

  • Side hustle: 

Because of the ever-rising cost of living, most people need a side hustle to support their careers or other businesses. POS business is a perfect opportunity to do this. You can even employ someone to manage the shop while monitoring the number of transactions carried out through your wallet.


Disadvantages of owning a POS business

As they say, everything that has an advantage has a disadvantage. Hence, you must contemplate the cons of a POS business before you decide to start one.

  • Insecurity: 

The management of POS businesses requires transporting large amounts of money from the bank to your place of business. POS agents and their business places can be a target for robbery attacks from criminals. It is important to be security-conscious and alert at all times.

  • Fraud: 

Some unsavoury characters patronise POS businesses to carry out fraudulent transactions. You might need a few tips from others who have been in the business to spot a scam when you meet one.

  • Bank networks: 

It’s never a pleasure being a victim of a bad network when performing a transaction, asides from delaying the customer, it also causes unwarranted debits from banks even if the money never got to the agent’s wallet. Because of this common problem, most POS agents use different POS machines. It is also necessary to do proper research to know which POS service provider has a reliable network.

  • Unstable electricity: 

POS machines need to be charged. This might prove difficult because of the unpredictable nature of electricity in Nigeria. So, as a POS agent, you might need to have another source of power, like a small generator, for backup.


How to become a POS agent


How to Become a POS Agent

A financial institution approves a POS agent to perform mobile money services like withdrawals, transfers, and bill payments to customers.

Before becoming a POS agent, you must choose a POS service company. There are many of these in Nigeria. Below are some of the popular ones that the latter part of this article highlights:

  1. First bank
  2. Wema Bank
  3. Opay mobile bank
  4. Bankly POS
  5. Monie Point POS
  6. Kudi bank
  7. GTbank
  8. Paga
  9. Zenith bank
  10. Access bank
  11. Quickteller
  12. Ecobank
  13. Baxibox
  14. UBA

To become a POS agent, one must open a bank account with the financial institution you want to work with or work under a bank you already have an account with. The latter is a better option because your transaction history can make you more qualified to be accepted as their agent.

What Does It Cost To Start A POS Business

The startup cost for a POS business in Nigeria has no fixed amount, but it depends on some factors, which are listed below;

  • Location: 

The location you intend to open your POS business will determine the amount of money you’ll need to rent a store or kiosk or even an umbrella stand. You should ask around and find out the cost of setting up where you want to operate your POS business from.

  • POS machine/device: 

The cost of POS devices ranges from NGN30,000 to above NGN100,000. This price depends on the bank or Fintech company you plan to use as your POS service provider.

  • Available Cash: 

You need a substantial amount of money to enable you to perform daily transactions. It can be from NGN100,000 to NGN300,000, at a minimum. With this sum of money, you can satisfy your customers’ financial needs.

Requirements for starting a POS business

  • Start-up capital: 

As earlier mentioned, the capital needed for the POS business is not expensive because you don’t need a lot to start the business.

  • Location: 

The next step is picking out a location for the business, somewhere with a need for POS business and where your business will flourish. Examples of such places are markets, parks, well-populated areas and others.

  • Official requirements: 

The Central Bank of Nigeria has set some requirements that POS agents must meet before any financial organisation approves them. You can get details of the requirements either by going to the bank you have chosen or by contacting their customer care. The CBN permits POS agents to work under various POS service providers, but the required documents for each provider might vary from the other.

Below are some of these documents:

  1. Valid means of identification like National ID Card, Voter’s ID Card, etc.
  2. Passport photographs
  3. Bank Verification Number (BVN)
  4. Current Account references
  5. Evidence of business registration (CAC Certificate)
  6. Start-up funds/ capital minimum of NGN50,000
  7. Tax Identification Number (TIN)

Once the bank approves your application, they will give you a POS machine, free or attached with a cautionary fee, so you can begin your POS business.

How to start a POS business with the first bank

  • What is a First bank POS agent?

We also know a Firstbank POS agent as a Firstmonie agent, who is registered under Firstbank to operate a POS merchant business in Nigeria.

  • Services offered by First Bank POS business

Firstbank POS offers more services than money withdrawal. People can pay bills, purchase airtime, deposit money and enrol for their Bank Verification Number.

  • How much does it cost to become a FirstBank POS Agent?

