2023 guide: How to get a pos machine and how to earn money as an agent

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Nigeria’s PoS (Point of Sale) business has seen tremendous growth in recent years due to the rising demand for electronic payment options and banking services, especially in regions with limited access to traditional banking services. It provides services like bill payment, airtime recharge, and cash transaction services. This article offers insight for anyone who is interested in how to get a pos machine.

PoS machines are hardware devices that allow users to easily deposit or withdraw cash using debit or credit cards and perform other transactional services electronically. Except for data and airtime purchases, this machine generates receipts for transactions after the transaction has been confirmed by the device.  

In Nigeria, small businesses or individuals often run PoS businesses by registering with banks or payment processing companies in order to purchase PoS terminals, also known as PoS machines.

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These operators frequently charge a percentage of the transaction value as their fee. According to TechpointAfrica, a survey of several PoS transactions shows that cash withdrawals make up 90% of their daily transactions.   

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One of the reasons why people opt for PoS services is because of their convenience, seamless access, and faster service compared to the long queues often encountered at banks for similar transactions. 

How do POS Vendors Earn?   

Businesses are risky investments, hence, the outcome solely depends on the owner’s strategy. Owners either make profits or lose money. Therefore, it is advised for vendors to find a suitable location for it, especially in rural areas where there is limited access to banks and where people have little access to smartphones to conduct bank transactions.

This is because the daily earnings of a Point of Sale (POS) vendor in Nigeria vary depending on several factors, such as their location, the number of transactions they process, the fees charged on services, etc., with the location being the main factor as it plays a crucial role in achieving this. Apart from rural areas, the business is lucrative in locations such as shopping malls, markets, busy streets, universities, etc.  

Furthermore, vendors operating the PoS service may receive a commission from the service provider. Essentially, when a customer conducts a transaction, such as a withdrawal of N3,000, the agent relatively charges a fee of N100. A portion of this fee is taken by the PoS provider as a percentage, while the remaining amount is credited to the vendor’s wallet.

The payment of this fee by the customer constitutes a significant portion of the vendor’s earnings. Additionally, the bank or POS provider also compensates the vendor with a daily or weekly commission, which is determined based on the number of transactions they have processed using the service.   

How to get a PoS: requirements for Starting a PoS Withdrawal and deposit Business 

Some of the requirements to meet to start up a PoS business are a Pos machine, an internet connection, workspaces to carry out the business, cash availability, etc.   

1. Pos machine: This is the primary requirement for starting up the business because it is the main equipment needed for it. The purchase price for the machine varies depending on the service providers that vendors decide to deal with.  

The cost of the machine is also determined by its various features and technical specifications. 

Included in the device’s specifications is its network support. While some machines are 4G-ready, others only support 2G and 3G. Of course, the former will be more expensive than the latter.   

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2. Securing a location: Apart from finding a noticeable and suitable location with a limited amount of banks and a large population for the profitability of the business as aforementioned, other factors to be considered include providing an outlet for the business. The kiosk is the most common type of outlet vendor. However, some use containers, while others rent shops to carry out the business.  

3. Internet connection: After purchasing a PoS machine, this is a crucial requirement to consider to start up the business effectively. An internet connection is necessary to run a PoS business. However, vendors have the flexibility to select from various data plan subscriptions based on the profitability of their business. These subscription options can include daily, weekly, monthly, or annual plans. 

4. Cash availability: Given that the majority of PoS service users use it for cash transactions, particularly cash withdrawals, cash must always be accessible to merchants given the volume of daily customers and transactions they do. 

The most important criteria for starting a business are a PoS machine, an internet connection, and cash on hand because vendors could decide to use their homes as the space for their business.     

Getting Started as a Pos Vendor 

After getting knowledge on how to get a Pos machine, the next thing is to begin steps on obtaining one. However, It is important to open a bank account with the financial institution that the Issuer desires to deal with in order to become a PoS agent. Additionally, they might also operate under a bank where they already have an account, but ensuring that their transaction history qualifies to grant them the opportunity to be a vendor increases their chances of being accepted as vendors. In the latter part of this article, we will highlight some popular options.  

Now that you know how to get a PoS, we will delve into a detailed discussion of a select few PoS service providers. Some of them are:  

1. Paga

2. Quickteller

3. Monie Point 

4. Opay

5. Palmpay  

1. How to become a Paga PoS vendor:  

As a Paga vendor, you are eligible for commissions on any transactions you complete as well as bonuses from the financial institutions. Profits are determined by the volume of transactions made. Additional incentives include exclusive access to training sessions conducted by Paga and affiliated businesses, among many other benefits.  


