Businesses InsightsCulture and Lifestyle

How to Boost your Business with a POS Terminal in Nigeria

How to Boost your Business with a POS Terminal in Nigeria

POS TERMINAL: Few months ago, one of my friends wrote 11 topnotch business ideas to make money during Christmas and other festive seasons in Africa but he did not forget to include the POS business, but now I’m more concerned about two things; one is how to integrate POS in your already existing business and another thing is to monetize the machine as your own business venture.

The use of POS for business in Nigeria has been on the increase, as most business owners now prefer the means for accepting their payments. And, of course, you must know that there are different reasons for embracing the payment machine as an alternative to our naira transactions.

Here, I will love to highlight the real importance of choosing POS for business in Nigeria, before we go into the procedures of obtaining one for your own business purposes. You should not forget, also, that this is one of the revolutions I recently talked about. The reality is that it has come to face your business.


Benefits of Using POS for Business in Nigeria

Already existing businesses that with many clients and customers who may prefer the electronic payment systems (but not through the USSD, mobile apps or the Barcode Scanning methods)


  1. The use of POS solves the problems of not having the exact change for customers, during transitions and save time in serving as many customers as possible.


2.  The use of POS minimizes employee theft, as all the payments made through the POS are tractable.

From the lack of reliability from service providers to the lack of trustworthy staff, this method seems to be the ideal solution for any business that intends to thrive in the nearest future.

3. Business owners do not pay for the deployment and maintenance of the terminals , and that remains a very big plus for any venture that decided to integrate the system

However, these are not the only benefits of getting a POS terminal. Before we delve into the other side of the advanced payment system, I want you to understand what a POS terminal is all about.


What is this POS?

The meaning of POS (Point Of Sale) is not something far from what you already know. It is a portable device that allows businesses accept bank card payments for transactions. And that is the device you see below:


The History of POS in Nigeria

The POS payment solution was introduced to the Nigerian business by the Central Bank as a way of reducing the volume of liquid cash in circulation, in order to manage the risks associated with handling cash.

It was also introduced to promote the use of electronic means as an alternative to our traditional transactions in Nigerian Currency (naira). The Central Bank of Nigeria appointed the Nigeria Inter-Bank Settlement System (NIBTSS) Plc as the body to regulate the value chain in the ways listed below:



  1. Protecting customers paying with their credit and debit cards.
  2. Protecting business owners from fraudulent “technical experts” who might install malware to steal customers’ details. But all terminals are maintained by the banks/issuing bodies.


So the NIBTSS is the Payment Terminal Service Aggregator (PTSA), and is the only approved entity by the Central Bank of Nigeria (CBN) dealing with POS terminals.

By implication, they approve the Payment Terminal Service Providers (PTSP) who then has the task of identifying prospective merchants and winning them over.

If you like, you can check the list of approved PTSPs can be obtained here.



But I was surprised to notice that most of the POS used for businesses are issued by banks in Nigeria.

However, if you are requesting for your own terminal through your bank, you will be redirected to your account manager, who will help you secure one.

You can also fill the form online; but my candid advice is that you go through your bank to avoid stories that touches the soul.

Zenith Bank

My sister had any account with there, so it was easy to obtain detailed information. At Zenith bank, you will need to have held your current account for at least 6 months prior to your application.

The application form requests the full business name, the business owner account number, the business email address, phone numbers and other minor details, and processing takes 72 hours. You could email the form to [email protected] and also copy [email protected] [email protected] is also the contact e-mail address to note if you have any problems.

The business owner will then be required to sign a POS agreement document with the bank. Upon approval, the POS terminal is delivered in less than two weeks to the business address indicated on the form.



In Guaranty Trust Bank, only current account owners qualify to receive POS terminals. Account owners must have held their accounts also for at least six months, just like Zenith Bank. The form is then  emailed to [email protected] or submitted to the account officer. The business owner is also required to sign the agreement form.



When we were tired of the research, we decided to put calls through. The customer care representative informed us that we could get the POS terminal even with a savings account as far as the relationship officer approved the request. Business owners also only need to fill the application form and the agreement, and then wait 14 days for a response.


Diamond bank

You can pick up an application form from any of Diamond Bank branches nearest to you OR through your Relationship Officer

Fill up the form and return the same after completion

The POS terminal is deployed at your business location within 4 working days free of charge!
But remember that the Terms and condition for free POS deployment apply




Merchants do not purchase the POS terminal. However, there has to be a certain minimum activity to continue enjoying the service which includes routine free maintenance. This is why I advice you visit your bank and learn more about their terms and conditions.

The terminals are serviced only through the banks.

Don’t forget that there is a charge of 1.25% on successful transactions which is deducted from completed transactions before being credited to your account.



Other Functions of POS Machine

The big grammars used above don’t cover all the things the POS machine can help the merchants achieve. But here are some other features and functionalities of the system.

The terminal has more other wonderful functionalities such as recharge card printing, utilities bills’ payments and other applications. The POS terminals used by the ticketing officers in the BRT couldn’t accept our debit cards, so an application was installed to make it possible.


How to Make Money from POS

Even if you don’t intend to make use of the system for your business here in Nigeria, you can get the machine to run the business ideas I shared in one of the posts I made some months ago.

Now, it’s over to you.

If you think I shared some vital insights here (and on the post you are yet to read), do other a favour by sharing across your social profile. Other will be grateful for that.

Leave a Reply

Back to top button