10 Best POS Machine In Nigeria With Low Charges (2024 Updated)

Are you planning to start a POS business? If yes, I am going to show you list of the best POS machine in Nigeria with low charges, their price, types and how they works in 2024.

Over the years, POS business has grown to become one of the most profitable businesses to start in Nigeria. A lot of persons on the other hand set up POS businesses around areas where the demand for POS service is high.

In this article, we have decided to discuss the types of POS machine in Nigeria that is the best, it is already a fact, starting a POS business is a lucrative business.

But another important thing that everyone considers at the stage of setting up their POS business is “What is the best POS machine in Nigeria?

Well, to answer the rhetorical questions, it is also a fact that there are many means and types of POS that one can get today to start the POS business.

For example, there are banks that give POS to their customers, POS can also be ordered online from online shops, it can be purchased from the market and there is also a company in Nigeria which gives out POS free to its customers.

As there are several types of POS one can get and use, then this subject of which POS is the best will always come to mind.

What you will get when you read this post on “best POS machine”.

We are going to discuss some important information relating to getting a very good POS machine for those who are just starting the POS business.

As you may already know, a POS (Point Of Sale) machine or what most people refer to as a POS terminal, in Nigeria, is a very great gadget that allows organizations to make and receive payments directly from the customer’s ATM card, for a small amount or processing fee.

So we will cover which best is better, this will help you start your POS business effectively, while most POS terminals are given by banks, they can also be gotten from other sources and in this post, we will discuss how all possible type of POS machine works.

For the record, the POS terminal was presented by the Central Bank of Nigeria in 2012 as a feature of its plans to uphold the cashless policy that was introduced then by banks all over Nigeria.

Individuals are now using the POS terminals to facilitate their business by helping people do financial transactions, the POS terminal has become a fundamental machine at any store or business that accepts card payment.

Therefore in this article, we will examine some significant aspects of the POS machines available in Nigeria, in regards to the advantages of owning a POS machine.


Some of the things we would evaluate while discussing the best POS machine in Nigeria;

To give you a good idea of the best POS machine in Nigeria, we are going to discuss some aspects on which this article will base its evaluation on, that way you will know what to look out for when making a purchase or opting for a POS machine to start or scale your business.

Some of those things are as follow;

  1. We would evaluate the popular brands and what kind of POS machine these brands offer:

To determine and present a well-structured list of the most reliable POS to use in Nigeria, we are going to analyze the brand equity of this POS machine.

From careful research and according to the Wikipedia website, some of the famous brands that produce POS terminals are VeriFone, Hypercom, and Ingenico.

In this light, getting a POS machine in Nigeria can sometimes be in the bank, bought or gotten from companies who make’s it available free to its customers.

These brands offer basic Mastercard payment to the handling of more complex payment, like sending payments to other accounts, in actuality.

Getting a POS don’t come free and even companies like Opay who gives out this POS free to its customers have a system and a means of meeting base on their business.

The majority of the banks in Nigeria offer POS machines and support to their customers, such as firstmonie from the first bank.

You may however be required by the bank providing you with this service to make a few POS charges to the bank for each effective payment you acknowledge with the utilization of the machine.


  1. We would evaluate the best POS machine base on the price:

Another thing we looked at when determining the best POS machine in Nigeria is the price it is been sold out or offered.

To get a POS machine, you can order it online, however, getting a POS machine in Nigeria from most organizations is free, if you get yours from one of the legitimate banks in Nigeria or from OPAY.

In the event, it is important to also know what banks who give out the POS machine free tend to acquire from giving you the POS machine at no cost, this is one of the points we would portray when analyzing the best POS machine in Nigeria:

Any organization offering POS machine to its customers make their money on the long run by charging a decent transaction fee.

(somewhere in the range of 0.25% and 1.5%, depending on the bank or even N100 fixed fee for most banks) per payment done through every POS terminal that you got.

To get a POS machine from any bank in Nigeria, usually, all you need is to have an account (ideally current or business account) with the bank.

A few banks however will let you get the POS machine if all you have with them is a savings account on certain conditions.

