Top 7 Best Banks For POS Business in Nigeria


If you want to start a POS business, there are actually two major sets of institutions that you can reach out for your POS machine: Either any commercial Bank, or FinTech companies like Opay, and the likes.

So having decided that you will get your POS machine from a commercial bank, there is a need to look out for the bank that would give you the best service in the business. And that’s the essence of this article, to show the best bank for POS business in Nigeria, so you can maximize the business.

Why Commercial banks, and not FinTechs?

One may actually think there are many advantages of getting a POS machine from commercial banks over getting a POS machine from a FinTech company. The truth is that there are no such advantages or differences at all.

In the same way, there may not also be any or many disadvantages of getting a POS machine from Bank. The only challenges of getting a POS machine from Bank is that some of the commercial Banks have strict requirements and a bit longer process of applying and getting a POS machine from them. Unlike some FinTech companies, the process may be easier.

However, since you have decided to get your POS machine from a commercial bank, we are now here to guide you better on which bank you can try out, the best bank for POS business.

Why Are These Banks Best For POS Business?

If I tell you that a particular Bank is one of the best banks for POS business in Nigeria, the possible question you would love to ask is “what makes such a bank one of the best?” What is our basis of judgment for saying these banks are the top best for POS business?

Our basis of judgment is largely based on low transaction fee rate, network coverage, speed, and higher agent commission. So the banks we are going to highlight in this article are as efficient and highly competitive in the POS banking sector.

You know the major expectation of a business is profit; and the ability to make better profit on POS business lies in getting POS machines with low charge rate and high commission for agents

Other factors we also checked was the ease of getting the POS machine, good Network, customer service, and so on.

Best Bank For POS Business

Which bank is best for POS business? This should really be your concern if you are planning to get a POS machine from a commercial bank to start a POS business. 

POS machines in most commercial Banks are very expensive to handle, but after our careful and intensive research and analysis, we have come up with those ones that will give you the best in the business; even better than the POS machine you may get from those FinTech companies like Opay POS, etc.

1. Wema Bank

Wema Bank has an agency banking system known as WemaPay, which is responsible for the Wema Bank POS machine.

The Wema Bank POS machine is one of the Bank POS machines you can ever think of, having a highly low and competitive charge rate compared to other Banks.

Wama Bank POS Charges

Wema Bank charges only: 

  • N30 charge fee for withdrawals from N1000 to N5000. 
  • N50 charge fee for withdrawals from N5,100 to N10,000.

2. Firstbank

Firstbank has an agency banking system known as Firstmonie, and their charges are also cool.

Before you can get a POS machine from Firstbank, you may need a current account in which you must have made monthly transactions of at least N500,000. This must not be a corporate account, a personal current account can still serve.

Firstbank POS Machine Charges

Firstbank is one of the best banks for POS business, as their charges are very friendly. That’s possibly why I have seen many POS operators using the Firstmonie.

  • Transactions from N1 to N5,000 = N50 charge fee
  • Transaction from N5001 to N30,000 = N100 charge fee
  • Transaction from N30,001 to N100,000 = N150 charge fee
  • Transactions of above N100,000 = N200 flat rate.

3. Zenith Bank

I know Zenith Bank may appear to be a big bank for many, but the truth is that their POS machine is worth using for POS business. It’s one of the best banks for POS business in Nigeria, which can help you to make the best of margins when it comes to profit.

Zenith Bank POS Charges

  • For Deposits and withdrawals between NGN1 to N100,000, the agent is expected to charge between NGN50 to NGN300.
  • 1.2% charge for transactions above N2000.
  • The minimum agent commission is about 45%.


The First City Monument Bank (FCMB) is another nice bank you should check out if you need a POS machine for your business. To get POS machine from FCMB, you may need to meet mostly, the requirements below:

  • Have an account with FCMB
  • Have a shop or an existing business.
  • Start up capital
  • Means of Identification (I.D Card).
  • Proof of residence.

FCMB POS Charges

  • The FCMB POS Charges depend on the nature of your business.
  • Usually 0.2% for wholesale
  • 1.25% for hotels.
  • 0.75% for general merchants.

5. UBA 

UBA has a mobile banking agency known as UBA Moni, and it has proven to be one of the best bank POS in Nigeria especially due to their low transaction charges.

Not only is UBA POS Charges low, their daily target is also achievable especially if you are in a good location. UBA expects their merchants of the POS machines to run a minimum of N1,000,000 monthly, that’s about N35,000 daily.

UBA POS Machine Charges

UBA POS Charges range from NGN50 and above. Agents usually earn even up to 70% commission, depending on the transaction.

 Below is the summary of the UBA Moni transaction charges.

S/NTransaction TypeTransaction Fee (N)Agent’s Commission (N)UBA’s Commission (N)
3Intra-bank Transfer1007030
4Interbank Transfer (N1-N5,000)5031.5812
5Interbank Transfer (N5,001-N50,000)10070.5323
6Interbank Transfer (N50,000-above)150105.2638

6. Access Bank 

Access Bank is another nice commercial bank you can go for, if you want to make the best out of your POS business. Their agency banking is known as the Access Closa Agent. They have very low transaction charges that are highly competitive.

Access Bank POS Machine Charges

  • N1 to N5,000 = N100
  • N6,000 to N10,000 = N200
  • N11,000 to N15,000 = N300
  • N16,000 to N20,000 = N400.

The base charge on each transaction with the agent is N100. Plus N50 on higher transactions, e.g a cash withdrawal higher than N5000 will cost N150.

7. Polaris Bank

I know you must have heard about SurePadi, SurePadi is a POS machine owned and issued by Polaris Bank. It is a nice option to look out for if you are searching for the best bank for POS in Nigeria. They have very low and competitive withdrawal charges.

SurePadi POS Charges

  • Cash withdrawals = 0.75% charge fee
  • Deposit from Polaris to Polaris = 0.5% charge fee.
  • All fund transfers = N40 charge fee (flat rate).
  • Bill payment = N100.

Is POS Business Profitable?

Having known the best banks for POS business, you may be wondering if POS business is really profitable as people say. However, the truth is that the POS business will always remain a very lucrative business in Nigeria no matter how saturated the business may seem to be. If you are in a good location, you may be surprised to be making up to N5,000 or higher, daily.

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