Payment Elastics by Kurt Bauschardt, on Flickr

How to get a GTBank POS terminal in Nigeria


For business people wanting to accept card payments, here is how to get a POS for your business.

First of all, a POS terminal (point of sale terminal) is a portable device that allows you as a retailer or merchant collect payment from your customers using only their debit cards. So basically, instead of customers saying “Sorry, I don’t have cash today – come tomorrow”, you just take your terminal to them, they check and verify the amount on the screen, enter their PIN number and that’s it.

You also get more sales because where you were previously only able to cater to just customers carrying cash, you can now cater for customers who have no cash with them as well, plus you don’t have to wait for days for cheques to clear.

Various banks offer this service, and I am not partial in my reviews but for this post I will be concentrating on GTBank.

1. You will need a Business Current Account. You can download a brochure here to see what the requirements are. If the link doesn’t work, here is a back up copy: sme brochure-web

2. You then need to either e-mail, go to your branch or speak to your account officer. You should get a specific POS request form as well as an agreement document to sign.

3. Following all checks and approval of the account, you should receive your POS in about 14 days, delivered to your business address. Please note that POS terminals are offered for free, however for each payment you accept, a fee of 1.25% is deducted for the services provided which includes routine free maintenance of the units.

Hope this helps.

I'm an grammar-obsessed writer with a passion for finance, innovation, lifestyle design, tech, healthy eating and who knows what else. Nothing makes my day like a nice, chunky comment on one of my posts to sink my teeth into. So go on, make my day :-)


  • I am into business development . I have proposal which require the use pos for my vendors but don’t have current account can they operate with savings. 2) my business requires ATM card visa for certain number of staff as prepared payment only to be use certain pos centers . how can it be done . 3) can ATm be customize for certain Pos centers . Pls urgent information is needed .

    Joseph igini August 25, 2015 6:16 am
    • Hi Joseph, I think your best bet is to speak to your account manager to talk about opening a business account which will come with a POS. Also, if I understand correctly, you want customised bank cards to issue your staff with with features such as spending limits? If this is right, I would again suggest speaking to your bank account officer to see if they provide this service.

      mrpepe August 25, 2015 6:31 pm
  • Pls MrPepe, does the POS terminal issue printed receipt itself after transaction?

    Dele September 14, 2015 4:40 pm
    • Hi Dele, Yes – all of the POS issued should print receipts as confirmation for there transactions to the buyer. They should also come with at least one or two spare paper rolls which need to be loaded into the terminal for this purpose. Do confirm with your account manager when you go in.

      mrpepe September 14, 2015 6:00 pm
  • please I Want tO Open A
    Business Name/Sole Ownership
    Account With A Bank, Do I Need
    To Have A TIN Number Cause
    I’ve Done My Business Name CAC
    Last Year. Thks

    sunday +2348098466980 September 16, 2015 1:52 pm
  • This actually gave info into a proposal I was working on. Thanks

    Femmy November 1, 2015 12:00 pm
    • Happy to help!!

      mrpepe November 2, 2015 4:03 pm
  • Am planing on getting a POS Machine for my Recharge Card Printing business. Do you have an idea if it will b possible to print cards from the POS. Thanks

    Mayen February 12, 2016 2:54 pm
    • Hi,

      Probably not a GTBank POS but try I think they have exactly what you need. All the best

      mrpepe February 12, 2016 11:10 pm
  • please what is the limited amount one is expected 2 use the pos to transact monthly? cuz a friend told me 1.3m and I don’t make up to that yet.

    Akinola March 3, 2016 1:41 pm
  • I would like to have 2 or more personally maintained ATM machines @ beside my bar.

    Emmanuel Oziegbe Amairuobe 1 March 3, 2016 5:16 pm
  • Can one account has more than one pos? Is the 1.25% charge negotiable? Tnx

    uchenna March 18, 2016 4:39 pm
  • Hello, Please enlighten me more, I already have a POS from a company dealing in recharge card that i use to sell then before they were force out of business, right the POS machine has been useless for more than 4yrs now, is it possible I reconfigure the POS for my onw personal business?

    lanre July 18, 2016 1:57 pm
    • Hi Lanre,

      Your bank should be responsible for servicing and replacing them. Have you spoken to the bank?

      mrpepe July 18, 2016 9:58 pm
  • can a small or new business use pos? considering the fact that business does not grow in a day but gradually

    Kayode September 5, 2016 6:21 am
    • Of course! It might actually be what sets you apart from your competition

      mrpepe September 5, 2016 11:48 am
  • please I want to ask…can I obtain the pos machine…and use it in exchange of cash… instead of going to the ATM..the customer can cum to me..transact with his card like transferring the money to my account tru pos..den I give him cash..with 10% interest for a thousand naira

    daniel September 6, 2016 1:52 pm
    • Hi Daniel,

      That’s a good business idea. Some shops offer a “cash back” service. So ou have a customer who pays with his/her card but needs to go to the ATM to collect N1000. You charge for their shopping, and charge an extra N1100 and give them N1000 cash back. (Have them sign the receipt to show they collected the cash back). Brilliant idea, works elsewhere in the world – I can’t see why not. Plus it means that the amount of cash you have in your till is converted to digital very quickly and you have less money to take to the bank.

      mrpepe September 7, 2016 10:50 am
  • Pls, my name is bamidele, having collected N1100 for N1000 transaction based on POS terminal as a means of business what will be my gain at the end of the day and also the gain of the bank which am using their POS/bank..

    Bamidele September 13, 2016 10:25 pm
    • Thanks, Bamidele.

      mrpepe September 14, 2016 11:49 am
  • What will be my gain at the end of every transaction i make? Kindly shed more light…

    Bamidele September 14, 2016 11:04 pm
  • pls I need more light n answer to that Bamidele qtn

    Nicholas September 20, 2016 6:17 am
    • Hi Nicholas,

      The rates differ depending on who you get the POS with, but it is best to check before signing the paperwork.

      mrpepe September 26, 2016 9:26 pm

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