Remember, while POS machines can be obtained free in most banks and companies within Nigeria, some will require you to get them at a one-time expense fee.

These vendors/providers don’t charge you for payments since you would have paid for the machine beforehand.


  1. Ease of use:

The last thing that we will use to evaluate the best POS machine in Nigeria is the ease of use, not all POS machines are operated the same, some are touch screens and some are buttons, and yet some have both.

Knowing how easy it is to make transactions on these machines will help you determine which of the POS machines to get.

With the points discussed above….

You will be able to determine which POS machine will be best for your business, now let’s dive into the next section of this article.



Best POS machine in Nigeria 2023

Best POS Machine in Nigeria

There are so many types of POS machines people can get for the POS business. Some come in handy in a very small size, and some are big, the interesting fact is that new ones are coming out consistently.

In any case, how effective is their service, that is the question to ask, and since it is one of the most important things that ought to be asked before the time of getting any of these pos terminals.

We thought it would be helpful for you to know that there is some offline POS machine in Nigeria, Such POS does not demand that you are connected to a WIFI connection to have it work, for such POS you can visit Aliexpress or Amazon to buy time.

Why they may come at a more expensive cost, they are sure to be one of the best in service. These sites have dealers who probably purchased their POS machines from China.

I haven’t utilized any of these but we have based our research based on people who have used any one of these POS machines.

1. Opay POS machine

Opay is one of the organizations in Nigeria that give POS machines free to people upon request and we consider it currently the best POS machine in Nigeria.

The organization just expects you to download their application from the playstore or on the Apple application store, fill the mandatory form that will be required from you.

After following the due process that the company asks of you then you will be called to discuss where and when you can collect your POS machine.

That being said, the organization will charge a certain transaction fee for every successful transaction and this is usually not on the high side.


2. Moniepoint POS machine

Moniepoint POS is among the best POS machine in Nigeria and their POS is one of the most used POS all over Nigeria by many businesses.

POS terminals are sent to people who have been screened thoroughly with a system called Know Your Customer (KYC).

The significant level KYC has now guaranteed the security and unwavering quality of Moniepoint and the others.

We also noticed that their charges are not ludicrous as with regards to execution it’s a first-class POS machine.

The initial step to getting a Moniepoint POS machine is by going to their site (www.moniepoint.com).

You are to fill in certain forms concerning yourself and the structure of your business, this is to say that you are relied upon to have a place where your business is located (business area) before your application will be approved.


3. Baxi box POS machine

Baxi box gives out truly outstanding and most easy to use offline working and online POS machines in Nigeria, they are also one of the best POS machine in Nigeria.

Getting the POS machine is not so difficult and anyone ready to start a POS business can easily get one, All you have to do is follow a few steps to get your POS machine.

The machines are not very complicated to use and they work without a network, and you will get commissions when individuals do payments on the POS machine.

Baxi Box takes around 0.65% in charges when you complete a withdrawal. So you may need to manage to charge higher rates to clients when a huge amount of cash is being removed.

While I think this is a detriment for this POS business, It is also important for you to have the option to get around it by including like 50 Naira for every 1000 Naira that your customers withdraw.

How much is Baxibox POS machine

  1.  Baxi box android POS (8.1) = N80,000
  2. Baxi box MPOS = N5,000

Baxi box POS charges 2022

  • Cash deposit = N30
  • Cash transaction = N100 flat rate (N20,000 – N100,000).

How to apply for baxi box POS machine

  • Download baxi mobile app from app store.
  • Provide your BVN and your real address to upgrade your account to Baxi pro.
  • Navigate to request for MPOS/POS
  • Click on submit a request for a POS device.


4. Kudi POS machine

Kudi is also one of the best POS machine in Nigeria that makes internet banking and payments easy, Kudi POS machine over the years has been an effective POS terminal that people use in Urban and rural areas.

The POS machines are free. Nonetheless, you will need to pay a security deposit/caution fee of N20,000 and also provide an end-of-day transaction report or statement of account to prove that you can meet the transaction target on the POS terminal.

With Kudi POS machines people don’t need to pay a huge sum of money to get P.O.S machines for facilitating financial transactions.

