The Point of Sale (POS) business has grown into one of the fastest-rising opportunities in Nigeria. With cash scarcity challenges, CBN’s cashless policy, and the rising need for financial inclusion, POS agents have become mini-banks for communities across the country. They help people withdraw money, send funds, pay bills, buy airtime, and access services without having to visit a physical bank.
If you’re considering becoming a POS agent in Nigeria, it’s important to know which companies dominate the market, what their commission structures look like, and how you can register to get started. This guide explores the top POS agencies in Nigeria, how they operate, and the requirements to join them in 2025.
What is a POS Machine and Why It Matters?
A Point of Sale (POS) machine is a portable electronic device that allows agents to carry out banking transactions such as cash deposits, withdrawals, transfers, airtime purchases, and utility bill payments.
In Nigeria, POS machines matter because:
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- Financial inclusion: They bring banking services closer to underserved and rural areas.
- Convenience: No long queues at the bank — transactions happen in minutes.
- Business opportunity: POS services have become a steady source of income for agents.
- Cash access: Especially during times of bank network downtimes or cash shortages.
This is why joining a POS agency can be both profitable and impactful.
Requirements to Become a POS Agent in Nigeria
To get started, you need to meet some basic requirements. While details differ across banks and fintechs, the common requirements include:
- Startup Capital – At least ₦50,000–₦150,000 for liquidity (to handle withdrawals and deposits).
- Valid Identification – e.g., National ID, Voter’s Card, Driver’s License, or International Passport.
- Utility Bill – Recent bill (PHCN, Water, Waste) for address verification.
- Passport Photographs – Usually 2 copies.
- Bank Account – Preferably with the POS provider’s partner bank.
- Business Location – A shop or kiosk in a busy area with high foot traffic.
- Basic Smartphone Knowledge – To use mobile apps for reporting and transaction monitoring.
Steps to Become a POS Agent in Nigeria
Here’s the step-by-step process to start your POS business:
1. Choose a POS Service Provider
You can apply through banks (e.g., FirstMonie, Access Closa, UBA Moniepoint) or fintech companies (e.g., Opay, Palmpay, Paga, Kudi). Compare their commission rates, charges, and terms before choosing.
2. Register as an Agent
Visit the official website of your chosen provider or go to a branch office. You’ll need to fill out an agent registration form and submit the required documents.
3. Get a POS Machine
Some providers give POS machines for free after meeting transaction targets, while others charge between ₦20,000 and ₦45,000 as a refundable caution fee or outright purchase fee.
4. Fund Your Business
Deposit money into your POS wallet or bank account to start transacting. The amount depends on the expected daily volume of your customers (₦50,000 minimum recommended).
5. Start Transactions
Once activated, you can begin offering services like:
- Cash withdrawals
- Money transfers
- Airtime & data recharge
- Utility bill payments
- Account opening (for some providers)
POS Agencies in Nigeria Comparison Table
| POS Agency | Minimum Requirements | POS Cost | Commission / Charges | How to Register |
|---|---|---|---|---|
| FirstMonie (First Bank) | FirstBank account, 10+ transactions daily | Free POS (after meeting conditions) | 0.5% per withdrawal (capped at ₦1,000) | Apply via FirstMonie app or at branch |
| Opay POS | Valid ID, BVN, Opay account | ₦20,000 – ₦35,000 caution fee | 0.5% per withdrawal (₦100 cap), low charges on transfers | Download Opay app → register as agent |
