POS Business Naija

The Central Bank of Nigeria (CBN) has introduced a geofencing policy for Point of Sale (PoS) terminals to enhance oversight and curb fraud in the electronic payments system. The key elements of this initiative include: Geo-tagging Requirement: All PoS terminals must be geo-tagged, restricting their use to a 10-meter radius from the registered business or service location. This limits terminal mobility, ensuring transactions occur only at designated sites. Purpose : The policy aims to eliminate "cloned" or "ghost" terminals, reduce fraudulent activities (such as those linked to ransom payments), and enhance transaction integrity. It also supports Nigeria’s cashless policy and aligns the payment system with international standards. Technical Specifications : Terminals must run Android OS version 10 or higher and integrate the National Central Switch’s Software Development Kit (SDK) for geolocation monitoring. Geo-location data must be captured at the star...

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...

An Ota Magistrates’ Court in Ogun State, on Monday sentenced a 24-year-old Point of Sales (POS) attendant, Yusuf Olamilekan, to 18 months imprisonment for stealing N1 million belonging to his employer. In her judgement, the Magistrate, Mrs O.O. Fadairo, sentenced the convict to 18 months imprisonment with an option of fine of N60,000. Fadairo said that the convict should also restitute the N1 million to the complainant, Emeka and Jane Company. She noted that the prosecution counsel had proven beyond reasonable doubt that the convict was guilty of the charge preferred against him. Olamilekan, whose address was not provided, had earlier pleaded not guilty to the charge of stealing. The prosecutor, Insp E.O. Adaraloye, told the court that the defendant committed the offence on April 7, at 6 p.m., at Sango-Ota. Adaraloye said that the defendant unlawfully withdrew N1 million from his employer’s account, Emeka and Jane Company, without consent, to play a game of chance. He said ...

Union Bank of Nigeria Plc is scrambling to recover a staggering N9.3 billion stolen from customers’ accounts in a sophisticated fraud linked to a major system breach. The incident, which occurred on March 23, 2025, has triggered a legal battle as the bank races to freeze accounts suspected of receiving the illicit funds. How the Fraud Unfolded Court documents reveal that Union Bank detected unauthorized transfers from multiple customer accounts, with the stolen money funneled into 54 different financial institutions. The bank quickly filed a lawsuit (FHC/L/CS/629/2025) at the Federal High Court in Lagos, seeking an emergency order to block further withdrawals from the implicated accounts. In a sworn affidavit, Oluwasegun Falola, Union Bank’s Head of E-Fraud Investigations, confirmed that the fraudsters exploited a critical system glitch, siphoning funds in small, deliberate transactions to avoid detection. “The money was moved in trickles across numerous accounts, making it...

The Emergence of Point of Sale (POS) Business in Nigeria: A Game-Changer in Financial Transactions The Point of Sale (POS) business in Nigeria has become a cornerstone of the country's financial ecosystem, revolutionizing how individuals and businesses conduct transactions. Its emergence can be traced back to the early 2010s, when Nigeria began to witness a significant shift from cash-based transactions to digital payments. This transformation was driven by the need for financial inclusion, the rise of mobile technology, and the Central Bank of Nigeria's (CBN) policies aimed at fostering a cashless economy. The Catalyst: Nigeria's Cashless Policy In 2012, the Central Bank of Nigeria introduced the Cashless Policy, a initiative designed to reduce the volume of physical cash in circulation and encourage electronic payments. The policy was initially piloted in Lagos, Nigeria's commercial hub, before being rolled out to other parts of the country. The CBN's ...

Guaranty Trust Bank Limited has removed processing fees on all GTBank Point of Sale (POS) terminals, reinforcing its commitment to supporting businesses with cost-effective payment solutions. This initiative, which took effect Tuesday, 11 February 11, 2025, communicates that merchants using GTBank POS terminals will no longer incur Merchant Service Charges (MSC) when receiving payments from customers. The Zero Processing Charge campaign aligns with GTBank’s ongoing efforts to empower businesses with innovative financial solutions that drive growth and efficiency. With this initiative, all qualifying SME Merchants can now receive payments at zero cost, allowing them to reduce operational expenses, whilst promoting the merchant’s enterprise, and enhancing customer experience. Speaking on the initiative, Miriam Olusanya, Managing Director, Guaranty Trust Bank Nigeria, said: “At Guaranty Trust Bank, we are always looking for ways to add value to our financial ecosystem. By impl...

The Central Bank of Nigeria (CBN) has announced a review of transaction fees for automated teller machines (ATMs) across the country. In a circular signed by the Acting Director of the Financial Policy and Regulation Department, John Onojah, on Tuesday, the CBN stated that the revised charges will take effect from March 1. According to the apex bank, the review aims to address rising operational costs and enhance efficiency within the banking sector. The last time ATM transactions charges were reviewed was in 2019, when the CBN reduced the withdrawal fees from ₦65 to ₦35. The Central Bank of Nigeria (CBN) has announced a review of transaction fees for automated teller machines (ATMs) across the country. In a circular signed by the Acting Director of the Financial Policy and Regulation Department, John Onojah, on Tuesday, the CBN stated that the revised charges will take effect from March 1. According to the apex bank, the review aims to address rising operational costs and ...

To be more productive this year, consider implementing the following strategies: Prioritize Tasks: Use methods like the Eisenhower Matrix or the 80/20 rule to categorize tasks by importance and urgency. Focus on tasks that contribute the most to your goals. Identify one to three Most Important Tasks (MITs) each day that must be completed no matter what, ensuring you tackle the most significant tasks first. Time Blocking: Schedule specific blocks of time for different activities, including work, breaks, and personal time. This method helps in dedicating uninterrupted time to high-priority tasks. Use tools like digital calendars or apps like Clockwise for automation. Consider having a day without meetings, like "No Meeting Wednesday," to focus on deep work. Set Realistic Goals: Reflect on past year's accomplishments and challenges to set SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals for the new year. Break these goals down into manageable tasks or mil...