At the same time, buyers presently have a system that incorporates the entirety of Kudi usage.

And at the very best, Kudi keeps a safe record of financial transactions carried out on the POS machines. Learn more about how to get Kudi POS machine.


5. Dataway POS machine

POS machine

Dataway POS is one of the cheap POS machine in Nigeria currently that is very affordable. It has the best network, fast customer care service and the best charge rate.

Dataway charges 0.6% for withdrawals from N100 to N10,200. And a flat rate of N100 for withdrawal from N10, 201 to N200,000.

Before you can apply for dataway POS machine you need to first register, it is after the registration before you can be able to request for the POS machine from your dashboard.

The registration fee is N2,000 only, dataway has both mini POS terminal and Android POS machine that are easy to use.


6. GTBank POS machine

GTBank POS machine is one of the best POS machine offers by Bank, it is affordable and has a strong battery that last long. GTBank POS is free but you will still pay a caution fee of about N20,000 before you collect it.

What are the requirements to get GTBank POS?

  • Passport, national ID, driver’s license and other identification documents.
  • Your full name and location.
  • BVN

How to apply for GTBank POS machine

  • Visit any GTBank that is close to you
  • Enter marketing department and tell them that you want to apply for POS
  • An agent will give you GTBank POS application form to fill
  • Fill the form with your valid information
  • The agent will collect the form after you might have filled it.
  • They will review your application, once it’ approved GTB team will contact you.


7. Palmpay POS machine

Palpay POS machine is a strong POS machine in Nigeria that is good for POS business, Palmpay POS application is also free but you will pay a caution fee of N20,000 for the POS machine will palmpay android device is N30,000.

Best POS machine

What are the PalmPay POS charges 2022 and commission structure?

  • Airtime topup – 3% of the amount
  • N20 only for bank transfers (any amount)
  • N5 on each 1000 naira you withdraw for your client.
  • Bill payments are done for FREE. You are then at liberty to charge your customers what you wish.

You will earn N200 for each successful referral; that is for anyone you tell about Palmpay and the person registered through you, you will earn N200.

You can visit their website or download their mobile application to be able to apply for their POS machine in Nigeria.


8. Paga POS machine

Paga is a fintech company that was lead by pagatech a private limited company licenced by CBN to provide electronic payments system services to people.

To earn money as a paga POS agent you will always receive a commission for each transaction that you perform. So, the more transaction you carried out the more you earn which makes Paga one of the best POS machine in Nigeria.

To apply for Paga POS machine
Simply send an email to seevice@mypaga.com, or Log on to www.paga.com, select Agent and click on Become an Agent to get started.

How much does it cost to sign up as Paga agent? The agent sign-up is free, but if you want a POS terminal you will be required to pay N30,000.


9. Dot pay POS machine

Another best POS machine in Nigeria is Dotpay POS machine it’s a financial technology company owned by Changan RTS Microfinance Bank Limited. Its office is located at No. 366 Murtala Mohammed Way, Yaba Lagos State, Nigeria.

Dotpay charges are like moniepoint and Opay POS charges;

They charge 0.5% for withdrawal transactions of below N20,000 and charges N100 flat from above N20,000 while N20 flat rate for deposit.

Dotpay POS machine cost is N30,000 which also include the processing fee from the agregator. Dotpay POS machine is very secure and has strong battery capacity which makes it one of the best POS machines.


10. First Monie POS Machine

First monie POS was introduced by first bank to enable them expand their banking service to rural areas, they offer their POS machine for free to their qualified agents.

First monie POS charges 2024

Deposit fee (first bank account only) N50 for (N5000 and below) transfer to first bank account is N100 for N30,000 and below while other banks; N20,000 and below is N100. Cash withdrawal 10,000 and below is N100.

Requirements to get POS machine from first bank

  • An existing business
  • A business location that is visible and accessible
  • A valid ID card (voter’s card, national ID card, driver’s license, international passport)
  • Biometric Verification Number (BVN)
  • 1-3 months old utility bill (Preferably PHCN Bill)
  • Corporate bodies must have their business registration documents

To apply for first monie POS machine you can visit any first bank nearest to you or you can apply online through their official website firstbanknigeria.com.