| Moniepoint POS | Valid ID, BVN, business location | ₦25,000 – ₦35,000 caution fee | 0.5% per withdrawal (₦100 cap), transfers ~₦20 | Register on Moniepoint site → aggregator contacts you |
| Access Closa (Access Bank) | Valid ID, BVN, utility bill, ₦50k float | Free (after approval) | 0.5% per withdrawal (₦100 cap) | Visit Access Bank branch with documents |
| UBA Moni Agent | UBA account, daily transactions | Free (after approval) | 0.5% per withdrawal (₦100 cap) | Register via UBA branch or Moni agent portal |
| Paga POS | Valid ID, smartphone, training attendance | ₦30,000 for POS terminal | 0.5% per withdrawal (₦100 cap) | Apply via mypaga.com or send email |
| Palmpay POS | Valid ID, BVN, utility bill | ₦20,000 – ₦30,000 caution fee | 0.5% per withdrawal (₦100 cap), ₦10 – ₦20 transfers | Download Palmpay app → register as agent |
| Kudi (now Nomba) POS | Valid ID, BVN, smartphone | ₦20,000 – ₦30,000 caution fee | 0.5% per withdrawal (₦100 cap) | Download Nomba app → register and upgrade |
| Interswitch Paypoint | Valid ID, business location | Varies (₦30,000 – ₦40,000) | 0.75% withdrawals, ₦20 transfers | Register via Interswitch website |
| Quickteller Paypoint | Valid ID, BVN | Free (POS optional with fee) | 0.75% withdrawals, ₦25 transfers | Register via Quickteller website |
| Easypay POS | Valid ID, BVN, startup float | ₦25,000 – ₦30,000 | 0.5% per withdrawal | Apply online or via aggregator |
| Paycentre POS | Valid ID, BVN, ₦30k float | ₦25,000 – ₦35,000 | 0.5% withdrawals | Register via Paycentre site |
| Baxi POS | Valid ID, BVN, ₦20k float | ₦20,000 – ₦30,000 | 0.5% withdrawals, ₦20 transfers | Download Baxi app → register |
| ReadyCash POS | Valid ID, BVN | ₦20,000 – ₦30,000 | 0.5% withdrawals | Apply via ReadyCash site |
| SurePadi POS | Valid ID, BVN, ₦20k float | ₦25,000 – ₦35,000 | 0.5% withdrawals | Register via SurePadi portal |
Top POS Agencies in Nigeria
Here are some of the leading POS agencies in Nigeria today, how they work, and how to become their agent:
1. FirstMonie POS Agency (First Bank Nigeria)
Backed by First Bank of Nigeria, FirstMonie is one of the most trusted POS networks with nationwide reach.
Why FirstMonie?
- Free POS machine when requirements are met.
- High credibility due to First Bank’s customer trust.
- Opportunity to earn from commissions while offering financial services.
How to Become a FirstMonie Agent:
- Open a First Bank account.
- Download the FirstMonie app (available on iOS & Android).
- Carry out at least 10 daily transactions consistently within 3 months.
- Apply for a POS machine through First Bank after meeting the target.
2. Opay POS Agency
Operated by Opera’s OPay Digital Services, OPay is a CBN-licensed mobile payment platform known for reliability and affordability.
Why OPay?
- Fast approval and quick access to POS machine.
- Low transaction charges.
- Reliable network and 24/7 customer support.
How to Become an OPay Agent:
- Download and install the Opay App.
- Register and upgrade your account to “Agent Level.”
- Provide KYC documents (valid ID, utility bill, BVN).
- Carry out consistent transactions.
- Request an OPay POS machine through the app.
3. Kudi POS Agency (Now Nomba)
Kudi (rebranded to Nomba) is focused on making banking accessible to everyone. It allows agents to earn commissions while offering essential financial services.
Why Kudi/Nomba?
- Seamless app with easy-to-use dashboard.
- Trusted by thousands of agents nationwide.
- Supports payments, transfers, and bill settlement.
How to Become a Kudi Agent:
- Download the Kudi/Nomba app.
- Sign up and complete your profile.
- Fund your wallet to enable transactions.
- Build a strong agent network to qualify for the POS machine.
4. UBA Monie POS Agency
Backed by United Bank for Africa (UBA), UBA Monie POS enables agents to earn by processing transactions.
Why UBA Monie?