Firstbank of Nigeria does not require any cost to become a POS agent. As long as the individual meets all the requirements, the person will get a free POS device to begin the business.

  • Requirements for starting a First Bank POS business

  1. An existing business
  2. Accessible location
  3. Valid ID cards such as voter’s card, national ID card, driver’s licence, or international passport
  4. Bank Verification Number (BVN)
  5. Utility/Electricity bill
  6. Corporate bodies must have their business registration documents
  7. Engagement in commercial activities for at least twelve months
  8. Minimum capital of NGN50,000
  9. Functional Firstbank account for at least one year

  • How to become a First Bank POS Agent

Below is a guide on how to become a Firstbank POS agent or a Firstmonie agent;

  • Go to the FirstMonie agent banking website; https://www.firstbanknigeria.com/personal/ways-to-bank/firstmonie/agent-banking/ There you will find a FirstMonie agent onboarding form, which you will fill and agree to the terms and conditions of their services.
  • Click on the “Send” button to submit your request to Firstbank.
  • To ensure faster processing of your request, you can visit the nearest Firstbank branch to check on the status of your POS agent request. Ensure you take along with you the complete list of the required documents.

  • How long will it take you to get a First Bank POS?

The duration of getting a Firstbank POS is between two to four weeks.

  • How much is First Bank POS (Cautionary fee)?

To get a Firstbank POS machine, you must deposit a sum of NGN50,000 into your Firstmonie wallet or agent account before they will give you the POS machine. Please note that this money is yours and will remain in your Firstmonie account where it will be visible to you.

  • How much does First Bank POS charge?

Below is the list of transactions and charges of Firstbank;

  1. Deposit (FirstBank account only)

1—5,000 – N50

>5,000–30,000 – N100

>30,000–100,000 – N150

>100,000 – N200

  1. Transfer to FirstBank account

1–30,000 – N100

>30,000–100,000 – N150

>100,000 – N200

  1. Transfer to Other

1–20,000 – N100

>20,000–100,000 – N200

>100,000 – N250

  1. Cash Withdrawal

1–10,000 – N100

>10,000–100,000. – N200

>100,000 – N300

  1.  Bill Payment N100 flat
  2.  Airtime Recharge Free
  3.  Account Opening Free
  4.  BVN Enrolment Free

How to start a POS business with Wema POS/Agent Banking

  • What is a Wema POS agent?

A Wema POS agent is an individual operating a Wema Point-of-Sale terminal, designed to serve as alternative means for paying for goods and services, either local or international transactions.

  • Services offered by Wema POS business

The Wema POS agent performs some services for clients on behalf of Wema bank. They include:

  1. Wema bank account opening.
  2. Cash deposit into Wema bank account.
  3. Money withdrawal
  4. Money transfer
  5. BVN services
  6. Bills payment
  7. BVN enrolment

  • How much does it cost to become a Wema POS Agent?

Wema bank doesn’t require potential agents to pay to become an agent.

  • Requirements for starting a Wema POS business

Wema bank requires the following for anyone to become an agent;

  1. A Wema bank savings account
  2. An android phone with data
  3. Startup funds/capital
  4. Own a business with a physical business location
  5. Valid means of identification
  6. Passport photographs
  7. Bank Verification Number
  8. Evidence of business registration (CAC Certificate

  • How to become a Wema POS Agent

Follow the steps below to become a Wema bank POS agent;

  1. Go to the nearest Wema bank branch
  2. Get the Wema POS agent registration form
  3. Fill the form
  4. The bank will contact you if they approve your application

Alternatively, you can download the Wema bank POS agent registration form here; https://www.wemabank.com/media/163365/Agent-Banking-Expression-of-Interest-Form_with-Logo.pdf

Print it out and fill it. Then submit it at the nearest Wema bank branch and await further instructions.

  • How long will it take you to get a Wema bank POS?

Wema bank’s POS can take up to one month to collect.

  • How much is Wema POS (Cautionary fee)?

Wema Bank has no cautionary fee for their agents, but you have to have used your bank account for at least one to six months.

  • How much does Wema POS charge?

The standard merchant service charge is 0.5% per transaction capped at NGN1000.

How to start a POS business with Opay POS

  • What is an Opay POS agent?

An Opay POS agent is a merchant registered under Opay which is also known as Paycom, a licensed mobile money platform. Opay is a fast-rising Fintech company that has used its POS agency to create opportunities for many Nigerians.

