How to Start a POS Business in Nigeria Easily | GtBank, First Bank, Quickteller, FCMB, Moniepoint

Start a POS Business in Nigeria Today | How to Register
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We bring you a well detailed guide on How to Start a POS Business in Nigeria easily with any of the common POS outlets like Moniepoint, Firstbank, GTBank, etc.

One of the most lucrative businesses in Nigeria gaining massive popularity is the POS Business. The beautiful thing about this business is that you are not limited by the amount you earn daily or monthly. I mean, it is limitless. What matters is your service and location. Once you start a POS business in Nigeria, it is 100% possible for you to regain your capital in about 6months and even begin to open other businesses.

You will agree with me that standing on an ATM queue is very annoying. Sometimes, the ATM service can be so slow and you take up to hours for you to withdraw just a little amount.

This is the idea behind a POS Business. Nigerians are not patient people. They do not like delay, they do not like waiting. So, if you can find a way to give them what they want quickly, then you are on the way to making good money!

What is POS Business?

POS Business is an extension of the services offered by financial institutions and other service providers to their customers. It is a means by which customers can withdraw, transfer and send cash easily and fast. It is also a means by which a customer can pay for services like DSTv, GOTv, Startimes, utility bills, Tax payment, e.t.c

A POS Business in Nigeria serves as a link or middleman between the customer and banks.

POS stands for POINT OF SALE.

Benefits of POS Business in Nigeria

The following are some of the benefits of the POS Business

  1. Business opportunities for both old and young people
  2. Reduces the congestion of people in banks.
  3. Cost Reduction
  4. Creation of Jobs
  5. Extension of Bank services
  6. Customer Satisfaction

List of Banks and Companies that Offer POS Business in Nigeria

  • First Bank (FirstMonie)
  • Access Bank or Diamond Bank
  • FCMB
  • Zenith Bank
  • UBA
  • Fidelity Bank.
  • Polaris Bank
  • Paga
  • Opay
  • Mtn MoMo
  • Quickteller
  • Kudi e.t.c.
  • Moniepoint

How to Start POS Business in Nigeria Easily!

Now, here is the real aim of this post. To guide you on How to start your business and make money via POS Mobile ATM Banking here is a quick business plan.

How to Start a POS Business in Nigeria Easily

STEP 1: Find a Host Bank or Company

I listed some banks and companies above that allow POS Business in their name.  You can select from  First Bank, Access Bank, Diamond Bank, UBA, Zenith, FCMB, Quickteller, Opay, Paga, e.t.c.

I will also show you how to get these banks to approve of you. Keep reading.

STEP 2: Scout a Good Location/Sales Point

This step is made step 1 for a reason. Your location matters a lot. It affects your business positively or negatively. When starting a POS Business in Nigeria, you have to pick a location that is very ACCESSIBLE, SECURED and BUSY. 

STEP 3: Get your Capital

You need capital to acquire your shop and get your POS Machine in Nigeria. Also, you need some cash at hand for your first customers who will like to make withdrawal transactions. You will roughly need about ₦60,000 to start up. Then for your shop, you need to look for a cheap and best available option

STEP 4: Acquire your Shop

You just need a small shop for this business. Nothing too big. What matters is the speed of your service and relationship with customers and not the size of your shop.

STEP 5: Buy Your POS Machine

POS Machine is a device that allows a debit cardholder to make payment and other transactions in an area where goods and services are rendered. It gives an instant notification if a debit or credit transaction to your account.

As part of registering your business with the Bank, you need to buy a POS Machine.

STEP 6: Get POS Business Banner

You need Banners, signposts and any other means to advertise yourself. The more you advertise yourself, the more customers you reach. So try to invest in the advertisement also. You can get banners from ₦2,000 to ₦4,000

Price of a POS Machine in Nigeria

You might be asking, How much is a POS Machine? Well, a POS Machine cost between ₦50,000 to ₦80,000. The higher the price, the better the speed and service of the POS Machine.

