How to Get POS Machine From Opay & Other Banks In Nigeria 2024

Nigeria’s POS (Point of Sale) business has grown significantly in recent years due to the increasing demand for electronic payment options, especially in areas with limited access to traditional banking services. POS machines facilitate electronic payments through debit or credit cards, allowing customers to make purchases or withdraw cash easily.

In Nigeria, the POS business is mostly operated by individuals or small businesses who register with banks or payment processing companies to obtain POS terminals. These operators typically charge a fee for their services, a percentage of the transaction value.

The POS business has become popular in Nigeria due to its convenience to customers who do not want to carry cash or use traditional banking services. It has also provided income for many individuals who operate the machines as agents or business owners.

However, the POS business in Nigeria is not without its challenges. One major challenge is the issue of fraudulent activities such as skimming and cloning cards, which can lead to financial losses for customers and operators. Another challenge is the frequent network downtime, making it difficult for customers to use the service.

In summary, the POS business in Nigeria is a growing sector with huge potential, but operators must take measures to ensure the security and reliability of their services.

How to Become a POS Agent

The process of starting a POS business is easy and can be completed within 2 weeks to a month, provided you meet the requirements of the host bank.

  1. Raise capital: As earlier mentioned, the capital required for the business is low. You also do not have to worry about extravagant furniture fittings for your shop. A humble store with a clear sign advertising your services works well. Get a business loan from WEMA Bank.
    Get a good location: Densely populated areas work great for a business such as this. Look for crowded areas with pedestrian traffic such as markets, motor parks, residential areas, and so on.
  2. Fulfill the official requirements: Financial services are a sensitive area of life to deal with and this is why the Central Bank of Nigeria has taken several precautions to ensure the integrity of those who will qualify to be agents. One of such requirements is that you must have an existing business of any type (in operation for at least 12 months) and have a shop or office from which you operate.
  3. Approach a bank and apply for the POS machine: Decide on the bank of your choice and approach them to get the details of their requirement. By applying to become a POS agent, you can either get the POS machine leased, bought, or even for free. The official CBN guide allows you to be an agent for as many banks as you desire. Fill in the necessary documentation and wait for your application to be approved.

Documents Needed to Apply for POS Machines from Bank

Some documentation you may need include:

  • Valid means of identification such as a Driver’s license, National ID Card, Voter’s ID Card, etc.
  • Passport photographs
  • Bank Verification Number (BVN)
  • Current Account references
  • Evidence of business registration (CAC Certificate)
  • A minimum capital of N50,000

Once your application is approved, you will receive the POS machine and you may begin offering your services to customers.

Show More
Back to top button