The agent sign-up cost is N20,000, which includes startup funds as well as branding. Paga vendors can earn money whenever they complete any of the following transactions: 

1. Opening an account

2. Cash transactions (both withdrawals and deposits)

3. Payment of bills

4. Data and airtime purchases 

Getting Started as a Paga PoS Vendor

There are three ways to sign up as a Paga vendor. They are:

1. Send an email to agents@mypaga.com

2. Visit www.paga.com and click on ‘agent’

3. Fill out a form at https://www.mypaga.com/pagaagent.html   

Vendors will be contacted by a representative of Paga for more instructions on the process. Usually, it can take between a day to a week to get a Paga POS. In the event that vendors do not receive any contact within seven days of completing the necessary steps, it is recommended to send an email to service@mypaga.com.  

As aforementioned, the sign-up fee is N20,000 naira. However, the fee is only a cautionary fee and does not include the granting of PoS machines by Paga to vendors.  

What are the Charges for Paga’s Services?  

Paga charges 0.55% on withdrawals and N30 flat on deposits of any amount. 

This means that Paga charges N5.5 on every N1000 that a customer withdraws and N30 to transfer any amount on the PoS.      

2. How to become a Quickteller PoS vendor

Requirements to start up a Quickteller PoS business are: 

1. Passport photograph

2. A recent utility bill that verifies a home address

3. A valid identification card (national ID, voter’s card, driver’s license, or international passport). 

4. A business registration certificate (for registered businesses).  

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After registration, the agent should have at least N1,000 on the Quickteller wallet to qualify for a free Android POS and starter kit. A free banner and a daily logbook to record transactions are included with the startup package. 

How to get a pos

3. How to get a Quickteller PoS

You must fill out the application form and submit it together with the necessary documents in order to become an agent. Make a payment of N10,000 for the vendor’s start-up capital into the IFIS operational bank account after that.  

An IFIS Business Support partner will inspect and certify the Quickteller Agent location. Quickteller activates your IFIS agent account, and you will receive login details and a credit alert afterward. A vendor must undergo IFIS Agent Banking training and receive the following setup kits. 

1. IFIS Certificate of Completion

2. IFIS ID for identification

3. Transaction Log Book/Register

4. An agent code

5. Branding materials6. Tariff Sheet  

Interestingly, the Quickteller PoS is free. 

3. Monie Point: The following documents are required to start a Moniepoint PoS business: 

1. A verified identity card

2. Utility Bill

3. Business license or CAC certificate (for registered businesses only)

4. Valid Bank Verification Number (BVN).

 5. A valid bank account number.  

4. How to Become a MoniePoint PoS Agent?  

Below is the step-by-step procedure to become one.   

1. Visit the official Moniepoint website, https://moniepoint.com/ where you will find the option to become an agent.

 2. Click on ‘Get Started’. 

3. The website will direct you to fill out a form, which they will use to contact you. 

4. Ensure that you confirm your email address and phone number so that a cluster manager can reach out to you after 48 hours. 

5. The agent will direct you on what you have to do next to confirm your agent account with Moniepoint. 

After they approve your application, you can finally log in to the Moniepoint dashboard to manage your account.   

Alternatively, you can find the Moniepoint branch that is closest to you. When you get there, one of the staff members will guide you through the registration process. 

If you want to get a Moniepoint PoS device, contact your cluster manager. They will advise you on the procedure and duration for obtaining a PoS machine. You can get the Moniepoint POS for N25,000.  

How much does Monie Point PoS Charge?  

Moniepoint PoS transaction charges are quite low. 

In contrast to other PoS providers, they base their charges on the volume of transactions you carry out rather than the bank. For all banks in Nigeria, the fixed monthly fee for Moniepoint is N20. Additionally, the fee for withdrawals up to N4,000 is just N6.2, although it rises as the amount withdrawn increases. Aside from this, Moniepoint does not charge any extra bank fees, unlike many other PoS service providers. 

 4. How to become an Opay POS agent

Opay is a mobile money platform licensed by the CBN. They provide low fees and convenient ways to execute PoS transactions. Also, the platform is reputable for being one of the most reliable PoS agencies in Nigeria.  

