Home
How to get a POS Terminal for your business in Nigeria

How to get a POS Terminal for your business in Nigeria

April 28, 2016 Banking, Feature, Personal Finance 95 Comments

Last week, my sister and I decided to travel on the Bus Rapid Transport (BRT) system in Lagos. We joined the queue expecting to buy a ticket with cash, but a ticketing officer used a POS terminal to generate tickets for each of us. We had not realised that this had been the norm for a while.

A lot of small business owners find the use of POS terminals as a payment option preferable to cash. This option eliminates the problem of not having the exact change for customers during transactions, and it also minimises employee theft. The fact that the businesses do not pay for the deployment and maintenance of the terminals either is also a big plus. Not that long ago, a photo was posted on the internet of a small shop in with 6 or 7 POS terminals hanging on the wall.

3610726_image_jpeg9f360c5ab7736510df54c882e9dbf188

Courtesy Voy/Nairaland

If you run a small business in Nigeria, you probably understand his/her logic.  From the lack of reliability from service providers to the lack of trustworthy staff, this method seems to be the ideal solution. My sister –  also a small business owner who runs a catering and event management company, sometimes has customers who want to pay immediately, by card. A POS terminal provides her with the option of accepting the exact agreed amount there an then without having to hunt for change, as well as providing her  customers with an instant payment notification. As she wanted to deploy a POS terminal at her business for the reasons highlighted above,  we did some research on our options in Nigeria and I will share my findings on where to get POS terminals in Nigeria, costs involved, and associated charges. But first, what is a POS terminal and is it safe for customers and businesses to use?

WHAT ON EARTH IS A POS TERMINAL?

If I have already lost you, and you aren’t sure what I’m talking about, apologies. A POS (Point Of Sale) terminal is a portable device that allows businesses accept bank card payments for transactions.

Initially, this payment solution was introduced to the Nigerian business space by the Central Bank as a way of  reducing the volume of cash transactions, as well as managing the risks associated with handling cash. In addition, it also encouraged the spread of electronic payment systems across the board. The Central Bank of Nigeria  appointed the Nigeria Inter-Bank Settlement System (NIBTSS) Plc as the body to regulate the value chain in the following ways:

  • Protecting customers paying with their bank cards.
  • Protecting business owners from fraudulent “technical experts” who might install malware  to steal customers details. All terminals are maintained by the banks/issuing bodies.

So the NIBTSS is the Payment Terminal Service Aggregator (PTSA), and is the only approved entity by the Central Bank of Nigeria (CBN) dealing with POS terminals. As such, they approve the Payment Terminal Service Providers (PTSP) who then have the task of identifying prospective merchants and winning them over. Please don’t be all surprised when they come begging you to get one. The list of approved PTSPs can be obtained here.

Payment Elastics by Kurt Bauschardt, on Flickr

Payment Elastics by Kurt Bauschardt, on Flickr

HOW TO GET A POS TERMINAL FROM AN APPROVED PTSP

During our research, we found that most POS terminals are issued by banks. If you are requesting a POS terminal from your bank, you will be directed to your account officer to obtain a form. However, some of these forms can equally be printed online. Here are the banks we contacted below:

ZENITH BANK

My sister had any account with there, so it was easy to obtain detailed information. At Zenith bank, you will need to have held your current account for at least 6 months prior to your application.

The application form requests the full business name, the business owner account number, the business email address, phone numbers and other minor details, and  processing takes 72 hours. You could email the form to possupportunit@zenithbank.com and also copy Zenithdirect@zenithbank.com. Zenithdirect@zenithbank.com is also the contact e-mail address to note if you have any problems.

The business owner will then be required to sign a POS agreement document with the bank. Upon approval, the POS terminal is delivered in less than two weeks to the business address indicated on the form.

GTBANK

In Guaranty Trust Bank, only current account owners qualify to receive POS terminals. Account owners must have held their accounts also for at least six months, just like Zenith Bank. The form is then  emailed to sme@gtbank.com or submitted to the account officer. The business owner is also required to sign the agreement form. See a detailed post here.

SKYE BANK

When we were tired of the research, we decided to put calls through. The customer care representative informed us that we could get the POS terminal even with a savings account as far as the relationship officer approved the request. Business owners also only need to fill the application form and the agreement, and then wait 14 days for a response.

NOTE:

  • Merchants do not purchase the POS terminal. However, there has to be a certain minimum activity to continue enjoying the service which includes routine free maintenance.
  • The terminals are serviced only through the banks.
  • There is a charge of 0.75% on successful transactions  which is deducted from completed transactions before being credited to your account.




