How to get a POS terminal machine for your business in Nigeria
Here's how to get a POS terminal machine for your business in Nigeria.
Since the Central Bank of Nigeria implemented the agent banking system in 2013, the Point of Sale (POS) business has been a viable way for Nigerians to withdraw at low costs.
The POS business has created an avenue for financial services to reach people in rural areas. Moreover, it addresses the issue of lengthy queues at the banking hall and ATMs, carrying cash about, fear of theft. Their proximity to people makes it easier and faster for users to access funds at a low costs.
The machines are not only meant for withdrawals alone by agents, but businesses can use them to transact with customers. This is because most customers prefer to carry their debit cards around rather than walk around with cash. So, owning a POS machine can make your customer’s payment experience more seamless and efficient.
Are you a business owner in Nigeria who wants to accept card payments from your customers? Here, we'll cover everything you need to know to get a POS terminal machine for your business in Nigeria.
First, let's talk about what a POS terminal machine is. A POS terminal machine is a device that allows you to accept payments from your customers using their debit or credit cards.
It's a crucial tool for any business that wants to provide a seamless payment experience to its customers. According to the CBN guidelines, you can act as an agent for as many financial institutions as possible.
Now, let's get into how you can get a POS terminal machine for your business in Nigeria. Here are the steps you'll need to follow:
Step 1: Choose a bank
The first step is to choose a bank that offers POS terminal machines. There’s a ton of banks that offer POS terminal machines like First Bank, Zenith Bank, GTB, Polaris Bank, Moniepoint, Opay, Kuda and Access Bank.
Most banks in Nigeria offer POS terminals, so you'll have plenty of options to choose from. Do your research and find a bank that offers a POS terminal machine that meets your needs.
Step 2: Open a merchant account
To get a POS terminal machine, you'll need to open a merchant account with the bank you've chosen. A merchant account is a type of bank account that allows you to accept payments from your customers.
You'll need to provide some documentation, including your business registration documents and your identification documents.
Step 3: Apply for a POS terminal machine
Once you've opened a merchant account, you can apply for a POS terminal machine. You'll need to provide some information about your business, such as your business name, location, and contact details. The bank will also need to assess your business's creditworthiness before approving your application.
Step 4: Install the POS terminal machine
Once your application is approved, the bank will provide you with a POS terminal machine. You'll need to install the machine in your business, which usually involves connecting it to your internet or telephone line. The bank will provide you with instructions on how to set up the machine.
Step 5: Start accepting payments
You now have a POS terminal machine for your business in Nigeria. You can start accepting payments from your customers using their debit or credit cards. It's a fast and secure way to process payments, and it will help you provide a better experience for your customers.
Required documents to get a POS machine
The Central Bank of Nigeria has some requirements for applicants seeking to become agents to protect the public from dishonesty in the highly scrutinized financial services industry.
So most commercial banks demand their agents or businesses to have these details before they approve them. There are several requirements, one of which is having a pre-existing business (running for at least a year) and a physical location from which to do business. Others include
- Valid means of identification, e.g., national ID card, driver’s licence, international passport, or voter’s card.
- Bank Verification Number (BVN)
- Two (2) passport photographs
- Two (2) current account references
- Evidence of business registration (CAC Certificate)
- Tax Identification Number (TIN)
- Memorandum and Article of Association.
- Credit Bureau Report
- A minimum working capital of ₦50,000
Financial institutions giving out POS machines in Nigeria
Some of the most well-known POS service providers include financial institutions and mobile money providers, such as:
- Opay POS Agency
- First Monie POS Agency
- Wema bank
- Zenith bank
- Polaris bank
- Access Closa Agency
- UBA Monie POS agency
- Moniepoint POS
- Nomba (formerly Kudi) bank
Getting a POS terminal machine for your business in Nigeria is easy if you follow the steps outlined above. Choose a bank that offers POS terminals, open a merchant account, apply for a POS terminal machine, install the machine, and start accepting payments. It's a simple process that will help you provide a better payment experience for your customers and grow your business.