The Latest DOTPAY POS Charges in 2023 (Withdrawal & Deposits)

DOTPAY POS Charges 2023 — Latest Rates

DOTPAY is a mobile money or fintech startup company that allows customers to make several transactions, such as withdrawals, transfers, deposits, bill payments, and airtime purchases, without any need to visit a conventional bank.

Unlike other similar agencies dominating the sphere already, DOTPAY POS is relatively a new start-up. It is owned by Dot Microfinance Bank Limited which is duly registered in Nigeria. 

Do you want to learn more about DOTPAY? Join me! This article will reveal all about the DOTPAY POS machine and its charges.

About DOTPAY POS Machine & Charges

DOTPAY POS machines like some other terminals is a full-blown android terminal with an inbuilt printer for issuing receipts of both successful and unsuccessful transactions to customers.

In order to access or operate a DOTPAY POS terminal, you must meet some requirements. They include;

  1. You must have an operative bank account
  2. Valid ID 
  3. Current utility bill 
  4. A guarantor
  5. An accessible location to customers

Also, with a sum of N20,000 naira cautionary fee, you can acquire the DOTPAY POS machine, however, aggregators will likely charge between N25,000 naira and N30,000 naira as the cost of registration and mobilization to you. Once your application is approved, your DOTPAY POS will be delivered directly to you by the aggregator assigned to you in your state of residence.

Interestingly,  an agent is eligible for a refund of N10,000 naira if he stops using the DOTPAY POS and returns or it is retrieved within six months. After six months, such an agent is not entitled to any refund whatsoever. 

DOTPAY POS Withdrawal Charges

DOTPAY POS charges are similar to that of Opay and Moniepoint. For withdrawals below N20,000 naira, it charges 0.5% of the principal amount and a sum of N100 naira for all withdrawal transactions from N20,000 naira and above.

DOTPAY POS Transaction Charges

DOTPAY POS offers other transactions besides withdrawals and deposits and hence, charges 1% for all bill payments and a flat rate of N20 naira for all transfers.

DOTPAY POS Deposit Charges

DOTPAY POS charges a flat rate of N20 naira for all deposits made via its terminal. Meaning that this charge applies no matter the principal amount to be transacted by a customer.

Quick Comparison Table: Top DOTPAY POS Machine Charges

WithdrawalsDepositsTransfersSubscriptions
DOTPAY0.5%N20 nairaN20 naira1%
Moniepoint0.5%N20 nairaN20 naira2%
Opay0.5%N10 nairaN10 naira2%
Palmpay0.5%N10 nairaN10 naira2%

Conclusion

DOTPAY POS is another fintech company concerned with providing easy and accessible transactions to customers without having to visit a conventional banking system. Unlike many similar fintech or mobile banking start-ups, DOTPAY is new and owned by the Dot Microfinance Bank Limited.

DOTPAY POS terminals are very similar to Opay or Moniepoint POS and charge around the same rate as well.

Read also: The Complete List of POS Machine Charges In Nigeria

FAQs on DOTPAY POS Machine & Charges

How much is DOTPAY POS price?

You can access the DOTPAY POS Machine with a sum between N20,000 and N30,000 naira, depending on the aggregator assigned to you. It should not cost more than the amount stated above.

What are the requirements to operate a DOTPAY POS?

To become a DOTPAY POS agent, you must be an adult, have a valid ID, a recent utility bill, a viable location, and a guarantor.  

Is DOTPAY POS licensed in Nigeria?

Yes, DOTPAY POS is duly registered with the Corporate Affairs Commission and licensed by the Central Bank of Nigeria.


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