The POS terminals discussed above have card processing capability. There are other functions of the terminal such as recharge card printing, utilities bills’ payments and other applications. The POS terminals used by the ticketing officers in the BRT couldn’t accept our debit cards, so  an application was installed to make it possible.

Also, it appears that most banks have limited POS terminals stock available, so they tend to heavily market other options.

For instance, at the bank whose logo is an orange square and a smaller white square, they delayed my sister and I as they were trying to market the ‘737’ alternative. 737 is a means where customers can pay by transferring money to the account of the business owner via their phone using the code and their debit card details.

In all, it was a wonderful learning experience. Most other banks we contacted had similar procedures in obtaining the POS terminal.

Caveat: This is not a sponsored post. The banks we contacted were random.

 

Related Posts

About The Author

Austine Archibong

95 Comments

  13. LenaKroglov May 14, 2025

    Vertu-luxe.ru
    Купил у них телефон и что? Блестит сияет, но не звонит, ну их нах(((

  14. Biomagnetism what is Biomagnetism Biomagnetism therapy Biomagnetism online training Biomagnetism therapist May 14, 2025

    A course on Biomagnetism by Dr. Garcia is enlightening and comprehensive,
    with its detailed lectures combined with hands-on training.

    It has been designed for a broad range of learners at different stages in their
    career or from various fields; this it does by giving more weight to the scientific method as well as continuous developments in biomagnetism skills.

    The U.S courts are taught about not only through theoretical discussions but also practical seminars where students get involved with different activities related
    to what they have learnt so far during their studies such as principles behind
    this science and how it can be applied into practice within legal systems of America.

    There is an imposed strict dress code which aims
    at creating professionalism among all participants towards each
    other while showing respectfulness too. Those health care professionals
    who want to incorporate holistic methods into their practice especially those who want to be good at it should attend this workshop.

  15. VikaBulgakov May 14, 2025

    Vertu-luxe.ru
    Купил у них телефон через пару дней накрылся.

  18. RichardHax May 14, 2025

    Playing Aviator Game in Batery Bookmaker Company in India.
    https://aviatorbatery.in/

  19. AnthonyLouro May 14, 2025

    Playing Aviator Game in Batery Bookmaker Company in India.
    https://aviatorbatery.in/

  20. RichardHax May 15, 2025

    Playing Aviator Tourney in Batery aviatorbatery.in Bookmaker Retinue in India.
    https://aviatorbatery.in/

  21. RickieVah May 15, 2025

    Playing Aviator Game in Batery aviatorbatery.in Bookmaker Company in India.
    https://aviatorbatery.in/

  22. Timothytieme May 16, 2025

    Playing Aviator Event in Batery aviatorbatery.in Bookmaker Company in India.
    aviatorbatery.in

  23. TerryShela May 16, 2025

    Playing Aviator Round aviatorbatery.in in Batery Bookmaker Comrades in India.
    aviatorbatery.in

  24. Georgearted May 16, 2025

    Playing Aviator Underhand in Batery Bookmaker Company aviatorbatery.in in India.
    aviatorbatery.in

  25. Williamhet May 16, 2025

    Playing Aviator Game in Batery Bookmaker Theatre troupe aviatorbatery.in in India.
    aviatorbatery.in

  26. AaronRit May 16, 2025

    Playing Aviator Stratagem aviatorbatery.in in Batery Bookmaker Comrades in India.
    aviatorbatery.in

  27. Louisavaws May 16, 2025

    Playing Aviator Stratagem in Batery Bookmaker Comrades aviatorbatery.in in India.
    aviatorbatery.in

  28. VanceLap May 16, 2025

    Playing Aviator Encounter in Batery Bookmaker House aviatorbatery.in in India.
    aviatorbatery.in

  29. 168galaxy pgslot May 17, 2025

    Woah! I’m really loving the template/theme of this website.
    It’s simple, yet effective. A lot of times it’s challenging to get that “perfect balance” between user friendliness and appearance.
    I must say you’ve done a fantastic job with this. Also,
    the blog loads very fast for me on Firefox. Outstanding Blog!

