Best Banks For POS Business In Nigeria

POS business has become one of the most popular businesses in the country. However the case may be, the business is one of the most lucrative too. The more the business gets popular the more the reduction of profit to agents. Although the latter is not our topic of discussion. This article will be centered on the best banks for POS business in Nigeria. The following contains a list of banks that offer POS to their agent.

Wema Bank

Wema Bank is a bank known nationwide. It is an agency banking system known as Wemapay. This is a bank section known for disseminating POS to clients. The Wema Bank POS is one of the best in Nigeria. It has a low interest rate and low competitive rate compared to some of its competitors.

Wema Bank POS charges

Wema charges N30 for withdrawals of N1000 to N5000.
Wema charges N50 for withdrawals of N5100 to N10,000.

First Bank

First Bank is one of the best banks in Nigeria. It is known for its longevity in the banking industry. Regardless of its age, it still has a good banking system. It has an agency for POS systems known as First Monie. However, before you get a POS machine you must have a current account. You must have a current balance of N500,000. This may not be a company account. It might be personal.

First Bank POS charges

First Bank charges are very friendly. As you know the First Bank allows people to get a nice commission on any transactions.

Transaction charge for N1 to N5000 is N50
Transaction charge for N5001 to N30,000 is N100
Transaction charge for N30000 to N100,000 is N150
Above N100,000 is N200.

Zenith Bank

Zenith Bank is another legitimate bank in Nigeria. Zenith Bank is a bank that offers POS machines to its customers. If you have an enterprise, you may have to consider Zenith Bank as an option for your business. It is one of the tools that help your business. Yes. When it comes to POS, Zenith Bank is second to none.

Zenith Bank POS machine charge

For withdrawal and deposit, the POS agent is expected to charge an amount within a range of N30 to N100 for the amount of N1 to N100,000. However, you would be charged a rate of 1.2% for charges above N2000. The minimum agent commission is within 45%.

First City Monument Bank

The FCMB is another conventional bank you would consider when you intend to get a POS machine. Moreover, to get a POS machine from First City Monument Bank you may have to meet some requirements.

Some of these are:

Possess an account with FCMB
Possess a shop
Possess a startup capital
Means of identification
Proof of residence.

READ ALSO: How To Get Kudi Nomba POS – Kudi POS Withdrawal Charges, Machine Price And Daily Target

FCMB POS charge

The First City Monument Bank charges depend on your kind of transaction. Take a look at the rate of charge.
0.2% for wholesale
1.25% for hotels.
0.25% for general merchants.

UBA

UBA is one of the most unique banks in Nigeria. In this case, UBA has an agency section called UBA Moni. It is one of the best options for POS in Nigeria. They are trustworthy because of their low rate of charge. Additionally, their daily target is attainable. For example, UBA expects their agent to run a transaction worth at least N35,000 daily. Per annum, they are expected to make N1,000,000 worth of transactions.

UBA POS Machine Rates

UBA POS machine rate ranges up to N50 and above. Agents are required to have 0.7 of the transaction. This is depending on the transaction.
Here is a snapshot of the charges:
For Deposit: 30% for UBA, 70% for Agent
For Withdrawals: 30% for UBA,70% for Agent.
For interbank Transfer: 30% for UBA, 70% for Agent.

Polaris Bank

Polaris Bank is one of the top banks in Nigeria. Here, you can get a POS machine easily. Polaris Bank has a platform that allows clients to receive POS and become clients. Surepadi is a platform in Polaris that allows you to get a POS machine for a minimum amount. They are known for having low-interest rates. They have high commissions on their platform.

Polaris Bank Charges

For cash withdrawal: .75%
Deposit from Polaris to Polaris: .5% charge fee
Transfer: 40% charge fee
Bill payments: N100.

FAQ

How much is First Bank POS charge?

FirstMonie POS charges are not in unison. Many times it charges N100 naira for all transactions of N10,000 naira and below.

How lucrative is the POS business?

According to the report, the POS business is very lucrative in Nigeria. This is just due to the lack of access to financial institutions within rural communities across the country.

How much can I get the Moniepoint POS?

To get the Moniepoint Point of Sale, you are to pay 21,500 naira.

How can I get the Firstmonie POS?

You can do well to visit any FirstBank branch near you or you can send an email to posmerchantbusiness@firstbanknigeria.com to proceed.

What is the UBA POS charge?

For Deposit: 30% for UBA, 70% for Agent
For Withdrawals: 30% for UBA,70% for Agent.
For interbank Transfer: 30% for UBA, 70% for Agent.

Conclusion

This article has extensively analyzed the best banks for POS business in Nigeria. This article has also shown the respective charges one needs to expect when he banks with this financial institution. As an agent, you are assured of receiving a commission for every transaction you complete.