Looking for the best POS machine in Nigeria? Discover top 10 best POS providers, their features, charges, and how to choose the right one for your business. Nowadays POS machine is popular and essential source of financial transaction for business, either small shop, a restaurant, or a large-scale business. But with so many POS machine available, how do you know which one is best for you?
In this article, we will help you find the top 10 best POS machine in Nigeria for your business, we will also look at factors to consider before choosing one, and how to apply for a POS machine.
Factors to Consider When Choosing a POS Machine in Nigeria
Before you choose any POS machine, here are key factors to keep in mind:
1. Transaction Speed and Reliability
When look for best POS machine you should consider it transaction speed because a slow POS machine can frustrate customers and lead to lost sales. Choose a POS machine known for fast and stable transactions.
2. Network Compatibility
Network compatibility is another factors to consider, because some POS machines work better with specific networks (MTN, Airtel, Glo, or 9mobile). Ensure the machine you choose supports available strong network in your area.
3. Cost and Maintenance Fees
Different POS providers have different charges for their POS machine purchase, daily usage, and transactions. Make sure you check for cost and maintenance fees, and hidden fees before making a purchase.
4. Battery Life and Portability
Battery life is one of the important features when looking for the best POS machine because of the unstable power supply in Nigeria. If you operate in an area with an unstable power supply, look for a POS machine with a long-lasting battery.
5. Security Features
The best POS machine should come with the best security features and fraud prevention, such as PIN verification and transaction encryption.
Here are the top 10 best POS machines in Nigeria that meet all the factors listed above:
1. Moniepoint POS
Moniepoint POS machine, a subsidiary of TeamApt, is one of the best and most popular POS terminals among Nigerian businesses. Moniepoint POS is the best choice for businesses in Nigeria due to its fast transaction speed, ensuring quick and reliable payments without delays.
It supports multiple networks like MTN, Airtel, Glo, and 9mobile, providing strong connectivity in any location. With affordable pricing, low maintenance fees, and no hidden charges, it is a cost-effective option for business owners.
Its long-lasting battery makes it ideal for areas with unstable power supply, while advanced security features like PIN verification and transaction encryption protect against fraud. I recommend the MoniePoint POS machine to you if you’re looking for a seamless, secure, and efficient payment solution.
Transaction Fees: They charge 0.5% on withdrawals up to ₦20,000 and a flat fee of ₦100 for withdrawals above ₦20,000. Transfers between ₦1,000 to ₦19,999 incur a 0.5% fee, while deposits have a flat fee of ₦100.
Features:
Best for high-volume businesses
Stable network connectivity
Excellent customer support
Application Process: To acquire a Moniepoint POS machine, businesses need to pay a total of ₦21,500, which includes a caution fee, logistics fee, and insurance for one year
Opay is the second-best POS machine on our list. A leading fintech company in Nigeria, Opay offers services that cater to both businesses and individuals. Their POS machines are popular among Nigerian businesses because of their reliability and efficiency.
Transaction Fees: Opay charges 0.5% per transaction for amounts less than ₦20,000, with a flat rate of ₦100 for transactions above ₦20,000.
Key Features:
Affordable transaction fees
Fast processing speed
Easy to apply and use
Application Process: Interested merchants can apply for an Opay POS machine by providing necessary documentation, including a valid ID, BVN, utility bill, bank statements, and proof of business ownership.
PalmPay POS machine is among the best payment solution for businesses in Nigeria. It supports multiple network providers, including MTN, Airtel, Glo, and 9mobile, ensuring stable connectivity. PalmPay POS is also cost-effective, with affordable pricing, low transaction fees, and transparent charges. Suitable for businesses in areas with unstable power supply, it features a long-lasting battery for uninterrupted transactions. Additionally, its security feartures are the best, making it a safe and efficient choice for business owners.
Features:
No hidden charges
Good for small businesses
Secure transactions
Transaction Fees: PalmPay’s transaction fees are competitive, making it an attractive option for many businesses.
4. Kudi POS
Kudi POS machine is the fourth widely used POS because of its user-friendly features that supports multiple networks and offers competitive transaction charges.
User-friendly interface
Competitive charges
Supports multiple network providers
Application Process: Interested merchants can apply through Kudi’s official website or agent networks.
5. Baxi Box POS
Best for small retailers, Baxi Box POS is a multi-functional device that supports airtime sales, bill payments, and more.
Paga POS is another trusted POS machine in Nigeria that offers fast and secure transactions at affordable rates.
Transaction Fees: Paga charges a 0.55% transaction fee, ensuring affordability for businesses.
Features:
Trusted by many businesses
Secure and fast transactions
Affordable fees
Application Process: Businesses can apply for a Paga POS machine by contacting Paga directly and providing necessary documentation.
7. Firstmonie POS
Firstmonie POS by First Bank is another widely used POS machine in Nigeria suited for businesses needing high transaction limits and fraud protection.
Provided by First Bank
High transaction limits
Strong fraud prevention features
Application Process: Businesses can apply through First Bank branches or official channels, with standard banking requirements.
8. Paycenter POS
Although not popular, this POS is among the best machines in Nigeria with an affordable initial setup cost and excellent customer support.
Affordable initial setup
Simple to use
Reliable customer service
9. GTBank POS
Best for corporate businesses, GTBank POS offers high security and smooth transaction processing.
Ideal for corporate businesses
High transaction security
Requires a GTBank account
Application Process: Businesses need to have a GTBank account and can apply through the bank’s official channels.
10. Access Closa POS
Provided by Access Bank, this POS machine is best for agents and business owners looking for a wide range of transaction options.
Provided by Access Bank
Supports a wide range of transactions
Suitable for agents and business owners
Best POS Machine in Nigeria for Small Businesses
If you want to start a POS business or run a small business, you need a POS machine that is affordable, easy to maintain, and charges low transaction fees. Here are the best options:
The best POS machine in Nigeria depends on your business needs. If you want low fees, Opay POS is a good choice. For high-volume transactions, Moniepoint POS is recommended.
2. How much does a POS machine cost in Nigeria?
Prices vary by provider. Some banks offer free POS machines, while private providers charge between ₦20,000 and ₦50,000.
3. Which POS machine has the lowest charges in Nigeria?
PalmPay POS and Paga POS are known for low transaction charges. Always check for hidden fees before choosing a provider.
4. How do I get a free POS machine in Nigeria?
Some banks, like First Bank and Access Bank, offer free POS machines if you meet their requirements. You’ll need a business account and a steady transaction history.
5. Which bank has the best POS machine in Nigeria?
Firstmonie POS (First Bank) and Access Closa POS (Access Bank) are among the best bank-provided POS machines due to their reliability and security.
Choosing the best POS machine in Nigeria depends on your business size, transaction volume, and budget. If you’re a small business owner, Opay POS or PalmPay POS are great choices. For high-volume transactions, Moniepoint POS is the best option.
No matter your choice, ensure you consider transaction fees, network reliability, and security before making a decision.
Would you like help applying for a POS machine? Let us know in the comments!
