POS (Point of Sale) is a financial service usually provided by banks and in recent times, POS business has been a thriving business unit across Nigerian localities with few or no bank branches. Needless to say, the presence of POS terminals in residential areas is fast removing the need for people to visit banks or ATM stands before they can carry out transactions.
Therefore, it’s pretty safe to assert that with the proliferation of POS terminals, more people are finding it convenient to make withdrawals, transfer funds and pay bills in no time.
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Favourably, several Nigerian banks offer free-to-obtain POS machines to their customers willing to render POS services. While you’re not charged a dime for obtaining a POS machine from a Nigerian bank, you however need to be aware of the convenience fee charged on each transaction you perform.
In this article, you’ll find out the necessary requirements for applying for and getting POS machines from some of the major banks in Nigeria. Additionally, you’ll get to know if POS business is profitable in Nigeria or not.
Is POS Business Profitable in Nigeria?
It’s possible for someone to doubt the profitability of POS business considering the high concentration of banks in major Nigerian cities. In reality however, POS business –which is alternatively regarded as agent banking business –is one of the small-scale businesses one can profitably run in Nigeria.
Undoubtedly, there are lots of Nigerian localities without banks and for residents to carry out a number of transactional purposes, they need the services rendered at POS terminals. Even as there are no banks within their closest reach, such residents can be sure of making bill payments, withdrawing funds and performing other essential transactions at a nearby POS terminal.
Getting a POS Machine from GTBank
To get GTBank’s POS machine, the bank requires you to have a current account which is at least 6 months old. Once you’ve duly satisfied this basic requirement, you can attempt the bank’s POS application, fill (necessary details) in the provided form and forward the form to firstname.lastname@example.org
Getting a POS Machine from First Bank
For a First Bank authorized POS machine, you’re required to be a First Bank account holder. Then, you can head to any of the bank’s branches and apply for a POS form. Fill in the form as required and expect to get the POS machine within one week at no cost. Notably, your First Bank account must have been in existence for a minimum of 6 months.
Getting a POS Machine from Access Bank
The requisites for getting Access Bank’s POS machine are very similar to those of First Bank as you’ll need to have an Access Bank account created at least 6 months before the time of POS application. With that in place, you can head to a nearby Access Bank branch for a POS machine.
Getting a POS Machine from Skye (Polaris) Bank
Compared to the requisites stipulated by the other banks on this list, Skye Bank’s POS application procedure is much easier. Whether you’re holding a current or savings account with Skye Bank, you only need to head to a nearby Skye bank branch and fill a POS application form. With that done, you can expect to get your POS machine after 2 weeks.
How to Get a POS Machine from UBA
Unlike the other banks above, UBA maintains a quite elaborate procedure that you have to follow before you can get its POS machine. First of all, you must be a UBA customer with a turnover rate of at least #35,000 daily or #1 million monthly. Subsequently, you’ll comply with the instructions below:
- Print an online form, scan the form and tender it to any nearby UBA branch
- With the above done, you may then visit the Helpdesk of UBA’s e-Banking platform
- Log in (as required)
- Select New Log
- Tap e-Banking
- Subsequently, choose Select Request as Request Type
- Choose PoS as the class
- Then, choose TAMS (PoS Multi cards Acceptance) Request
- Tap the CONTINUE button close by
- Select the option Browse on the emerging screen and then insert the scanned mandate –after submitting this, UBA will provide you with a number like IT201206283615
- Provided that you’ve correctly followed the instructions above, UBA will send you a POS machine within 3 working days (if you’re in Lagos) and within 7 days (if you’re in a different city)
We hope this article has provided you with adequate information about the requirements for applying for and getting POS machines from Nigerian banks. If you have any question concerning your POS application from a Nigerian bank, you may specify the question in the comment section below.