If you are looking for a Best Banks for POS Business in Nigeria then you might want to check this out.
POS business is very popular in Nigeria, especially in rural areas where access to banks and ATMs is limited.
As a POS agent, you can earn commissions from every transaction you process, as well as attract more customers to your existing business.
However, not all banks offer the same quality and reliability of POS service. Some banks have better POS machines, lower charges, faster settlement, and more customer support than others.
In this article, we will review the 5 best banks for POS business in Nigeria, based on their features, benefits, and requirements.
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Best Banks for POS Business in Nigeria
1. Kudi (Formerly Nomba)
Kudi is one of the best banks for POS business in Nigeria because it offers a free POS machine, low charges, and instant settlement.
To get a Kudi POS machine, you only need to pay a refundable deposit of N10,000, which you can get back if you return the machine in good condition within a year.
You also need to have an active bank account and a smartphone to download the Kudi app.
Kudi charges 0.5% for withdrawals below N25,000, and N150 for withdrawals above N25,000.
For transfers, it charges an N45 flat rate. Kudi also allows you to pay bills, buy airtime, and sell data through its POS machine.
You can monitor your transactions, balance, and commissions on the Kudi app, and withdraw your earnings to your bank account anytime you want.
See How to Get Kudi POS Machine: Kudi POS Withdrawals Charges, Machine Price, and Daily Target
2. GTBank
GTBank is another great option for POS business in Nigeria, because it offers a reliable and secure POS service with competitive charges and features.
To get a GTBank POS machine, you need to have an active account with the bank, and a minimum balance of N50,000.
You also need to provide some documents, such as your ID card, passport photo, BVN, and business registration certificate.
GTBank charges 1.5% for local transactions GTBank’s POS machines support EMV chip cards, contactless payments, and QR code scanning.
They also offer features like inventory management, real-time transaction alerts, and customizable receipts. GTBank’s POS system is compatible with various business management tools, making it convenient for you to track sales and manage your finances.
3. Zenith Bank
Zenith Bank is another top choice for Best Banks for POS Business in Nigeria, because it offers a flexible POS service with affordable charges and value-added services.
To get a Zenith Bank POS machine, you need to have an active account with the bank, and a minimum balance of N100,000.
You also need to provide some documents, such as your ID card, passport photo, BVN, and business registration certificate.
Zenith Bank charges 1.75% for local transactions
Zenith Bank’s POS machines are equipped with NFC technology, allowing for quick and secure contactless payments.
They also offer value-added services such as bill payments and airtime recharge through their POS system.
Zenith Bank supports multiple currency transactions for businesses with clients abroad.
4. Access Bank
Access Bank is another Best Banks for POS Business in Nigeria, because it offers a wide range of banking services, including POS service, with low charges and high-quality customer support.
To get an Access Bank POS machine, you need to have an active account with the bank, and a minimum balance of N50,000.
You also need to provide some documents, such as your ID card, passport photo, BVN, and business registration certificate.
Access Bank’s POS machines support chip and PIN cards, contactless payments, and QR code scanning.
They also offer features like inventory management, real-time transaction alerts, and customizable receipts.
Access Bank’s POS system is also compatible with various business management tools, making it convenient for you to track sales and manage your finances.
5. First Bank
First Bank is another great option for POS business in Nigeria, because it offers a long-standing and reputable POS service with competitive charges and features.
To get a First Bank POS machine, you need to have an active account with the bank, and a minimum balance of N100,000.
You also need to provide some documents, such as your ID card, passport photo, BVN, and business registration certificate.
First Bank charges 1.5% for local transactions and support EMV chip cards, contactless payments, and QR code scanning.
You may also like Paga POS Machine Price, Charges, Daily Target: How to get Paga POS Machine
Conclusion on Best Banks for POS Business in Nigeria
POS business is a lucrative and convenient way to provide banking services to your customers and earn commissions from every transaction.
However, not all banks offer the same quality and reliability of POS service.
You need to choose a bank that offers an affordable POS machine, low and transparent charges, instant settlement and withdrawal, easy registration and activation,
We hope this article has helped you to make an informed decision on Best Banks for POS Business in Nigeria.
Also, if you found this article useful, please share it with your friends and colleagues who might be interested in starting or growing their POS business in Nigeria.
You never know, you might be helping someone to achieve their financial goals.
Thank you for reading!
