To start a POS business in Nigeria, you’ll need a machine that can handle several transaction types with fast connectivity. You’ll also need to consider cost, reliability, customer support, and compatibility with your business operations.
In this guide, I will list the best POS machines in Nigeria based on charges, providing all the crucial details you need to make an informed decision.
I’ll also answer some of the common questions people ask about POS businesses.
The Best POS Machines in Nigeria Ranked – Our Top Choices
It’s time to list our top picks for the best POS machines in Nigeria. Note that these machines are ranked best based on transaction charges. And, of course, you will want to pick the machine that will yield more profit for your business.
Here are the top POS machines in Nigeria:
Bankly POS – Cheapest POS Machine in Nigeria
Bankly POS is the machine with the lowest charges so far. It is a Nigerian fintech company that is licenced by the Central Bank of Nigeria to operate as a banking service agency. You can also download the Bankly app on your phone to enjoy their services.
It is quite easy to obtain the Bankly POS machine, as long as you meet their requirements. Bankly POS charges 0.3% on withdrawals, N10 for deposits of N100–N2,000, and a flat fee of N20 for all bargains.
Flutterwave POS – Affordable POS Machine
This is one of the most affordable POS machines in Nigeria. You can use the Flutterwave POS to perform online payments, physical transactions with a card, and online shopping with a virtual card. They charge 0.6% for withdrawals and N20 for deposits. These fees are relatively cheap.
Here’s a full guide on getting a Flutterwave POS machine in Nigeria.
PalmPay – Best POS for Cashbacks
PalmPay came on board in 2019 and has since been thriving in the fintech business. They have constantly provided their customers with the best services at affordable prices.
PalmPay POS takes a levy of 0.5% on withdrawals below N20,000 and a sum of N100 for transactions above N20,000. They also give cash back on airtime purchases and other commissions for each activity.
Here’s a full guide on getting a PalmPay POS machine in Nigeria.
Moniepoint – POS Machine in Nigeria with Fast Network
Tosin Eniolorunda and Felix Ike were responsible for founding Moniepoint Inc. in 2015. It is a fintech company that allows customers to carry out different transactions like depositing and withdrawing funds, paying bills, and a lot more.
Moniepoint is undoubtedly one of the best POS machines in Nigeria, with a fast network and low charges for transactions. They take about 0.5% for withdrawals, N20 for transfers, and a N100 flat rate for every other deal.
Here’s a full guide on getting a Moniepoint POS machine in Nigeria.
Kolomoni Machine – Cheap Transfer Fees
Kolomoni may not be so popular, but it is equally an interesting POS brand. It is a product of Cintrust Microfinance Bank.
As a Kolomoni POS merchant, you can transfer money directly from your wallet to a customer’s bank account at a low cost. The sum of 0.5% is deducted for withdrawals of N20,000 and below and N30 for transfers of N20,000 and above. They also give discounts, commissions, and promotions to their agents.
Payforce – POS Machine with Great Commission
Payforce was founded by Oluwatomi Ayorinde, with headquarters in Abuja. It is among the best POS machines in Nigeria, offering customers and merchants the ability to perform transactions with ease.
Payforce offers amazing commissions and reliable networks for users’ pleasure. Their point-of-sale machine is affordable. They charge 0.5% on withdrawals below N20,000 and N100 for transactions above N20,000.
DotPay POS – New POS Service Provider
Although this POS is new to the system, it has found its way into the spotlight with its wonderful offers. Dotpay point-of-sale merchants enjoy a low charge of 0.5% for withdrawals, N20 for transfers, and N100 for all transactions above N20,000.
Moremonee – Fastest Failed Transactions Reversals
Moremonee is also among the cheapest POS machines in Nigeria. It ensures automatic reversal for failed transactions and provides commissions for every deal completed. Moremonee takes 0.5% for withdrawals and a N100 flat fee for transfers above N20,000.
Opay – Popular and Trusted POS Machine in Nigeria
Opay seems to be the most popular and best POS in Nigeria. It is recommended as the fastest in terms of network connectivity and reliability. It charges 0.5% for transactions below N20,000 and N120 for any transaction that is above N20,000, with no maintenance fee.
You can perform all kinds of transactions with the Opay POS machine, from transferring and receiving money to paying electricity bills, cable subscriptions, and even phone subscriptions. So you have a wide range of customers to patronise your Opay POS business.