  30. EdwardSwawl May 18, 2025

    Playing Aviator Tourney in Batery Bookmaker Company aviatorbatery.in in India.
    aviatorbatery.in

  31. RaymondPions May 18, 2025

    Playing Aviator Round aviatorbatery.in in Batery Bookmaker Band in India.
    aviatorbatery.in

  32. WilliamLak May 19, 2025

    Playing Aviator Gamble in Batery aviatorbatery.in Bookmaker Flock in India.
    aviatorbatery.in

  33. CharlesKip May 19, 2025

    betry bet.in

  35. Davidbycle May 19, 2025

    batery app

  40. Jameskit May 21, 2025

    smslan1.com на сайте

  42. Jeffreygoago May 22, 2025

    smslan1 на сайте

  50. kxklzfvfa May 26, 2025

    The Philadelphia Eagles extend their Super Bowl LIX lead to 40-6 vs. the Kansas City Chiefs on a 50-yard field goal from kicker Jake Elliott. BYU ran the most outrageous fake field goal… a DOUBLE SNAP pic.twitter VylW82KnFR We then found the original and longer video which was posted by the YouTube channel OussiFooty on May 26, 2022, in which YouTuber Oussama Nacer is seen scoring a goal during a practice session along with Mbappe and other PSG footballers including Neymar. There is no humanoid robot present in the original video. Thanks for visiting ! Another great play at the pavilion came on freshman kicker Scott Starzyk’s 57-yard field goal, a line drive shot that whizzed just over the crossbar to complete a 3-for-4 performance. Starzyk’s only miss was a 55-yard try that leaked wide right.
    https://www.netbino.com/why-the-1xbet-demo-version-of-aviatrix-is-great-for-indians/
    “They shall consist of two upright posts between 4 inches and 5 inches in projected diameter placed an equal distance from the corner flags and 8 yards apart (inside measurement). The tops of the posts shall be joined by a 4-inch, but not more than 5-inch horizontal crossbar, the lower edge of which shall be 8 feet from the ground. Soccer goals shall be white. No markings other than a single manufacturer’s identification logo may appear on the goalposts or crossbar. Metal pipes of 3 to 4 inches in diameter may be used. If portable goals are used, they shall be adequately anchored, secured or counterweighted to the ground.” The expectations of your loyal fans rise with your successes. You’ll then only be able to satisfy them with a larger fan shop, or perhaps a modern fast food restaurant instead? How about a parking garage or a train station near the stadium? What about the sponsors and their needs? It takes a keen eye for all these details, the best tips and tricks in soccer and clever tactics to have a chance in the tough competition among the global community – a real thrill for any gamer!

  55. Brianspith May 29, 2025

    Все виды накрутки Telegram канала в одном месте по низким ценам накрутка лайков в телеграм

  56. Jamestep May 30, 2025

    PHP Famous brings the thrill of the casino to your screen — start spinning and winning now at https://php-famous.net/ .

  60. JamesIdedo May 31, 2025

    [url=https://www.businesssoftwarehelp.com/solutioneer/promocional-1xbet]codigo promocional 1xbet bolivia[/url]

  61. JamesCoabs May 31, 2025

    [url=https://wayranks.com/author/promocional03-815437/]1xbet codigo promocional[/url]

  70. Hectornes June 3, 2025

    bdg win

  71. Jorgepioto June 4, 2025

    gk222 app

  73. Aaronagoms June 5, 2025

    kraken

  76. nfpei June 7, 2025

    cost of cheap clomid prices clomid uk buy can i get cheap clomid without prescription where can i get generic clomiphene without prescription clomid only cycle get cheap clomiphene prices where can i get generic clomiphene price

  79. uy4zv June 8, 2025

    get cheap clomid prices cost of generic clomid online get clomiphene pills clomid price at clicks clomiphene pills can i get generic clomiphene without a prescription can i order generic clomiphene pills

  80. cheapest canadian cialis June 9, 2025

    More content pieces like this would insinuate the интернет better.

  83. buy cialis uk June 10, 2025

    This is the make of delivery I unearth helpful.

  86. flagyl nursing implications June 11, 2025

    Palatable blog you be undergoing here.. It’s severely to on high status article like yours these days. I truly appreciate individuals like you! Go through guardianship!!

  88. can i take flagyl and diflucan at the same time June 11, 2025

    I couldn’t resist commenting. Adequately written!

  91. mobbq June 13, 2025

    azithromycin for sale – buy zithromax 500mg generic buy flagyl without a prescription

  92. ehtme June 13, 2025

    buy generic zithromax for sale – cheap tetracycline 500mg flagyl 200mg cheap

  93. Richardweita June 13, 2025

    bee999

  94. lr552 June 14, 2025

    buy rybelsus 14 mg – buy cheap generic semaglutide order periactin 4 mg for sale

  95. 4nmfy June 14, 2025

    buy generic semaglutide 14mg – rybelsus 14mg us cyproheptadine cheap

Leave a Reply