- Backed by a major Nigerian bank with strong infrastructure.
- POS agents enjoy access to UBA’s financial ecosystem.
- Opportunity for micro-loans through UBA’s financial services.
How to Become a UBA POS Agent:
- Locate an active UBA POS merchant for referral.
- Fill out and submit the registration form at the nearest UBA branch.
- Provide required documents (ID, utility bill, passport photo).
- Once approved, UBA will assign you a POS deployment date.
5. Access Closa POS Agency (Access Bank)
Access Bank’s Closa POS initiative brings banking to your doorstep with thousands of active agents across Nigeria.
Why Access Closa?
- Backed by one of Nigeria’s largest banks.
- Offers easy access to cash withdrawal, deposit, and bill payment services.
- Competitive commission rates.
How to Become an Access Closa Agent:
- Have at least ₦50,000 startup capital.
- Provide valid ID, utility bill, and bank account details.
- Visit any Access Bank branch with the required documents.
- Complete registration and get assigned a POS machine.
6. Moniepoint POS Agency
Moniepoint is one of the most widely used POS services in Nigeria, known for reliability and quick settlements.
Why Moniepoint?
- Agents act like mini-banks for local communities.
- High transaction success rate.
- Commissions from cash withdrawals, transfers, airtime, and bill payments.
How to Become a Moniepoint Agent:
- Visit the Moniepoint website and click “Get Started.”
- Provide personal details (full name, phone, email, BVN).
- An aggregator will reach out for onboarding.
- After approval, request your POS machine and start transactions.
Why Choosing the Right POS Agency Matters
Not all POS agencies are equal. Choosing the right one impacts your:
- Profitability (different commission rates per company).
- Customer trust (well-known agencies attract more customers).
- Transaction success rate (low network downtime ensures more income).
- Ease of access to POS machines (some agencies delay deployments).
Legal and Ethical Use of POS Machines – Why It Protects You
Becoming a POS agent means handling people’s money, which comes with responsibility.
- Stay compliant with CBN regulations to avoid account closure.
- Avoid fraud by confirming customers’ identity before large transactions.
- Maintain transparency with receipts and proper record-keeping.
- Work only with licensed providers to avoid scams.
Conclusion
POS services are no longer just an alternative; they are now a necessity in Nigeria’s cash-driven economy. From urban centers to rural communities, POS agents have become the backbone of financial inclusion.
If you want to start a lucrative side hustle or full-time business, joining a reliable POS agency is one of the smartest ways to earn steady income. With the right POS provider, you can build a trusted business, serve your community, and grow financially.
Read also:
- Paga POS – How To Become A POS Agent
- How to send and receive money with PayPal in Nigeria
- How to open a Paypal account to receive money in Nigeria
- 20 Best Free Live Streaming Platforms
FAQ
How Much Does It Cost to Start a POS Business in Nigeria?
The cost of starting depends on the provider and your capital strength. On average:
1. POS Machine Fee: ₦20,000 – ₦45,000 (sometimes free).
2. Startup Capital for Transactions: ₦50,000 – ₦200,000.
3. Shop/Kiosk Setup: ₦20,000 – ₦100,000 depending on location.
So, the total cost of starting a POS business in Nigeria ranges from ₦100,000 to ₦300,000.
How Much Can a POS Agent Earn in Nigeria?
Earnings depend on your location, customer base, and daily volume. On average:
₦50 – ₦100 per withdrawal or transfer.
₦100 – ₦500 per bill payment or airtime purchase.
Agents in busy areas make ₦5,000 – ₦15,000 daily, translating to ₦150,000 – ₦400,000 monthly.
Why POS Business is Profitable in Nigeria
High demand: Most Nigerians prefer POS over bank queues.
Low entry barrier: No degree or advanced skills required.
Community trust: Agents serve as local financial bridges.
Multiple income streams: Beyond withdrawals, agents earn from bills, airtime, and account opening.