An Opay PoS agent is a merchant registered under Opay, which is also known as Paycom, a licensed mobile money platform. 

You don’t have to spend anything to sign up as an Opay agent. To register as an agent, simply download the iPhone Opay app or Android-compatible Opay app. The following transactions can be done with the Opay PoS: 

1. Receive money and transfer it to others too.

2. Pay less money for airtime on the Opay app and get discounts while doing this.

3. Subscribe to different TV service providers and earn money as a commission. 

4. Pay electricity bills quickly and easily.  

Requirements for Starting an Opay PoS Business  

In order to register for Opay PoS business, you must have the following: 

1. Bank Verification Number (BVN)

2. A utility bill not older than three months

3. Valid means of identification

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4. Passport photographs 

How to Become an Opay PoS Agent  

New Opay account owners cannot apply for the Opay PoS machine. 

You must have established a solid transaction history on your Opay account as a PoS agent. You can then submit your PoS request, which will be reviewed and processed by the Opay team within 24 hours. 

 Upon their approval, an Opay service member will get in touch with you to arrange for you to pick up the POS machine.  

Application procedures are as follows: 

1. Download the Opay app from the Play Store.

2. Request an Opay merchant registration form by sending an email to ng-support@opay-inc.com, or log into the Opay app and selecting the icon for the Merchant application.

3. Input your correct details.

4. Upload all the required documents.

5. Submit your application form for review.  

The Opay POS is free for agents who have built a good transaction history with Opay, but they must have a caution fee of NGN20,000 available in their wallets. 

The caution fee will take effect after the approval of the POS terminal.  

However, for new Opay agents who cannot wait to build their transaction history, they can buy an Opay PoS machine, depending on the types, which are:

1. N50,000 for Opay Smart PoS

2. N35,000 for Opay Traditional PoS

3. N8,500 for Opay Mini PoS.

 Charges for Opay PoS 

Opay charges 5% per daily transaction, and the agent will receive the remaining 5% or more than that as income. Basically, it depends on the price the agent charges the customers per transaction.  

5. How to become a Palmpay POS agent

Palmpay has two types of PoS, depending on what you want. It has Android (touch screen) and Linux (button). For Android, you would pay N41,500, while for Linux, you would pay N21,500, and  N1,500 for insurance and PoScare. 

First, you need to contact an aggregator (agent), and the following procedures will be given. 

Details about you as a new agent are required, such as your full name, phone number, email address, business name, address, BVN, any means of identification, and a utility bill. Then: 

1. You will log in to your dashboard to create a new agent (you). 

2. Your phone number will be added, and an OTP will be sent.

3. Once the OTP is received, it will proceed to the aggregator’s dashboard. It is like an agreement to continue the process.

4. All other required details will be filled out, and if the details are not queried for having any errors on them, such as the address or the shop picture, the agent will be certified okay.

5. You will be required to download the PalmPay agent app and create a pin to transact. 

Your collection of the POS depends on the agent. While some have the machine in bulk, others might take 7 days. 

To avoid the company’s retrieval of the PoS, you must meet your given target. For Android, you must make transactions worth N30,000 per day, and on Linux N20,000 per day.

Get a Moniepoint POS offline in Ogun

If you are a resident of Ogun state and you want to know how to get a POS through an offline means, Moniepoint particularly Ogunwatch contacted a so-called Moniepoint Business Relationship manager who specializes in facilitating Moniepoint POS for interested applicants in Ogun state.

Here are some tips given by him:

“The POS is not for sale, but applicants will pay a caution fee of N23,000, which includes insurance and ATM card fee.”

Successful applicants are expected to meet up withdrawal target of N30,000 daily as a starter.

The POS can be retrieved if the vendor did not meet up with the daily target for a certain period of time. And

A refund of N10,000 will be refunded back to your account if the terminal is retrieved within a period of 1 year.

Final Thoughts 

There are many PoS service providers in Nigeria, but these five are the most popular.

 It is noteworthy that the requirements for starting up PoS businesses for all the service providers are similar. Documents that are most needed are: 

1. Valid means of identification like the National ID Card, Voter’s ID Card, etc.

2. Passport photographs

3. Bank Verification Number (BVN)

4. Current account references

5. Evidence of business registration (CAC Certificate)

6. Start-up capital with a minimum of NGN50,000.  

Also, once the bank approves your application, they will give you a POS machine, either for free or with a cautionary fee, so you can begin your POS business.     

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