The Cheapest POS Charges in Nigeria for 2023: A Review

The Cheapest POS Charges in Nigeria for 2023

In this article, I’ll show you the list of the cheapest POS charges in Nigeria. With several considerations, customers do not mind paying to use the POS service. However, the charges need to be fair.

The prices of withdrawal appear to be different for some places heavily crowded like schools, markets, parks, etc. However, with higher amounts of money to be withdrawn, there appears to be room for negotiation, even for the inexperienced haggler. Read on to find out more about the POS prices and charges across Nigeria.

Types Of POS Machines With Varying Physical Features And Functions

Mini POS device: This POS machine looks like a calculator, with a few function buttons and a narrow display screen, and can only perform basic POS functions.

Traditional POS machines: These are the most common type as they were the first to be introduced to the Nigerian market.

Android POS: This type is designed to look and act like a 7-inch smartphone.

POS Prices & Charges List in Nigeria

Here’s a table of POS charges and the prices of the devices in Nigeria, so you can make a suitable choice.

S/NBrandPriceDeposit/Transfer ChargesWithdrawal Charges
1Moniepoint₦20,000₦350.5% below ₦20,000
2Opay₦40,000₦5,000 -10,000 = ₦20₦10,000 – 30,000 = ₦300.5% below ₦20,000
3Palmpay₦30,000₦200.5% below ₦20,000
5Paycentre₦25,000₦1,000 – 5,000 = ₦10.5₦5,000 – 50,000 = ₦300.75%
5Flutterwave₦30,000₦451.4%
6Kudi₦25,000₦250.6% below ₦25,000
7Baxi₦30,000₦300.55%
8Bankly₦15,000₦350.3% below ₦20,000
9Kolomoni₦15,000₦300.5% below ₦20,000
10Kashzoo₦25,000₦300.5%
11Payforce₦25,000₦250.3% from ₦5,000 – ₦ 16,500

Advantages of POS business in Nigeria

  • Employment: POS outlets have become a major form of employment for Nigerian youths, helping to bridge the unemployment gap in the country.
  • Time-Saving: By using a point of sale, you are likely to save more time in-store. The system can help you with several features that reduce the number of operations. 
  • Increased Efficiency: With a POS system, the efficiency of your store will tend to improve compared to a store without a POS system. It can help your store be faster and more productive.
  • Multi-location systems: You can easily manage several stores with a POS system. This implies that any business can deliver the same level of service, efficiency, and convenience.

Disadvantages of POS Business in Nigeria

  • Prone to robbery attacks: Because of the nature of this business (deals with cash), it can attract robbers and criminals to the enterprise.
  • Network failure: In this business, you can encounter issues with Banking Networks. So, it’s important that whatever POS agent service you decide to work with, they have reliable network services.
  • Electricity: Some people combat this by having up to three different POS machines. Because of the erratic power supply in the country, it’s important to make sure your POS machines) are always charged.
  • Fraud: Some Fraudulent POS machines can be used to copy card details; hence customer information is at risk.
  • Delay in the reversal of money: This frequently occurs when there is a glitch while using the card to make transactions like the card of the person making the withdrawal is debited and the return is delayed.
  • Poor Revenue Due to Oversaturation: Due to the mass population of POS agents, locating an area with a low level of competition can be difficult because you don’t want to cite your firm in an area with a lot of POS businesses.

Read also: Baxi POS Charges and Price in Nigeria

Get the Cheapest POS Prices and Charges in Nigeria

POS business in Nigeria is currently one of the hottest businesses to start for the average Nigerian. It is slowly taking over ATMs because of the ease and convenience it provides consumers. A POS business agent makes cash available to people in exchange for a fee through a POS machine.

I recommend choosing a decent and strategic location and an affordable POS device in starting the business. The increase in POS transactions across the country points to the fact that Nigerians are gradually embracing digital penetration in the country. 

And the convenience of using the POS service at any time of the day has served as a reliable alternative payment platform rather than physical cash payments with the high level of insecurity witnessed in the country. This is owing to the fact that banking halls close early in the day. As such, customers prefer to use the service rather than hold on to their cash.

Read also: 10 Best Loan Apps In Nigeria Without BVN

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