  • Services offered by Opay POS business

With the Opay POS, one can carry out the following transactions;

  1. Receive money and transfer to others too
  2. Pay less money for airtime on the Opay app and get discounts while doing this.
  3. Subscribe to different TV service providers and earn money as a commission
  4. Pay electricity bills quickly and easier.

  • How much does it cost to become an Opay POS Agent?

If you want to become an Opay agent, you don’t need to make any payment. Just download the Opay app and sign up to become an agent.

  • Requirements for starting an Opay POS business

You need the following to register your Opay business;

  1. Bank Verification Number (BVN)
  2. Utility bill not older than three months
  3. Valid means of identification
  4. Passport photographs

  • How to become an OPay POS Agent

  1. Visit the play store to download the Opay app
  2. Email [email protected] requesting an OPay merchant registration form.
  3. Or log into the Opay app and choose the Merchant application icon
  4. Input your correct details
  5. Upload all the required documents
  6. Submit your application form for review

  • How long will it take you to get an OPay POS?

New Opay account owners cannot apply for the Opay POS machine.

You must have been a POS Agent who has accumulated a good transaction history on your OPay account.

You can then submit your POS request and the Opay team will review and process the request within 24 hours.

Once they approve your POS terminal request, an Opay staff will contact you to come and pick up the POS terminal.

  • How much is OPay POS (Cautionary fee)?

The Opay POS is free for agents who have built a good transaction history with Opay, but they must have a caution fee of NGN20,000 available in their wallets.

After the approval of the POS terminal, the caution fee will take effect.

For new Opay agents who can’t wait to build their transaction history, then they can buy an Opay POS machine.

The prices are below;

  1. NGN50,000 for OPay Smart POS
  2. NGN35,000 for OPay Traditional POS
  3. NGN8,500 for OPay Mini POS.

  • How much does OPay POS charge?

Opay charges per daily transaction which is 5% and the agent will receive the remaining 5% or more than that as income, it depends on the price the agent charges the customers per transaction.

How to start a POS business with Bankly

  • What is a Bankly POS agent?

Bankly is a Nigerian Fintech company that provides a virtual saving wallet for the informal sector of Nigeria. They have used their Bankly agents’ scheme to create jobs for the public. A Bankly POS agent is a merchant that registers a POS business under Bankly.

  • Services offered by Bankly POS business

Bankly POS offers the following services to the public;

  1. Cash withdrawal
  2. Transfer of funds
  3. Utility bills payment like airtime, data, electricity, etc
  4. Deposit cash to bank accounts
  5. Transfer funds to other beneficiaries
  6. Provide access to Bloomm users’ savings

  • How much does it cost to become a Bankly POS Agent?

The Bankly agent scheme began with the purpose of creating jobs. Therefore, it is free for all who are interested in becoming a Bankly agent. The only thing necessary is a startup capital, which can be any amount from a minimum of 20,000 NGN, depending on your location and circumstances.

  • Requirements for starting a Bankly POS business

To start a Bankly POS agent, you would need the following documents;

  1. A valid means of identification such as your national ID card, driver’s license, Voter’s card or international passport.
  2. Utility bill /PHCN bill
  3. Business certificate for registered business
  4. Bank account number
  5. Bank Verification Number (BVN)
  6. Email address

  • How to become a Bankly POS Agent

  1. To become a Bankly POS agent, download the Bankly Agent mobile application.
  2. Create an account with Bankly by signing up in the mobile app and providing the KYC details They must verify your account before you proceed with registration. Bankly support personnel will do the verification.
  3. Log in to the app and start your transactions.

  • How long does it take to get a Bankly POS?

The duration of getting a Bankly POS is quite brief, it should only take between one day to a week.

  • How much is Bankly POS (Cautionary fee)?

Bankly offers its agents free POS terminals. The Bankly POS costs 15,000 NGN. If an agent returns to the POS terminal as long as it is in a good condition, Bankly will refund 10,000 NGN to the agent. The sum of 15,000 NGN is not to buy the POS terminal as the company can decide to collect the POS if the agent does not use it or does not meet up with the set target of thirty transactions daily.

  • How much does Bankly POS charge?