Here’s a full guide on getting an Opay POS machine in Nigeria.
Baxi Machine – Portable POS Machine
Baxi POS is one of the best POS machines in Nigeria when it comes to charges.
There are two types of Baxi POS: the Baxi Box (POS), which is the Android type, and the MPOS machine, which is the mini type that looks like a calculator. Baxi charges 0.55% for transactions below N20,000 and N100 for withdrawals above N20,000.
Paga – Another POS Provider Offering Great Commissions
Paga POS is well known in Nigeria. It is affordable and reliable for both small and large businesses. Paga charges as little as 0.55% for withdrawals below N20,000 and N100 for transactions above N20,000. They also charge a maintenance fee of N700 monthly.
It’s also interesting to know that they provide training to their agents and merchants. Once you sign up as a merchant, their customer care team will get in touch with you to begin the onboarding process.
You also get commissions for every transaction you make. So, the more transactions you make with Paga POS, the more money you make.
Surebanka POS – Provider with Low Deposit Charges
Just as the name implies, Surebanka POS is a sure bet for people who intend to cash out in the POS business.
Surebanka POS merchants render services to people who don’t want to experience the inconveniences that come with standing in a long line at the bank to withdraw or send money.
Merchants make money with Surebanka POS, all thanks to their peanut charges of 0.6% on withdrawals and N20 for deposits or transfers.
Dataway – Great for Paying Utility Bills
Dataway is a vending platform that allows users to buy airtime, subscribe, and pay for utility bills. They offer POS machines to merchants who are interested in using the machines to make money through data, airtime, and bill payment services.
Dataway charges as little as 0.6% for withdrawals between N1,000 and N10,000 and N100 for withdrawals above the aforementioned amount.
Nomba (Kudi) POS – Fast Rising Android POS Provider
Nomba is one of the fast-rising fintech companies that allows users to send and receive money, pay utility bills, and perform any financial transactions through their platform. Their charges are considerably low.
Nomba POS charges a low price of 0.6% for cash withdrawals of N20,000, N20 for deposits, N25 for transactions below N5,000, and N150 for other transactions.
Here’s a full guide on getting a Nomba POS machine in Nigeria.
ReadyCash POS – Great Cashback Programme
Readycash POS is also not so popular, but it’s worth checking out. This POS machine provider charges 0.8% for withdrawals, which is a bit higher than others we’ve listed but still fair. And N100 for every deposit. Cashback and other commissions accompany this amazing POS.
Itex POS – Machine with Strong Battery Capacity
Itex is another not-so-popular option but still among the best machines in Nigeria. It is well-built software that allows all forms of transactions. The Itex POS has a strong battery life, so you won’t have to worry about your POS going off when you least expect it.
Quite flexible and easy to navigate, Itex deducts 1.4% for payment processing, N20 for transfers, and N150 for transactions of N20,000.
Paycentre – Accessible POS Machine Provider
This is definitely one of the trending POS machines in Nigeria. It is owned by E-Settlement Limited, with a head office in Lagos. You can apply for their terminal from any location. As long as you meet all the requirements, you are sure to get the machine to run your business.
Paycentre deducts N10.5–N26.25 for transactions of N50,000 below and N50 for transactions above, other benefits inclusive.
Quickteller POS – Long-Establish POS Brand in Nigeria
Quickteller has existed for a very long time, evolving from an ATM payment service and telecommunications airtime vendor to a POS machine for performing transactions. They charge 1.5% for debit transactions, 2.5% for credit, N100 for transfers of N10,000 above, and you receive N75 for this transaction as commission.
POS Machine Price List In Nigeria
Before deciding which of the best POS machines in Nigeria to buy, it’s important you compare the prices. Below is the current POS machine price list in Nigeria:
| S/N | POS Brand | Prices |
| 1 | Bankly | N15,000 |
| 2 | Flutterwave | N10,000 |
| 3 | Palmpay | N26,500 – N46,500 |
| 4 | Moniepoint | N20,000 – N35,000 |
| 5 | Kolomoni | N15,000 |
| 6 | Payforce | N25,000 |
| 7 | Dotpay | N30,000 |
| 8 | Moremonee | N20,000 – N30, 000 |
| 9 | Opay | N40,000 – N70,000 |
| 10 | Baxi machine | N30,000 – N80,000 |
| 11 | Paga | N20,000 – N35,000 |
| 12 | Surebanka | N10,000 – N15,000 |
| 13 | Dataway | N10,000 – N15,000 |
| 14 | Kudi | N20,000 – N25,000 |
| 15 | Readycash | N10,000 |
| 16 | Itex POS | N35,000 – N40,000 |
| 17 | Paycentre | N14,000 – N25,000 |
| 18 | Quickteller | N35,000 – N85,000 |
Please note that banks give out free POS machines to people who apply and are qualified. To qualify for a bank POS machine, you must provide the following requirements;
- passport
- Bank Verification Number (BVN)
- Valid means of identification such as a Driver’s licence, National ID, etc.