Documents to Obtain a POS Machine from a Bank

To obtain a POS Machine from a bank and start a business in Nigeria, you need to

  1. Have a business name registered
  2. Have an account with the Bank you want to work with
  3. A passport Photograph
  4. Have a Sales Point or Location
  5. Sign a POS Agent Agreement Document with the Bank

Once your application is processed in the Bank, you will receive your POS Machine within 14 business days.

You can also get a POS Machine from a CBN LICENSED PTSP. The CBN LICENSED PTSP are the issuers of POS Terminals in Nigeria.

How to become a Moniepoint Agent and get a POS

To become a Moniepoint POS agent, you need to follow the processes below:

  1. Visit their official website at
  2. Fill out the registration form for Moniepoint agents and submit
  3. Confirm your email address and phone number and an agent would reach out to you after 48 hours of registration
  4. The agent would guide you on what you need to do, after which they would confirm you as an agent
  5. Lastly, log in to the Moniepoint POS dashboard to manage your account

What documents do I need to become a Moniepoint POS agent?

During the registration process to becoming an agent, they require you to supply the following:

  • A certified business license
  • Your bank verification number (BVN)
  • House PHCN bill
  • Your bank account number
  • Identity card, which could either be a National ID, Voters car, or any other nationally accepted card

How to Get POS from PAGA

Paga is a payment system that enables you to transfer funds through your mobile phone. You can send funds from anywhere in Nigeria to different countries via Western Union and other platforms. To become a Paga Mobile Money Agent, you need to do the following

  • Simply send email to [email protected] saying “I want to get started with the PAGA Agent Service. This is my Phone Number.” In 24-hours, a field representative will contact you for further instructions on the on-boarding process you should follow
  • Agent sign-up fee is 20,000. This amount is inclusive of both branding and startup fund.
  • As a Paga agent, you will receive a commission for every transaction you perform, plus bonuses and other incentives which roll out at intervals. The more transactions you perform the more money you make. It’s that simple!

How to Register as a Firstmonie Agent

How to become First Bank POS Business Agent in Nigeria
First Bank FirstMonie Services

The FirstMonie agent network is operated by First Bank. The activities you can do as a FirstMonie agent include opening a First bank account, deposit money, withdraw money from any bank, send money to any bank, pay bills and purchase airtime.

These are the steps below on How to get a First Bank POS in Nigeria.

  1. First, check out the requirements to determine if you meet them.
    Requirements: You must have been engaged in commercial activity for a minimum of 12 months; must have a physical shop (a permanent structure); must be willing to render financial services; and must have a minimum working capital of N50,000 (for unregistered business) and N250,000 (registered business).
  2. Visit any First Bank of Nigeria (FBN) branch to indicate your interest in being an agent. If you meet the above requirements, send an email to [email protected] or call any of the following numbers: 0700FIRSTMONIE (0700-34778-66643, 01-448550, 0708-062-500.

How to Get Quickteller POS and Become an Agent

  • Simply visit
  • Fill your details: Full Name, Email, Phone Number, Address and answer the questions asked.
  • You will be contacted on how to acquire your POS and start your PayPoint business in Nigeria.

How Profitable is POS Business in Nigeria

Before you start any business, it is always important for you to analyse your profit margin. Here is an analysis of how profitable it is to start a POS Business in Nigeria.

As a POS Agent in Nigeria, you make your money from commissions of transactions made by customers in withdrawal, transfer or deposit of cash and also paying off bills. If you attend to about 50 customers in a day, an average transaction cost between ₦100 to ₦150 commission. So you make about ₦5,000 a day and up to ₦150,000 in a month.

You can have as much as 100 customers or more in a day depending on your location e.g. markets and you can make up to ₦15,000 daily.

