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...

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...

POS business, also known as Point of Sale business, refers to a type of business that involves the use of electronic devices, typically touchscreen monitors or mobile devices, to process transactions and manage sales at retail locations. In Nigeria, the POS business has become increasingly popular, especially in rural areas where access to traditional banking services is limited. Here's a brief overview: How it works: 1. An individual or business sets up a POS terminal, usually provided by a bank or financial institution. 2. Customers come to the POS agent to perform various transactions, such as:     - Cash withdrawals     - Deposits     - Bill payments (e.g., electricity, water, or TV bills)     - Airtime purchases     - Money transfers 3. The POS agent processes the transaction using the POS terminal. 4. The agent earns a commission on each transaction. Benefits : 1. Convenient payment options for customers 2. Increased fi...

System of Banking in Nigeria has seriously evolved over the years. From the time of using cash books over the counter, to the introduction of ATM machines and cards.  Then, in 2013, the Central Bank of Nigeria (CBN) launched agent banking and point-of-sale systems to increase financial inclusion in the country.  Since then,  cash transactions have been easier with almost no need to visit the banks. 24/7 AVAILABILITY True, most ATM machines have written on them, 24/7 but most of them don't have cash all the time. PoS operators or agents are always available for most part of the day. Some are in hotels, stadia, business environments, inside the streets etc. Their availability have made it easier for business transactions to either transfer or withdraw cash.  Also, because they are available everywhere, it has reduced the need for people to incur much transportation cost to go to the bank. Most streets in Nigeria have multiple POS shops that one can transact...

The Corporate Affairs Commission (CAC) had earlier mandated all Mobile Money Operators, also known as POS Operators to register their businesses. This has caused frantic effort from POS operators. This exercise has made many compliant operators to register their businesses. In spite of this, many operators are still hesitating due to the cost and some are considering the importance.  No doubt, many registrations are still with the corporation awaiting approval so it will be unreasonable from CAC to stop such ones from operating their businesses.  On Saturday,  6th July 2024, CAC posted on their portal a notice of extension.  Read:  How to get money to start POS business This extension pushes POS registration from 7th July to September 5th 2024. This extension is to further allow POS operators time to comply and it's expected that they will meet this deadline.  To register your business with CAC, click here

No business can exist without funds. The funds are used to run the business and to sustain it. To start a POS business, the major thing you need after terminal is money. Most business fold up or run on limited scope due to lack of funds. HOW TO GET FUNDS 1. FAMILY AND FRIENDS: I'm putting this as number one because its the closest to you. Your POS business should have at least #100,000 to start. Can you raise at least #10,000 from 10 family friends, then you are good to go. It will be hard for one person to give out an huge amount of money but getting it in bits can amount to something huge.  Mind you, if you can't raise #100,000 from your friends, then change your cycle. Its important.  2. SHARK LOANS: As much as this is advised against, it's a source of fund too. The major reason its advised against is only due to its high interest rate. But you can still go for it if you are sure of being able to make enough returns as profit and still make a repayment withou...