Bankly POS charges 0.5% for withdrawal and 20 NGN for every deposit. They will charge the agent N5 on every N1000 that is withdrawn for a customer. The charge for a transfer of NGN100 to NGN2000 is NGN10, but they charge NGN20 for any amount above N2000 to transfer any amount either on the POS or on their web platform.

How to start a POS business with Monie Point POS

  • What is a Monie Point POS agent?

Moniepoint is a credible and fast-growing mobile money platform where you can make money as a mobile money agent by providing banking services to the public. Moniepoint offers its agents fair charges and commissions so that they can make a good profit from the POS business.

  • Services offered by Monie Point POS business

These are the services offered by Moniepoint;

  1. Cash withdrawal
  2. Fund Transfer
  3. Instant Settlement
  4. Payment of Utility Bills

  • How much does it cost to become a Monie Point POS Agent?

There is no cost to be paid to become a Moniepoint POS agent. It is free for anyone interested.

  • Requirements for starting a Monie Point POS business

It will require the following documents to start a Moniepoint POS business;

  1. A verified identity card such as driver’s license, Voters’ card, International Passport, or National ID Card
  2. Utility Bill (PHCN Bill)
  3. Business License or CAC certificate (For Registered business only)
  4. Valid Bank Verification Number
  5. Valid bank account number

  • How to become a Monie Point POS Agent

Visit the official Moniepoint website here; https://moniepoint.com/ you will find the option to become an agent. The website will direct you to fill a form, which they will use to contact you. Ensure you confirm your email address and phone number so that a cluster manager can reach out to you after 48 hours.

The agent will direct you on what you have to do next to confirm your agent account with Moniepoint.

After they approve your application, you can finally log in to the Moniepoint dashboard to manage your account.

Alternatively, you can find the Moniepoint branch nearest to you. When you get there, one of the staff will guide you in the process of registration.

  • How long will it take you to get a Monie Point POS?

If you want to get a Moniepoint POS device, contact your Cluster Manager who will direct you on the process and duration it will take to collect a POS terminal.

  • How much is Monie Point POS (Cautionary fee)?

The Moniepoint POS machine is not very expensive, it is an affordable sum of N25,000, which is cheaper than the cost of other POS machines.

You can easily buy one instead of waiting a long time to get the POS machine for free.

  • How much does Monie Point POS charge?

Moniepoint POS transaction charges are quite low, and probably the cheapest. Practically, they base the charges on the number of transactions you execute and not depending on the bank, unlike other POS services. The Moniepoint fixed charge is at N20 for all banks in Nigeria.

Also, the charge for withdrawing up to N4,000 is merely N6.2, although it rises as the amount withdrawn increases, asides these, Moniepoint does not charge any extra bank fees, unlike many other POS services providers.

How to start a POS business with Kudi POS

  • What is a Kudi POS agent?

A Kudi POS Agent is a merchant that can deliver financial services to the public under the Kudi POS service provider.

  • Services offered by Kudi POS business

  1. Funds Transfer
  2. Swift Withdrawals
  3. Bill payments
  4. Purchase of airtime and data for all networks.

  • How much does it cost to become a Kudi POS Agent?

There is no cost to become a Kudi POS agent, it is completely free.

  • Requirements for starting a Kudi POS business

The Kudi POS has no requirement to start. All you need to do is sign up to the app by making use of your contact details and connecting the app to your bank account.

How to become a Kudi POS Agent

The following are steps on how to become a Kudi POS agent;

  1. Download the Kudi app from the app store.
  2. Open an account with Kudi by signing up with your phone number
  3. Connect the Kudi app to your functional bank account
  4. Start transactions after funding your e-wallet
  5. Keep using the application for transactions such as airtime recharge, TV subscription and electric bills
  6. After continuous use of the Kudi platform for two weeks, you can now check your inbox or enquire about your eligibility for a free POS.

Rather than waiting for eligibility, you can simply go to their nearby office, or call their customer care. For people living in Lagos Kudi have an office at 19b Bosun Adekoya Street in Lekki Phase 1. When you get there, you can request the agent’s form, fill in your correct details and submit it to them. They will then request you to pay a non-refundable sum of 20,000 NGN immediately. Now the Kudi team will approve your application and you can get your POS machine.

  • How long does it take to get a Kudi POS?

For those who decide to follow the agent by merit method, it can take two weeks provided you are continually using the Kudi app for transactions, but if you decide to pay the sum of 20,000 NGN, you can get the Kudi POS machine immediately.

