Online Income

How to Start a Lucrative POS Business in Nigeria

To start a lucrative POS (Point of Sale) business in Nigeria is like running a mini bank where you can assist customers/clients to deposit, withdraw, and transfer money while charging them a certain amount. The portable device facilitates payments for goods and services using payment cards issued by any bank on the network. POS helps in actualizing cashless banking as it becomes a popular means of receiving payments and transacting business.

A unique advantage why you have of start a POS business is that it reduces stress, whereby customers can deposit money into different bank or withdraw money from any bank at a single spot in your location without having to visit any of the banks. And with this, you charge the customers for each transactions made and earn your money. Aside from withdrawal of cash and deposits, you can as well use it for Recharge Cards sale, Payment of Utility Bills, Data and Cable Subscriptions of various companies like PHCN, GOtv, DStv, Startimes and many others.

Starting a POS Business

It also allows a merchant to receive payment from customers using any bank cards, which means instead of customers saying “Where is the nearest ATM here, I want to withdraw” or “Sorry, I don’t have cash with me”, they can now pay you instantly with POS. Moreso, If you have been to the bank lately, you’ll know how stressful it is to withdraw or deposit money, that is to say if you have your bank branch close to you. But with POS, all you have to do is to insert your debit/credit card, enter the PIN number, press the amount and that’s it.

Getting Started

Having in mind that, to start a POS business is one of the lucrative ways of making money in the country. But at times it is somehow difficult to find someone to teach you how to start the business as no one is ready to reveal his/her source of wealth. However, in this article, we would be discussing How to start, the requirement, the process, and what it takes to start a POS business in Nigeria.

How to Start

To kick start the POS business in Nigeria, you need to put some key factors into consideration such as Office/Space/Land, Location, Container or Kiosk, and the major ingredient which is the POS itself. You can acquire a POS machine from any bank or Agencies for free, provided you meet up with all their necessary requirements or you can otherwise make a cash purchase from Private Companies once you have your capital in hand. Bear in mind that acquiring this machine from banks or agencies means you have been given a go-ahead and allowed to run your own POS business where ever you desire to.



Listed below are the immediate prerequisite not to mention others that might be needed if you wish to acquire the machine from banks or agencies.

1.  A Company Registration Certificate – which means you must possess a registered business or company name (CAC) that you want to operate the machine from and to which the machine will be allocated.

2. A Bank Account – To run the business you must have an account open with the bank you wish to acquire the POS machine from and must be at least 6 months and above with a minimum of N400,000 in the account (most banks prefer current account while few other banks accept savings account as well).

3. 2 passport photographs

4. A verified Office/Business Address

5. Utility Bill (PHCN)

6. 2 Guarantors with Current Account (from any bank)

Acquiring POS By Bank

To acquire a POS from any bank in Nigeria is free as much as you have an account with the bank. The bank giving the POS will however earn some little fixed commission charge for each transaction you carried out on the POS machine. Below are a few lists of the banks and their process of getting the machine.

Zenith Bank

To acquire a Zenith Bank POS machine, you must be a Current Account Holder in the bank.

  • Also, the account must have been in operation for over six months.
  • After that, you walk into any of the branches near you and pick up the POS application form.
  • The form entails the Business Name, the Business Account Number, email address, phone numbers, and other minor details.
  • After complete filling the form you email it to and also copy 
  • After submission, processing will take about 72 hours.

Once done processing, you will be contacted to come and sign a POS agreement document with the bank.


UBA POS is generally known as mobile Point of Sale (mPOS) terminal.

  • The mPOS terminal is a portable, low cost, and extremely secure.
  • It is about the size of a Blackberry Curve phone but works just like the popular common POS terminal used in most business outlets.
  • The UBA mPOS allows every business owner to easily track and analyze sales and trends in their business.
  • It also attached to a computer system where all sales and transactions are automatically and instantly captured.

To acquire the mPOS you must already have a current account with the bank.
Then you contact your bank manager or walk through to the Customer Relation department of the Bank and facilitate the procurement of the machine.

  • GTB requires you must be a Current Account Holder in the bank before you’re eligible to receive the POS machine.
  • Also, the Account must be inoperative for over six months, just like Zenith Bank.
  • Once you’ve meet up this requirement, then walk into any of the branches and pick up the form.
  • After complete filling the form, you then mailed it to or submitted it to the account officer.
  • You’re also required to sign the agreement form.

When done with the processing, you’ll be notified of your POS pickup date.

Polaris Bank

Polaris Bank unlike other banks, grant the POS machine to both savings and current account. All you need do is to;

  • Walk into any of the branch near you.
  • Pick a copy of the application form and the agreement form and fill it.
  • Contact the Relationship Officer for processing and facilitating the approval of your request.
  • Also, visit your Account Officer for inquiry as well as read the terms and conditions on each form.

Once approved, you’ll get a notice from your account officer not long after 14 days and delivered to the business address indicated on the form.

Meanwhile, always bear in mind when starting a POS business that there is a service charge of 0.75% on successful transactions which is deducted from completed transactions before being credited to your account.

Acquiring POS from Agencies

There are many agencies that give out POS machines for free providing you meet up with their prerequisite. Some of these agencies are OPay, Quickteller, Paga, Kudi Money, etc. But in this post, we’ll be discussing Opay POS Machine.

