Best Banks for POS Business in Nigeria

POS Business in Nigeria is arguably one of the fastest-rising businesses. This is because more people are becoming wary of going to banks or visiting ATMs. They know that they can step out of their offices or homes and make a quick withdrawal or deposit with a POS agent. POS agents are making the lives of Nigerians easy and they are making a lot of money daily.

One question that most entrepreneurs seeking to start a POS business in Nigeria ask is, “What are the best banks for POS business?” Your choice of bank can make or mar your business. This is why you must choose the right bank. This post will show you the best banks for POS business in Nigeria.

POS Business in Nigeria Explained

Before we dive into the best banks for this business, let’s first explain the POS business in Nigeria. POS is an acronym that stands for Point of Sale. It is a machine that helps retailers, merchants, and other business owners collect payment for their goods or services.

While the original aim of POS machines was to convert us into a cashless society, banks and fintech companies have since taken advantage. These institutions have set up a system that provides financial services to the underbanked and unbanked Nigerian population. What this means is that people no longer have to visit banking halls or ATMs to perform bank transactions.

POS businesses in Nigeria offer a wide range of services. Some of them include:

  • Opening bank accounts.

  • Deposit money to different banks.

  • Withdraw money from different banks.

  • Transfer money to different accounts.

  • Make bill payments including cable TV, electricity, tax, and airtime payments.

  • Enroll for Bank Verification Number (BVN).

Best Banks for POS Business in Nigeria

Now that we understand the POS business in Nigeria, let’s discuss the crux of this post. What are the best banks for POS business in Nigeria? Check them out below:

Wema Bank

Wema Bank is one of the popular commercial banks in Nigeria. This bank has a banking agency system called WemaPay. WemaPay is the agency in charge of this bank’s POS services. There are several reasons why the Wema Bank POS is becoming very popular. Among these reasons are their very low charges. Here is how much Wema Bank charges on POS transactions:

  • N30 charge on withdrawals between N1000 and N5000.

  • N50 charge on withdrawals between N5100 and N10000.

First Bank

Another bank that is high on the list of best banks for POS business in Nigeria is First Bank. This bank’s agency in charge of its POS services is Firstmonie. Similar to WemaPay, the charges are quite low and competitive. There are a few conditions that you must satisfy before you can apply for a First Bank POS machine. They include:

  • A current account.

  • Minimum monthly transactions of N500,000.

Note that the account cannot be a corporate account. However, a personal current account will suffice. With this out of the way, let’s look at the charges on POS transactions under First Bank’s policy:

  • Transactions between N1 and N5,000: N50

  • Transactions between N5,001 and N30,000: N100

  • Transactions between N30,001 and N100,000: N150

  • Transactions above N100,001: N200


FCMB stands for First City Monument Bank. This is another bank that you can consider for your POS business in Nigeria. Similar to First Bank, FCMB has certain requirements that you must fulfill before you can get an FCMB POS machine. Check out the requirements below:

  • An account with FCMB.

  • Startup capital (as prescribed by the bank).

  • Means of identification (driver’s license, national ID card, voter’s card, or international passport).

  • Proof of residence (PHCN bill).

  • Existing shop or business location.

Below are the current FCMB POS charges:

  • 0.2% for wholesale businesses.

  • 0.75% for general merchants.

  • 1.25% for hotels.

Zenith Bank

Most people consider Zenith Bank to be one patronized by the elite. However, their POS machines are among the best for startups. This is because of their very low charges. To learn about the requirements for picking up a Zenith Bank POS machine, you should reach out to the bank’s customer service department. Below are the Zenith Bank POS charges:

  • Withdrawals and deposits between N1 and N100,000: N50 to N300

  • 1.2% on transactions above N2,000.

  • 45% is the minimum agent commission.


United Bank for Africa (UBA) is one of the most popular banks in Nigeria. The bank’s agency in charge of its POS services is known as UBA Moni. Its low transaction charges makes it one of the best banks for POS business in Nigeria. One of the requirements to continue as a UBA POS merchant is that you must run at least N1 million in transactions every month. This is pretty achievable since you only have to run a minimum of N35,000 in transactions every day to achieve this feat.

Check below for the current UBA POS charges:


Transaction Type

Transaction Fee (N)

Agent’s Commission (N)

UBA’s Commission (N)












Intra-bank Transfer





Interbank Transfer (N1-N5,000)





Interbank Transfer (N5,001-N50,000)





Interbank Transfer (N50,000-above)




Polaris Bank

Polaris Bank is another bank that presents POS merchants with friendly transaction charges. This bank’s agency in charge of POS transactions is called SurePadi. It offers low and competitive transaction charges. Below are the current Polaris Bank POS charges:

  • Cash withdrawals: 0.75%

  • Deposits between Polaris bank accounts: 0.5%

  • Fund transfers: N40 flat rate.

  • Bill payments: N100

Access Bank

The final bank on our list of best banks for POS business in Nigeria is Access Bank. This bank’s agency in charge of POS banking is Access Closa Agent. Access Bank presents low transaction fees. Check out the current Access Bank POS charges below:

  • Transactions between N1 and N5,000: N100

  • Transactions between N5,001 and N10,000: N200

  • Transactions between N10,001 and N15,000: N300

  • Transactions between N15,001 and N20,000: N400


That’s it for our list of the best banks for POS business in Nigeria. Do you have any questions? Kindly drop them in the comments section below.