  • How much is Kudi POS (Cautionary fee)?

Kudi POS terminals come at no cost, but they ask agents to pay a caution fee of N20,000 and also deliver a transaction report at the end of each day. The purpose of this is to show that you can meet up with the transaction daily target on the Kudi POS.

  • How much does Kudi POS charge?

Kudi POS charges for its withdrawal transactions are:

  1. 100 – 4,500 (N25)
  2. 4,501 – 25,000 (0.6%)
  3. 25,001 – 500,000 (N150)

How to start a POS business with GTB POS

  • What is a GTB POS agent?

GTBank POS agent is a merchant that delivers financial services to communities under the GTBank POS service.

Services offered by GTB POS business

Here are some financial services Gtbank POS offers;

  1. Opening of instant accounts
  2. Deposit and Withdrawal of Cash
  3. Customer Enquiries
  4. Payment of bills
  5. Transfer of funds to bank accounts and wallets

  • How much does it cost to become a GTB POS Agent?

Becoming a GTBank POS agent comes at no cost at all.

  • Requirements for starting a GTB POS business

The following are the requirements needed to start a GTB POS business;

  1. A functional Guarantee Bank Trust Account
  2. A valid means of identification such as a Voters Card, National Identity Card, Drivers License, or International passport
  3. An existing business location.
  4. Residential address proof like Utility /PHCN bill.

How to become a GTB POS Agent

First, it is important to have a GTBank Business Current Account. If you have this, you can visit the nearest GTBank branch and meet one of the customer care staff to demand the GTBank POS application form and the agreement form. Once they approve your application, GTBank customer care will contact you to come over for your POS machine.

  • How long will it take you to get a GTB POS?

Once you have applied for a GTBank POS machine, it should take at least two weeks to process. Sometimes it can take as long as 30 days, so it is important to keep in touch with the customer care of the GTBank to keep abreast of the processing.

  • How much is GTB POS (Cautionary fee)?

The GTBank POS is free, but for every acknowledged instalment, they charge you an expense of 0.75%, which is deducted.

  • How much does GTB POS charge?

GTBank POS charges NGN100 for a transaction between NGN1000-NGN5000, then NGN200 for a transaction between NGN5100-10000 and so it continues.

How to start a POS business with Paga

  • What is a Paga POS agent?

Paga is a financial institution that permits individuals who desire to make an income, to become their POS agents and support their organisation. A Paga POS agent is an independent merchant that has received training from Paga to provide their customers with POS services.

If you become a Paga agent, you will receive a commission for each transaction that you perform, as well as bonuses from Paga.

The more transactions you carry out, the more profit you will earn. Some additional incentives that you get for being a Paga agent include the sole access to the training that is organised by Paga and the other related companies and many other benefits.

  • Services offered by Paga POS business

With the following services, you as a Paga POS agent can earn money anytime you perform any of these transactions for your customers

  1. Account Opening
  2. Cash Deposit
  3. Cash Withdrawals
  4. Bill Payments
  5. Airtime & Data
  6. Send Money

  • How much does it cost to become a Paga POS Agent?

Agent sign-up fee is N20,000. This amount is inclusive of both branding and startup funds.

  • Requirements for starting a Paga POS business

You will fill a form on https://www.mypaga.com/pagaagent.html

After you fill out this form, one of the Paga representatives will contact you for the onboarding process. If they do not contact you after 7 days of filling the form, send an email to [email protected]

  • How to become a Paga POS Agent

If you want to become a Paga POS agent, email [email protected], or Log on to www.paga.com, click on Agent and Become an Agent to get started.

One of the Paga representatives will contact you for more instructions on the process.

  • How long will it take you to get a Paga POS?

Usually, it can take between a day to 1 week to get a Paga POS.

  • How much is Paga POS (Cautionary fee)?

Paga POS is N20,000, which comprises both branding and startup funds. But it doesn’t mean you have bought the POS device because this is only a cautionary fee.

  • How much does Paga POS charge?

Paga charges 0.55% on withdrawal and N30 flat on every deposit of any amount.

This means that Paga charges N5.5 on every N1000 that a customer withdraws and N30 to transfer any amount either on the POS or the app.

How to start a POS business with Zenith Bank POS agent

  • What is a Zenith Bank POS agent?