How to Apply for Opay POS Machine

To start the POS business, you’ll have to understand that Opay is an online mobile transaction in Nigeria owned by Opera software, the chief owners of Opera mini and web browser. The app is already operational in Kenya and South Africa.

Acquiring an Opay POS means you must have already become an OPay agent. To become an agent, certain rules apply. One of which you must have download the Opay app for android and register fully, also you will have a means of mobility. In a nutshell, the breakdown of the process is as follows:

  • Get a mobile phone and log on to Google playstore
  • Search for the Opay app for android or iPhone, depending on your phone type.
  • Download and Install the app.
  • Launch the app and agree on the terms of use following.
  • Fill up the Opay agent registration form as prompted
  • More so, follow the prompts and finish your transaction
  • To gain full access to the Opay POS, you must have made a transaction up to the sum of #55,000 or have a sum, not below #55,000 in your account.
  • Once your application is approved, you will be informed to come to the nearest Opay center to collect your POS


Acquiring POS from Private Companies

If the banks/agencies’ POS processing seems to be taking long or maybe you’re not convenient with their terms and conditions, you can as well start the business by purchasing the POS from Private Companies who serve as dealers around you. Acquiring the POS machine depends on the type of services you want to render and the precise POS you want. The cost of a POS machine ranges from N80,000 – N150,000, some of these dealers provide installment payment while others don’t

These Private Companies sell their POS with a licensed CBN PTSP (Payment Terminal Service Provider). Below is a list of some of the accredited Private Companies, you can Google their name for the address. If you wish to acquire the machine through them.

  • Brinq Africa Payment Solution Ltd
  • CitiServe Nigeria Ltd
  • Computer Warehouse Group
  • Easyfuel Ltd
  • Etop
  • Fidesic Nigeria Ltd
  • Global Accelerex
  • Globasure Technologies Limited
  • Grand Towers Plc
  • Interswitch Limited
  • Itex Integrated Services
  • Netop Business System Limited
  • Netplus
  • Paymaster Ltd

Using the POS Machine 

The machine is easy to operate as it is self-explanatory, anyone that can operate a mobile phone either android, Symbian, or Java can operate a POS machine. You don’t need any special class for this, just make sure that;

  • The POS machine is fully charged before commencing the business of the day.
  • Power it on by pressing the button until you hear a beep.
  • When asked, enter your password which could be some letters such as 123456.
  • If there is a connection, it should connect and be ready for the transaction.
  • Once a customer presents his/her debit card, make sure you insert it correctly in the card slot.
  • Enter the details of the transaction (i.e. Amount to transfer).
  • Allow the customer to secretly enter his pin.
  • Confirm by pressing enter and forward it for processing.
  • If successful, your account gets credited and 2 receipts are printed.
  • Cut out the customer’s copy and give it to him while you cut out the merchant’s copy for your records and for reconciling with your bank if necessary.

You could also sign up with your bank for SMS Notifications so you get an SMS for every payment made into your account on the POS.

Factors to Considered when starting a POS Business

There are many factors to consider when venturing into a POS Business if one wants to be successful in it, some of these factors are;

– Location:

Location matters in any business and POS business is not an exemption. Where you established your business is essential because it increases the number of customers and as a return yields huge income. It should be in a place that is visible and accessible. This business does well in local and remote areas where there are limited or no availability of banks, no ATM outlets because most of the money transaction that required the bank to execute will be done by you at a charged fee.

The business also thrives well in busy areas where a reasonable number of banks situated and the population seems to be rapidly growing, commercially populated areas where lots of people gather or come around for one business or the other. Not to forget Institutions and Campuses as students cannot do without withdrawal.

– Office Space (Shop or Kiosk):

After securing a good location, the next thing is to get a shop around that location because your POS business needs a physical address. One good thing about POS business is that it doesn’t require large space, a small space is enough. You can rent a shop, or a kiosk or use your house if the environment is safe. But be sure the place is somewhere very open or clearly seen by customers.

– Security:

You shouldn’t forget that we’re dealing with physical cash and as such maximum security should be put in place to guaranteed your customers that their money is safe haven. Also to give you a rest of mind to concentrate on your business, as well as to remove from the mind of your customers the phobia of being attacked by criminals after they have withdrawn their money. And to achieve this, you need to build a burglary proof gate within and around your shop/kiosk. Also, you need a strong iron safe for keeping your cash and PoS machine after closing for the day.

– Branding:

This is another important factor you have to put into consideration as the business would need awareness before it can be well known by people. To do this, you’ll need to decorate the shop and also print banners with your contact number on it for easy contact. Most importantly, you need cash at hand to dispense to customers when they make cash withdrawals.


The POS business is a very lucrative business with a lot of benefits in which you earn money by assisting customers/clients to deposit, withdraw, transfer money, payment of Utility Bills, Data, and Cable Subscriptions while charging them a certain amount. The service charge for each customer is at your own discretion, even though it is better you reduce your charge in order to attract more customers. So what are you waiting for, dive into the money pool now.

Hope you found the post useful and comprehensive!! If you have any questions or concerns, please let me know in the comments below! Don’t forget to share!

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