POS Business Naija

Do you want to start POS business and don't know the best terminal due to charges? Here's a list of POS terminal providers in Nigeria, their charges, and other relevant details: 1. Moniepoint POS - Withdrawal Charges : 0.5% of transaction amount for withdrawals between ₦1,000 and ₦20,000, and ₦100 flat rate for transactions above ₦20,000 - Transfer Charges : ₦20 flat rate - Bill Payment Commission : Varies - Card Transaction Charges : 0.5% - 1.5% - POS Machine Price: ₦15,000 - ₦45,000 (depending on the type) 2. OPay POS - Withdrawal Charges : 0.5% - 0.7% of transaction amount - Transfer Charges : ₦100 - ₦150 depending on the amount - Bill Payment Fees : Varies by biller - Card Transaction Fees : 0.5% - 1.2% - POS Machine Price : ₦13,000 - ₦40,000 (depending on the type) 3. GTBank POS - Transaction Fees: 0.5% - 1.25% depending on the transaction - Settlement Fees: Usually free for GTBank account holders - POS Machine Price : ₦20,000 - ₦45,000 (depending on the typ...

The Central Bank of Nigeria (CBN) has introduced new policies to promote a cashless economy, affecting Point of Sale (PoS) operators.  - Daily Cash-Out Limit : PoS operators are required to enforce a daily cash-out limit of ₦100,000 per customer. This aims to reduce excessive cash transactions and encourage digital payment systems. - Cumulative Daily Limit for PoS Operators : PoS operators have a cumulative daily cash-out limit of ₦1.2 million. Exceeding this limit may result in penalties and administrative sanctions. - Weekly Cash Withdrawal Limit : Customers are limited to ₦500,000 per week across all banking channels, including PoS terminals, ATMs, and bank branches. - 8147129620 : PoS operators must conduct transactions exclusively through designated float accounts maintained by their principals. This ensures transparency and accountability. - Real-Time Monitoring : PoS terminals must be connected to the Payment Terminal Service Aggregator (PTSA) for real-time trans...