Zenith bank agent banking is a financial inclusion program that the bank has adopted to extend retail services across the country. As a Zenith bank POS agent, you will render financial services on behalf of the bank.

  • Services offered by Zenith Bank POS business

  1. Account opening
  2. Cash withdrawal
  3. Cash deposit
  4. Funds transfers
  5. Bills payment
  6. Airtime Purchase

  • Requirements for starting a Zenith Bank POS business

  1. An existing business with a physical location for twelve months
  2. A functional Zenith bank account for at least 6 months
  3. Download the agent banking app on your Android device.
  4. Attach these documents to your registration form;
  5. For individual accounts: Proof of address (utility bill)
  6. Valid means of identification, and 2 Passport photographs.
  7. For corporate accounts: Proof of address (utility bill)
  8. 2 Passport photographs
  9. TIN
  10. Certificate of Incorporation, and Memorandum and Article of Association.

  • How to become a Zenith Bank POS Agent

To become a Zenith Bank POS Agent, follow the steps below;

  1. Visit the nearest Zenith Bank and go to the customer service.
  2. Ask for their POS Agent registration form
  3. Fill and submit it

Once they approve your application form, they will give you a Zenith Bank POS machine. Next, download the Zenith banking app on your android phone and start your POS agency business.

Note that it is FREE to become a Zenith Bank POS agent, so don’t pay any money to any third party. 


  • How long will it take you to get a Zenith Bank POS?

In Lagos, it usually takes 8 working days, while other locations outside of Lagos might take up to three (3) weeks.

  • How much is Zenith Bank POS (Cautionary fee)?

You’re not required to pay anything to become a POS agent. 

After Zenith bank accepts your application, you will get a POS machine, and you can start operating your POS business. You will also need to download the agent app. It is only available on android, so you need to get an android phone if you don’t have one already.

  • How much does Zenith Bank POS charge?

They charge 1.25% of payments above 2000

For deposits and withdrawals less than NGN100,000, they expect the agent to charge between NGN5 and NGN300 and the minimum agent commission is about 45%.

How to start a POS business with Access Bank CLOSA agent

  • What is an Access Bank POS agent?

Access bank POS agent provides access to financial services within a neighbourhood. The agent processes transactions quickly and easily via platforms such as Point-of-Sale (POS) terminals or Mobile Phones.

With Access CLOSA, you can carry out various transactions without visiting the bank.

  • Services offered by Access Bank POS business

  1. Cash Deposits
  2. Cash Withdrawals
  3. Funds transfer
  4. Bill Payments
  5. Airtime Purchase
  6. Account Opening

  • How much does it cost to become an Access Bank POS Agent?

The minimum requirements to become an agent are:

  1. A business location that is accessible
  2. Minimum capital of ₦50,000
  3. Valid means of identification like Voter’s card, Driver’s License, International Passport, National ID card
  4. Utility bill
  5. Business registration documents for corporate bodies

  • How to become an Access Bank POS Agent

You must follow the steps below:

1. Visit the nearest Access Bank branch, preferably where you have an account and request an agency banking application.

3. They will give you the Access bank agent banking application forms to fill.

4. Fill the form with the right information.

6. Submit it to an agent at the bank. The agent will ensure you have forwarded your application to the right department for review.

8. After the Access team verifies your information, they will register you for agent banking.

  • How long will it take you to get an Access Bank POS?

It is usually between one to two weeks.

  • How much is Access Bank POS (Cautionary fee)?

It is free as long as they have approved you as an agent. 

  1. Visit any of the access bank branches.
  2. Go to the customer care section.
  3. Collect the POS request form, fill it, and submit it back to them.
  4. The Access bank team will contact you when it is ready.

  • How much does Access Bank POS charge?

They require customers to pay a certain fee per transaction. The fee is about 1.25% per NGN2,000.

How to start a POS business with Quickteller Paypoint

  • What is a Quickteller POS agent

Quickteller POS agents are merchants who earn income by offering financial services to the public.

Services offered by Quickteller POS business

They are payment of bills, funds transfer, cash withdrawals, deposits and airtime recharge.

  • How much does it cost to become a Quickteller POS Agent?

You can contact the Quickteller team for this information.

