How to Get POS Machine in Nigeria

A POS (Point of Sale) machine is a payment terminal which serves as the vital link between customers, merchants, and financial institutions, facilitating seamless and secure electronic fund transfers while safeguarding sensitive financial information throughout the transaction lifecycle. One of the key functions of the POS machine is its ability to capture pertinent information from payment cards, such as account numbers and transaction amounts. The data capture mechanism ensures that it securely transmits the necessary details for processing and authorization.

This payment terminal comprises key components meticulously integrated to ensure secure and efficient electronic fund transfers. These include a secure keypad, commonly referred to as a PINpad, which allows customers to input their personal identification number (PIN) to authenticate their identity during the transaction process. Additionally, the terminal features a screen, providing visual feedback to users throughout the transaction, including prompts for PIN entry, transaction details, and confirmation messages. It is an important tool for business owners as it facilitates faster, secure and seamless payments.

How to Get a POS Machine in Nigeria

1. Choose/Register with a Bank

Several banks in Nigeria including Microfinance banks offer merchants and businesses POS terminal machines. Such banks include Access Bank, GTB, First Bank, Moniepoint, Opay, and so on, there is a lot you can choose from. Once you’ve chosen the bank, your next step is to visit any of their nearby branches.

2. Open a Merchant Account

A merchant account simply put is an account that recognizes you as a service provider. It enables you to make and receive payments (more like a mini bank). You will be required to provide some documents which will include your business name/registration as well as your identification.

3. Request for a POS machine

After opening a merchant account, you want to go ahead to apply for a POS machine. You will as well supply some documents during this process including the name and address of your business. Your creditworthiness will also be reviewed to determine your eligibility.

4. Install Your Device

Once your application is approved by the bank, you will be required to install the machine which means linking it to your business by adding your telephone number as well as connecting it to the internet. Detailed instructions will be provided by your bank on how to link and install.

5. Accept Payments

Upon successful completion of all the steps above, you can start accepting payments. You will be able to accept card payments as well as transfers, and you can check transaction history and payment records on your machine. You also have the pleasure of making transfers to customer accounts from your POS.

The following are documents required to get a POS machine in Nigeria:

1. Valid means of identification e.g. Voter’s Card, International Passport, National ID card, Driver’s Licence.
2. Bank Verification Number (BVN)
3. Memorandum and Article of Association.
4. Credit Bureau Report
5. Proof of business registration (CAC Certificate)
6. 2 Passport photographs
7. 2 Current account references
8. Minimum working capital of ₦50,000
9. Tax Identification Number (TIN)