In a bid to encourage cashless policy and enhance Nigeria’s payment system, the Central Bank of Nigeria (CBN) in 2012 introduced the Point of Sale (POS) system or the POS machine.
POS Machine has made the acceptance of card payment easy for businesses and merchants. It has eased the fear of carrying cash about, and minimizes employee and bandit theft. Businesses can now boast of increase sales and quick transactions using POS machine. And for mobile money agents or vendors, it has become business or a means of earning income for a living.
If your interest is to start a POS business in Nigeria or you’re Business owner who is in dare need of the POS machine but do not know how to go about getting one; this article is designed to show you how to get a POS Machine from Union bank, GTBank, Firstbank, Access bank, UBA, Zenith bank, Fidelity bank, Polaris bank, Stanbic IBTC Bank and other bank in Nigeria.
But before I proceed to show you how to get a POS machine from any of the above bank, let’s first know what a POS machine is and its uses.
Related article: Where to get a POS machine in Nigeria
What is a POS Machine
A POS machine (also known as the Point of Sale terminal) is a portable electronic device that allows businesses or merchants to accept bank card payment for goods and services from customers.
The machine allows Mobile money vendors or agents to perform all bank services for customers while they earn some % of commission from each transaction or service.
Small business owners find the use of POS terminals as a payment option preferable to cash.
Uses of POS Machine
The POS Machine can used to perform virtually all transactions done in the bank which include:
- Opening of a bank Account
- Deposit of funds into a bank account
- Cash Withdrawal from a bank account
- Fund Transfer
- Payment services such as bills payment such electricity bill, DSTv, GOTv, StarTimes, utility bills, Tax payment, donations etc.
- Airtime Purchase
- Pay for Federal and State Government services
- And so on.
Read also: Uses of ATM
Let get down to business……………………………..
How to get POS Machine from bank in Nigeria
Visit the customers’ representative of the banks you wish to get POS Machine from. If you have an account with them, that would be easier. Tell them you would like to get POS Machine from their bank.
Here are steps you would be asked to follow to get a POS machine:
Open Current Account
The first step you’ll take to get a POS Machine is to open a Current Account with the bank. Banks like Union bank, GTBank and Zenith bank will ask you to open a current bank account with them and deposit fund into the account. You will be given a current account opening form to fill and also required to get two (2) referees who are current account holders within the same bank or other bank.
Please, make sure you fill the form correctly; ask questions where you are not clear. If you want the bank to process your form and open your current account fast, get two referees who are current account holders within the same bank. If you’re opening a current account with Union bank, you will be required to deposit two thousand five hundred naira (N2,500) into the account as the initial deposit for activating the account.
Please Note: Some other bank like Access bank, Firstbank, and UBA will Not require you to open a current account once you have a savings account with them.
Fill POS Agent registration form
After opening a current bank account, the next step is to fill POS agent registration form for opening of your agent account. Make sure you fill the POS agent registration form properly. When filling the form, ensure you take time to read the “terms and conditions” of your partnership with the bank; where you’re confuse, ask for clarification before signing.
Bank like Firstbank will require that you deposit the sum of fifty thousand naira (N50,000) into the agent account before you’ll be given the POS Machine.
Download & activate mobile POS App to start transacting
Once your agent account is open, your bank will send you an SMS message that you’re now a mobile POS agent and you can now download their mobile POS App (mPOS) or agent banking app.
Download the Mobile POS app and activate it to start carrying out transaction with it, first. The various banks and their mobile POS App include:
- Union bank – UnionDirect App
- Access bank – AccessPaypad
- Firstbank- FirstbankPaypad
- UBA – UBA Moni
- FCMB – FCMBPayPad
- GTBank – GTCube
- And so on.
Apart from downloading and activating the mPOS, you can also active your bank’s Mobile banking POS USSD code to start transacting. The USSD code will be send to you by your bank after completing your POS agent registration. With the POS USSD code, you’ll perform all transactions the mobile POS app does.
Complete 25 transactions to get the POS machine
After you’ve downloaded and activate your mobile POS app or the USSD code, the next step is to start carrying out bank related services or transactions for customers with the mobile POS App or Ussd code. Once you complete 25 transactions using the mobile app or ussd code, you’re good to go. Call your bank and request for your POS MACHINE immediately.
Within 1 – 2 weeks, your POS machine will be delivered to your shop/retail outlet.
The steps I discuss above are the current procedure for getting a POS machine from a Nigerian bank. If you follow the above steps, you will get the POS machine your bank
First Bank and their POS commission to Agent
|Transaction Amount Band||The fee paid by Customer||Commission to the Agent|
(% of Fee)
|1||Deposit (own FirstBank A/C)|
|2||Transfer to FirstBank|
|3||Transfer to Other Banks|
|6||Airtime Recharge||Free||2% of Amount|
- What are requirements for getting a POS machine from a bank in Nigeria?
Ans. In summary, the following are requirement for getting a POS Machine from a bank:
- Business name (either registered or unregistered0
- Savings or Current Account (depending on the bank)
- POS Agent’s Account
- 25 transactions with POS mobile app
- Passport and government ID card inclusive
- How long does it take to get a POS machine from a Bank?
Ans. Within 1- 2 weeks working days, you’ll get your POS machine deliver to your shop by your bank as long as you’ve completed 25 transactions their mobile POS App.
- Does the POS terminal issue printed receipt after transaction?
Ans. Yes – all of the POS machine print receipts as confirmation for their transactions. They should also come with at least one or two spare paper rolls which need to load into the terminal.