  • Requirements for starting a Quickteller POS business

The potential agents need the following documentation;

  1. Passport photograph
  2. Recent utility bill to confirm a residential address
  3. A valid identification card (National ID, Voter’s card, driver’s license, or international passport)
  4. A business registration certificate (for registered business).

After registration, the agent should have at least N1000 on the Quickteller wallet, to qualify for a free android POS and starter kit. The starter kit comprises a free banner, a power bank, and a daily journal to document transactions.

  • How to become a Quickteller POS Agent

To become an agent, you must complete the application form and submit it with the required documents. Then make payment for the Agent Start-up Capital (N10,000) into the IFIS operational bank account.

An IFIS Business support partner will inspect and certify the Quickteller Agent location. Quickteller activates your IFIS agent account and you will receive login details and a credit alert.

An agent must undergo IFIS Agent Banking training and receive the following setup kits.

  1. IFIS Certificate of Completion.
  2. IFIS ID for identification.
  3. Transaction Log Book/Register.
  4. An Agent code.
  5. Branding materials
  6. Tariff Sheet.

  • How long will it take you to get a Quickteller POS?

Please contact Quickteller customer care for this information.

  • How much is Quickteller POS (Cautionary fee)?

The Quickteller POS is free.

  • How much does Quickteller POS charge?

Customers used to pay a fee of NGN100 on every transaction, but now Quickteller has made some partnerships to enable them to bear the transaction cost. So, customers can make transactions without additional cost to them.

How to start a POS business with Ecobank Xpress point

  1. What is an Ecobank POS agent?

Xpress Points are Ecobank approved locations that allow people to use simple banking services without having to travel to the bank.

This affordable business opportunity is helping thousands of individuals and business owners across the country to boost their income. 

  • Services offered by Ecobank POS business

  1. Open an Ecobank Xpress Account
  2. Withdraw funds from your Ecobank Xpress Account
  3. Deposit funds into your bank account
  4. Transfer funds to any bank
  5. Pay bills (TV, internet, utilities etc.)
  6. Top up your airtime

  • How much does it cost to become an Ecobank POS Agent?

You can visit the nearest Ecobank branch to enquire about this.

  • Requirements for starting an Ecobank POS business

  1. Start-up capital
  2. Minimum of NGN10,000
  3. A laptop with an internet connection
  4. An android device that can download the Ecobank POS Agent App
  5. A feature phone for USSD transactions
  6. Passport photograph
  7. Bank Verification Number (BVN)
  8. Valid means of identification: National ID Card, Driver’s License, Voter’s Card (PVC) or International Passport
  9. Utility bill of agent’s address (not over 3 months)
  10. Two (2) current/corporate account references or completed reference form.
  11. For corporates/SMEs only:
  12. Corporate Affairs Commission (CAC) Documents for Registered Companies
  13. TIN Number/Tax Certificate for Registered Companies

  • How to become an Ecobank POS Agent

To become an Ecobank POS agent submit your application first.

  1. After the bank receives your application, a representative will contact you within 72 hours.
  2. To follow up on your application, email [email protected]

  • How long will it take you to get an Ecobank POS?

You can enquire about this by sending an email to the customer service.

  • How much is Ecobank POS (Cautionary fee)?

To get a POS machine from Ecobank, you need to open an account with them if you don’t have one. The bank will give you a free POS when you connect your account to an Xpress Point.

  • How much does Ecobank POS charge?

Visit the Ecobank branch near you to find out about this.

How to start a POS business with Baxi Box

  • What is a Baxi Box POS agent?

BaxiBox POS agent is a merchant that uses Baxibox as a POS service provider. Baxibox focuses on bringing financial inclusion closer to the public and providing a source of income to its POS agents.

  • Services offered by Baxi Box POS business

Baxibox offers a lot of interesting services asides from cash withdrawal and fund transfer. Below are some other features;

  1. Utility Bill payment
  2. Airtime recharge and data purchase
  3. Tickets to public events
  4. Payment on Sports betting platform
  5. Insurance payment
  6. Generation of WAEC pins

  • How much does it cost to become a Baxi Box POS Agent?

The Baxi box has a POS license fee of ₦5,000. Contact their customer care team for more information on this fee.

