How to Get a POS Machine to Manage the Naira Scarcity


From the cash issue to banks’ network problems, it’s been a hell of two months for Nigerians, and that is why I’ve prepared this article to properly guide you on how you can get a POS machine to ensure that your business moves swiftly…

The naira scarcity in Nigeria has left a sore taste for everyone. No matter who you are or where you are, the cash crunch affected everyone directly or indirectly.

Apart from the average household who depend on cash to feed their families, other people who were greatly affected by this issue are business persons.

The CBN cashless I must say I’ve taught us a listen, especially those running a business. Surely, we just have to take it as a test and try to build from it. You can imagine how a single cashless policy crumbled lots of businesses out there because they’ve not been used to it.

Over the past few weeks, I’ve been receiving calls from business friends asking me how they can get a POS machine so their businesses don’t suffer as a result of this cashless policy.

The cashless policy might have failed due to grievances, but whether you like it or not, it has come to stay and it’s just a matter of time. It’s just for us to get used to it when it hits us the next time.

Most developed economies have practiced it and succeeded (though it wasn’t easy at the onset). In Nigeria, many businesses are reluctant to process online transactions, because they always prefer cash. A time will come when that will not matter anymore.

So, if you’re a businessperson, and you’re yet to get a POS machine to facilitate your transactions with customers, this is the right time to get all the necessary information you need.

Guide to Get a POS Machine and How it Works

First, let me start by defining what a POS Machine is; POS Machine, otherwise known as (Point of Sale machine) is a portable, walkie-talkie-like machine that enables you to receive payments using a debit card.

With this machine, customers can pay you after purchasing goods from you. You can make transactions for customers such as withdrawals, deposits, bills payment, airtime purchases, etc., with this machine.

POS machine is of different types; we have Mobile POS machine, Retail POS machine, as well as Countertop POS machine. You can get anyone depending on the type of business you’re running.

Mobile POS machine is the one that is widely used cos it’s less expensive compared to the latter two. Retail POS you can see them mostly in big supermarkets, while Countertops can be found in corporate ventures.

In other words, fact that I’m concentrating on the line business, I’ll be focusing solely on payments. Well, we’re in the cashless policy, but unless you have the cash to give, you can make withdrawals for people and charge them for it.

What’s the Procedure to Get a POS Machine?

You can get a POS machine in any bank branch or any branch where there’s Opay, Moniepoint, or PalmPay.

Every bank has its processes to get a POS machine, just like mobile platforms like Opay, PalmPay, or Moniepoint do have their own.

I’m going to be detailing both the top five banks’ processes, as well as that of the mobile platform like Opay.

Note: You’re not charged a dime for a POS terminal, all you need is to maintain good credit and make sure your business location can be easily traced by the bank.

  • You need to ensure that you have at least N50,000 capital in the account
  • A valid means of ID
  • Utility Bill
  • Your business registration documents (for corporate businesses

Once you have everything in place, you’ll need to visit any branch and request an Agent Account.

Remember, you’re entitled to a commission depending on the volume of transactions you carry out. For instance, with N20,000 transaction where you charge customers a fee of N200, N100 will be added to your wallet as a commission from the bank.

For Access Bank

You need to visit any Access Bank branch and request a POS agent banking form. Once you get the form, fill in the required details, submit it, and then wait for it to be processed.
After that, you’ll be contacted to come for the POS machine. That’s all.


Just like Access Bank, FirstBank equally follows the same process where you’ll just have to visit the branch, fill out the form, and wait for your POS machine to be available for collection.


GTBank’s process is quite different from that of Access Bank and FirstBank.

Before you can get a POS machine from GTBank, you’ll need to have a current account that’s been operational for at least 6 months before you can fill out the request form.

Once you fill out the form and submit to the POS officer or scan it and send it via email (, you’ll then have to sign what is called a “POS agreement form” before they’ll give you.


To get a UBA POS machine, you’ll need to be doing a turnover of at least N1Million per month or N35,000 per day. What this means is that your business transactions must fall in the figure of 35k per day or 1M per month. And you can have as many POS machines as you want from the bank.

Download the form below to start the process…

All you need is fill out the required details on the form > submit to the nearest UBA branch close to you.

Once your request is been approved, you’ll receive a confirmation email with your login information, with the POS machine delivered to you within 3-7 working days upon approval.

Zenith Bank

Zenith Bank follows the same process as GTBank, where you’ll need to have a current account with them for up to six months. You’ll have to fill out a form which will be presented to you, scan and send to this email address >> or directly to the POS officer at the bank.

Once you’re through with that, you’ll be required to sign a POS agreement document with the bank, after which you can come and collect your POS machine.

How Can I Get the POS Machine from Mobile Platforms?

Opay, PalmPay, and Moniepoint almost have the same process if you want to get a POS machine from them. But in this case, I’m going to use Opay as an instance.

To get a POS machine via Opay, you need to follow the steps below:

The first thing you need to do is to sign up on Opay. You can do so by first downloading the app via Play Store or Apple Store

See how to sign up Opay here

  • Before you can be able to apply for an Opay POS machine, you need to know how to use the app very well, you must have carried out huge transactions for four weeks, and also ensure that you’re in the KYC Level 3.
  • To upgrade from 1 to 3, you have to upload your picture, upload any of your valid ID documents (NIN, Voter’s Card, Driver’s License, or International Passport), upload your BVN, and then upload your utility bill. After uploading, you have to wait for the processing and confirmation of your information.
  • Once you’ve upgraded to KYC Level 3, you’ll now have to switch your account to Merchant. How do you do this? Click on “Me” > click on your Account Details > select “Upgrade to Merchant” > fill out your Business Information and click next” > complete the application, and click on “Upgrade.”
  • Now, if you’re application is approved, the next thing is for you to click on “Merchant Apply” > fill out all the information required > upload your transaction history for the past 3 months > upload a valid ID document > take a picture of your business location and building/shop and upload > then click “Submit.”
  • You’ll therefore for review for your application to be approved.


The CBN cashless policy nor the cash crisis we’re currently facing should not be the reason for the failure of your business when there are lots of options to consider.

Wth the issue of banks’ networks for transfers, it’s very much important for you to try and get a POS machine so you can start accepting cashless payments and ensure your business continues running seamlessly irrespective of the current situation.

With the options provided for you above, you’ll have to choose the bank to operate with or the mobile platform to use.


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