- Evidence of business registration certificate and tax identification number
- A minimum of N50,000 in your POS business account
Which POS Machine Is The Best in Nigeria?
During my research, I found out that a reasonable number of people prefer Moniepoint as the best POS in Nigeria due to their network reliability, commission, and customer care. Moniepoint terminal interface is easy to navigate and can be connected to a business smartphone through Bluetooth technology.
It provides a seamless payment experience for customers by allowing them to pay for goods and services using the payment method of their choice.
Which POS Has The Lowest Charges In Nigeria?
The best POS in Nigeria with the lowest charges is Bankly POS. This terminal is not so popular, but it is one of the best you can get. Bankly POS charges as little as 0.3% on every withdrawal made and a fixed sum of N35 on all transfers.
What Is the Average POS Machine Price in Nigeria?
The average POS price in Nigeria is between N20,000 and N90,000. The prices of POS machines also vary based on the provider, features, and quality. It also depends on whether you’re getting it on lease or you’re buying the POS machine outright.
Please note that POS machines can be obtained in banks for free if you only intend to use them for cashback; banks will be taking their charges, but if you want to own the terminal, a fee will be required.
What To Look Out For When Picking POS Machines In Nigeria
Here are a few things to take into consideration when picking a POS machine:
The POS Should be Easy to Use
Make sure you pick a POS machine where you can easily navigate the interface. If you are not comfortable with the Android POS, you can pick the manual POS in order to run your business comfortably and avoid mistakes.
The POS Provider should have Standby Customer Care Support
Go for machines that have high network reliability, like Opay, Moniepoint, and Palmpay. But in the case of unforeseen circumstances like failed transactions, the POS of your choice should be able to respond swiftly to customer complaints and provide adequate solutions to customers inconveniences.
Ensure they Provide High-grade Security
The need for strong security when it comes to picking a POS machine can never be overemphasised. After all, money is involved. Make sure you pick a point-of-sale machine that protects customers’ data from cyber threats such as hacking and data breaches.
Is the POS Machine Affordable to Acquire?
Of course, you have to go for something you can afford and also one that will bring you profits in the end. Consider the commission rate, charges, etc. From the list of POS above with their charges, I’m sure you already know what to pick.
It Should Offer More Services than just Withdrawals
When picking a POS, you should also consider the functionality of the machine. The terminal should be able to handle a variety of tasks needed for the business, such as sales analytics, customer relationship management, and inventory management.
Which POS service is the best in Nigeria?
In terms of service, that is, network connection, Opay has proven to be the best POS in Nigeria. This answer is based on the research we carried out in the course of writing this content.
What is the Most Efficient POS machine in Nigeria?
Again, Opay has proven itself to be the best and most efficient POS in Nigeria. There is barely a POS business operator that does not have an Opay machine. It is fast, reliable, and allows customers to carry out transactions as swiftly as possible. It has tight security checks as it comes with built-in fraud prevention that keeps customers’ data safe.
Which bank in Nigeria gives free POS?
The banks in Nigeria that give free POS include but are not limited to the following;
- Firstbank
- Ecobank
- First city monument Bank (FCMB)
- Zenith bank
- Wema bank
- Guarantee trust bank (GTB)
- Access bank. etc.
Almost all the banks in Nigeria give free POS as long as you meet the criteria that I have already listed above.
Finding the Best POS in Nigeria – Final Note
It can be challenging to choose which point-of-sale machine to purchase from the numerous POS machines available in Nigeria. But I have carefully selected the top 18 best POS machines in Nigeria for you to choose from, ranked according to their charges. I believe this content has solved the puzzle, and I hope you make the best decision after reading this guide.
