The POS (Point Of Sale) business has become a staple in Nigeria, addressing the constant need for cash.
People are always going to need cash, and banks cannot install enough ATM machines to handle the needs of the people, especially in overcrowded areas like markets and bus stops.
This is why the CBN (Central Bank Of Nigeria) introduced the POS machine back in 2013.
Recognizing this need, Nigerian banks have expanded their POS services across the country.
So if you’re reading this, its high chance that you’re looking for the right POS machine to acquire for your business.
If you’re in search of the right POS machine for your business, you’re in the right place.
We will be examining the best POS machines available. And by the end of this article, you’ll be well on your way to start your own POS business.
To determine the best POS machines, we’ll consider several factors:
- Cost: While cash investment is inevitable in business, you still need to cut your coat according to your size. We will examine the cost of acquiring each POS machine.
- Security: You want to be sure that you and your customers are safe from hackers, we will also check the security measures that have been implemented on the devices.
- Ease of use: A POS machine, no matter how high tech must be easy to use with a friendly the interface.
- Customer support: In case you run into any issues, it’s nice if the customer support is prompt and effective.
- Charge: Finally, we will see what their charge rate per transaction is, this is how you will make profit afterall.
9 Best POS Machines in Nigeria
1. Paga
Paga sit at the top of our list of online banks with the best POS machines in Nigeria.
- Cost : paga POS costs N30,000, relatively cheap when compared with the rest.
- Paga transactions are encrypted which means that hackers cannot spoof the network using malicious software to steal customer information.
- User friendly: The paga POS has a very simple interface, there’s no fancy operating system that might confuse a user.
- They have great customer support.
- 0.55% transaction fee
2. Opay
Opay POS comes in two forms, Opay analogue, and Opay android. The Opay analogue is considerably cheaper than the android, but they both offer great service.
- Cost: Opay analogue costs N40,000, but you must be an account holder to purchase one, so open an Opay account if you wish to use Opay
- Data is encrypted before transmission
- Opay analogue is simple and intuitive
- Customer support is optimum
- 0.6% transaction fee
Opay is also one of the best saving apps in Nigeria.
3. Palmpay:
Like Opay, the palmpay POS comes in two types as well, the older (analogue), and the modern Android version. Both of them works great, but the android affords you more options in mobile banking.
- Cost : The analogue version costs N40,000, while the android goes for N60,000
- Transaction data is encrypted.
- Easy to use
- 0.5% transaction fee
3. Moniepoint:
Moniepoint has quickly gained popularity amongst POS merchants, especially traders. They use the KYC (Know your customer) system to verify the identity of their merchants before the POS machine is handed out.
This is a security measure ensures every transaction made with a Moniepoint POS machine is traceable.
- Cost: N21,000
- All transactions are encrypted
- User-friendly interface
- 0.5% transaction fee
4. Kudi:
Kudi POS might not be as popular as their counterparts, but they serve their purpose well.
Thus, earning them a spot on our list of online banks with the best POS Machines in Nigeria.
They have a functional support system for their merchant, where as a user, you will be added to a WhatsApp group where you can easily communicate your problems and get support from both their customer care, and other users.
- Cost: N20,000
- Transactions are secure and encrypted.
- Easy to use interface.
- 0.6% transaction
5. Dataway:
Dataway is probably the easiest POS machine to acquire. They offer an affordable, unconditional cautionary fee of N10,000.
And an option to return the POS machine when its use is done or in the case of a damage. Dataway POS is lightweight, somewhat resembling a calculator, it also has a strong network.
- Cost : N10, 000
- Secure transaction
- Lightweight/simple interface
- Good customer support system
- 0.6% transaction fee
6. GTBank :
Traditional banks like GTB also participate actively in the POS business.
GTBank operates a slightly different system you can get a free POS machine, provided that you pass their verification process.
- Cost : Free
- Secure transaction
- Friendly interface
- Good customer support
- 0.75% transaction fee
7. Baxi Box:
Baxi POS is a relatively new player trying to make its mark on the market.
One of the features of the Baxi POS machine that makes it stand out from its competitors is its offline functionality. Baxi POS can be operated without internet connection.
They have two types two kinds of POS machines: the Baxi box MPOS, and the Baxi box android POS machine.
- Cost : MPOS – N5000
- Android — N80,000
- Secure transaction
- Easy and intuitive interface
- Fair customer support
- 0.65% transaction fee
8. First Monie:
First monie is First banks’ attempt to spread their banking services into the rural areas by enabling customers with POS machines.
You can get a First Money POS machine for free, provided that have a First bank account, and you qualify through their approval process.
- Cost : Free
- Secure transaction
- Friendly interface
- Good customer support
- N50 transaction fee on transfers below N5000, and N100 for transactions between N5000 and N30,000
9. DOT PAY:
Dot Pay is an android POS with several built-in functionalities, including deposit and withdrawal, bill payments and subscriptions.
Founded by the Changan RTS Microfinance bank, they are cost effective and easy to get.
- Cost: N30,000
- Secure transactions
- Friendly android interface
- Fair customer support
- 0.5% transaction fee.
FAQs On The Best Pos Machines
How much does it cost to start a POS business in Nigeria
The cost of starting and running a POS business relatively low, if you already have a kiosk or an spot to set up, then N150,000 could be enough start a POS business.
Which POS machine and bank is the best in Nigeria
There is no single best POS machine or bank, they all come with varying features and services that appeals to different people based on what they need the machine for.
Is the POS business a profitable business?
A lot of people will argue that the POS business is a very profitable business in Nigeria. And that merchants in areas with high human traffic make anywhere between N20,000 to N30,000 daily.
How can I start a POS business in Nigeria?
To start a POS business, you have to first choose a POS machine and bank to work with, refer to the POS above for information on that.
Then you should further study about them, their machine, the customer service and support system.
After all, you can then register, pass their verification system, get one for your business.
Conclusion On Best Pos Machines
Starting a POS business requires that you carry out a proper investigation on the company you choose to work with.
The list above should guide you and help you narrow it down.
But I still recommend that you carry out further research, like approaching a current merchant and asking them what they think of the device they use, and their experience working with their banks.
They will provide the best first-person perspective that will help you making an education decision on the matter.