Best bank for POS business in Nigeria

These are the best banks and agency banking that offers the best POS machine in Nigeria to those that want to start POS business;

  • Moniepoint POS
  • OPay POS
  • Kudi POS (Nomba POS)
  • Palmpay POS
  • Baxi POS
  • Paga
  • Pay force
  • Firstmonie POS
  • Bankly
  • Zenith Bank mobile money agent
  • Access Bank CLOSA agent.


Moniepoint POS Vs Opay POS

Between Opay POS machine and MoniePoint POS machine which one is the best? Let analyze based on their transaction charges and quality.


Moniepoint POS machine

Moniepoint offers quality POS machine that has strong battery capacity and can serve you for a while day if fully charges.

Moniepoint POS charges 2024 (withdrawal; 0.5% N1,000 – N19,999, N100 rate for (N20,000 and above) deposit; N12 and N20 for transfer).

It will cost you above N30,000 to N70,000 to get quality moniepoint POS machine in Nigeria.

Learn more: How To Apply For Moniepoint POS machine

Opay POS machine

Opay POS machine is the best POS machine in Nigeria based on quality, it battery capacity can last for up to 2days if fully charges.

Opay POS charges 2024 (It charges 0.5% per transactions, withdrawal of N1,000 and below = N4.6, N20,000 and above = N92. Deposit; N1,000 to N5,000 = N7.5 and N10,000 and above = N22.5).

Opay POS machine is free but you can still buy from online store like JUMIA, it will cost you between N25,000 to N100,000 to buy Opay POS.

Opay has different types of POS machine including Mini POS that you can choose from.

learn more: How To Apply For Opay POS Machine In Nigeria


Other things you should consider also to determine the best POS machine in Nigeria:

You can pick a POS machine outside our presented list in case you think there are other better POS machine in Nigeria that you can use for your POS business.

We have decided to also give you the following things to consider so that you do not end up getting a POS that would affect your business.

The cost will be a factor just as the requirements of starting any business. The following also ought to be thought of:

  • What type of payments are you in need of POS for: Apart from people who use POS to make payments via Credit cards, most people also use it for electronic payments, in any case before you begin to search for a POS machine, analyse the kind of payments you want to deal with.

Credit cards payments in most POS machines generally incur a transaction charge.

With a POS machine, people can send money to other bank accounts electronically. POS terminal setup can be modified to accept debit cards or just make payments.

POS machines in Nigeria must be able to make transactions from a VISA card, Masters Card and Verve cards.

To have the option to charge debit cards on your POS machine, your machine needs to have a keypad that allows customers to enter the pin of their cards.

  • Buying or renting: There is another possibility for people who do not have so much money, they can rent or get it for free and the service will always depend on the organization you are getting your POS from. You might decide to purchase the machine and avoid transaction fees.

Other companies will rent you a POS machine on certain conditions.

  • Getting simple to use POS machines: Another thing many people also consider when getting a POS machine is the ease of use, so this should be one of the things to check when buying or getting a free POS machine, your POS machine must be fast and efficient, it if takes time to respond then most customers will not be able to wait for you which will be bad for your business.

So try to get a POS machine that works smoothly.

  • Cost of Usage: You need to also be aware that the expense of utilizing a POS machine in Nigeria comes at different rates. If for example, you got a POS machine from banks, for each successful transaction, the bank removes a transaction fee and the fee varies upon banks.

Having known this will help you when searching for the best POS machine in Nigeria.

  • How strong is the battery of the POS: POS machines need to be charged for them to continue working, if you get a POS machine with a bad battery you will be forced to keep charging it and this might be very bad for your business if it is not available at the time of need.
  • What type of network does it use: POS machines need network connections to work so you might have to think about this too, examine the network of the POS and then you can decide if it will work for you.

You now have the list of the best POS machine in Nigeria, what to look out for when getting a POS machine and how they work; we hope you have gained enough insights from this post, wishing you the best in your business.

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