SEE ALSO: Why Most Businesses Fail (How to Avoid Failure)

Standard Fees, POS Charges in Nigeria and Commission for a POS Business

Example: First Bank Nigeria
Transaction Amount BandThe fee paid by CustomerCommission to the Agent
(% of Fee)
1Deposit (own FirstBank A/C)
1- 5,0005045%
2Transfer to FirstBank
1- 30,00010045%
3Transfer to Other Banks
4Cash Withdrawal
5Bill Payment10045%
6Airtime RechargeFree2% of Amount

How much Do I need to Startup a POS Business

From the cost of registration to getting a shop and renting a space, the average cost of starting a POS business in Nigeria ranges from ₦50,000₦100,000

Best Places to Locate your POS Business in Nigeria 2020

Here is a list of the best safe and profitable locations to site your POS Business:

  1. Markets: markets in Nigeria are usually very busy. A lot of money is being generated and traders do not have the time to go to the bank to deposit their cash. So, siting your POS business in a market is recommendable. Also, markets are safe during the day time.
  2. Rural Areas: In rural areas, there are very few banks. People have to travel a long distance just to deposit money or withdraw money. So, siting your business in this place will make a source of unquestionable help to the people. They will always see you as the major means to perform transactions.
  3. Congested Banks: Look out for ATMs and Banks that are always filled up and congested. If people notice that there is an alternative to congested banks in their area, they will rush to that alternative. As I mentioned before, Nigerians are not patient people. They do not want anything that will waste their time.
  4. UNIVERSITIES OR POLYTECHNICS: Another hotspot is tertiary institutions. Students always need cash. They are always withdrawing money daily. So, locating your business in a school will be fantastic. Students do not care about the bank charges they pay for transactions. All they want is a quick means to withdraw cash and get back to their educational activities.

How to Start and Succeed in POS Business and Avoid Failure

  1. Be diligent in your business. People want someone they can trust and rely on.
  2. Do not be sloppy – present today and absent tomorrow. If you do this you will lose customers
  3. Avoid outrageous charges. Make your charges reasonable and fair
  4. Strive to be better than your competitors. Do something extra!
  5. Be nice and polite to customers. Most Nigerians are very rude. Do not be that way. Be different even when your customer is not nice.
  6. You can do bonanza and promos from time to time to encourage customers.
  7. Encourage customers to refer their friends and family members to you
  8. You can make offers like giving cold water to your customers to drink when they come to your shop. This will speak good of you and your business.

Problems Associated with POS Business in Nigeria

Now, in every business, there are always challenges you will encounter. Here are some of the challenges you might encounter in a POS Business in Africa.

  • Network Problems: This is one of the major issues in this business. Sometimes, the bank network might not be favourable to you. So, it might halt the flow of your business.

SOLUTION: try connecting your phone to your account to help you perform some of the transactions via USSD Codes.

  • Waiting for Alert: Another issue you might encounter is receiving confirmation alerts in time. Sometimes, confirmation alerts from transactions take a lot of time to reflect. This can be embarrassing and sometimes make you lose customers

SOLUTION: Connect your email address to your account so that when text message alerts fail to come in, you can receive alerts via your email address. This will help make your services fast and avoid delaying customers.

  • Power Supply: In Nigeria for example, the issue of Power Supply is very disheartening. It is one of the major problems for businesses. You need to keep your POS Machines on at all times. So, they need to be always charged because you do not know when a customer will likely walk in.

SOLUTION: You can get a small generator which will be your back up power supply when there is a power shortage.

  • Robbery: Security is a major issue in Nigeria. There are always a lot of hoodlums and miscreants in many communities and areas.

SOLUTION: Always be vigilant. Try as much as possible to locate your business in a busy area, e.g. market. Also, you should close as early as possible before dark. Closing by 6:00 pm will be a good idea to avoid robbers.


QUICK TRICKS: How to Successfully Market Your Business on Instagram

Why Most Businesses Fail (How to Avoid Failure)

Learn How to Write a Proper Business Plan

I hope you learnt one or two things on the information you need to Start a POS Business in Nigeria that will give you the financial stability you desire.

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Having Questions? Leave a comment and we will attend to it. Share this post to your friends on social media by using the share buttons below.
Chief Editor

Hello readers, you are welcome to your info connect. My name is Emmanuel, I am a graduate Mechanical Engineer, a blogger, and Digital Marketer. I share educational and career information and content to enable viewers who are aiming for success to attain it in their various fields. I hope you enjoy your tour here.

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