  • Requirements for starting a Baxi Box POS business

The following are the requirements to get a Baxi POS;

  1. Valid Identification; National ID card, Voter’s card, International passport, or Driver’s license.
  2. Utility bill (PHCN bill)
  3. Business license (CAC certificate for registered business only)
  4. Valid Bank Verification Number (BVN)
  5. Bank account number
  6. Valid email address
  7. Passport photograph.
  8. A cautionary fee of 10,000 NGN for Baxibox Mpos or 30,000 NGN for the Baxibox android POS.

  • How to become a Baxi Box POS Agent

Below are the steps involved in becoming a Baxibox POS agent;

  1. Download the Baxibox app on your phone
  2. Find the registration option
  3. Use your Bank Verification Number to upgrade your account go Baxi Flex or Baxi Pro
  4. Fill in the information for KYC
  5. Request for the Baxibox POS terminal
  6. Fill and submit the form
  7. Get your guarantors to fill theirs.
  8. Make the payment for the Baxibox POS device
  9. Submit the required documents for registration to get the POS device
  10. Submit the already signed form and the guarantor’s form
  11. Contact Baxi customer care for more information.

  • How long will it take you to get a Baxi Box POS?

Acquiring a Baxibox POS takes between one day to 1 week.

  • How much is Baxi Box POS (Cautionary fee)?

Baxibox charges agents a caution fee of N10,000 for the Baxi Mpos and N30,000 for the Android POS to collect either of these POS from them. This cautionary fee is to ensure agents do not damage the POS. The payment of this fee doesn’t signify complete ownership of the Baxibox POS.

  • How much does Baxi Box POS charge?

The Baxibox POS charges 30 NGN for transferring funds and 0.55% on a single withdrawal transaction.

They charge 0.55% from 1-20,001 NGN, 100 NGN from 20,001 to 100k and 150 NGN from 100,001 upward while the charge for cash deposit is 30 NGN flat to any bank.

How to start a POS business with UBA POS

  • What is a UBA POS agent?

A UBA Moni POS agent is a merchant that uses UBA as a POS service provider to bring banking closer to the public to ensure that previously excluded persons become a part of the UBA financial world.

The UBA POS agency allows the actualization of the cashless policy, as it has now become a famous means of sending and receiving money in Nigeria.

  • Services offered by UBA POS business

Below are some of the UBA Moni agent services, which you can provide to the community or your neighbourhood as an agent. They include;

  1. Fund Transfer between banks
  2. Deposit of Funds
  3. Withdrawal of Funds
  4. Balance Enquiry
  5. Account Opening

  • How much does it cost to become a UBA POS Agent?

While it costs nothing to become a UBA POS agent, you must be able to meet a minimum of NGN1,000,000 monthly turnover or N35,0000 as the daily transaction.

  • Requirements for starting a UBA POS business

To become a UBA agent banking, you must meet up these requirements;

  1. An existing business.
  2. Start-up capital of about NGN50,000.00.
  3. UBA cooperate or individual account.
  4. Bring along a valid means of identification, such as a Voter’s card, International passport, Driver’s license, or National Identity card.

  • How to become a UBA POS Agent

If you want to become a UBA POS agent, you must meet all the agent requirements listed above, then you can download the UBA Moni Agent registration form. You must submit this form to the nearest UBA branch, then the staff will contact you if you qualify.

  • How long will it take you to get a UBA POS?

After filling and submitting the request form, the deployment duration for Lagos is three working days, while the outskirts of Lagos are 5-7 working days.

  • How much is UBA POS (Cautionary fee)?

To qualify for the UBA Moni POS, you must be able to meet a minimum of NGN1,000,000 monthly turnover or N35,0000 as daily transactions. If you meet this turnover, then you can follow the steps listed below to get a UBA Moni POS

  1. Identify a merchant
  2. Print out the enrollment form.
  3. Get the principal decision-maker to complete the request form
  4. Scan the request form and deliver it to the nearest UBA bank
  5. Visit the e-Banking Helpdesk and log in.
  6. After you follow the instructions, the support team will contact you to inform you of the day they will send the POS.

  • How much does UBA POS charge?

UBA POS charges the sum of 100 NGN on all transactions between 0 to 5000 NGN. So for every 5000 NGN, an additional 100 NGN charge.

Final thoughts

POS business is an additional way of getting income aside from your present business or occupation.

But you must make proper enquiries before you begin. Hopefully, with the above guide, you can now decide on how to go about starting your own POS business. We wrote about other business ideas you can start without having a dime

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