Nigeria has a growing number of companies involved in the issuance of Point-of-Sale (POS) machines, driven by the rapid adoption of cashless payment systems. These POS machines serve as the primary driver of financial inclusion in Nigeria.
Many fintech companies in Nigeria are providing these payment terminals to their agency networks so that every underserved communities can get access to seamless financial solutions.
There are more than 25.54 million POS terminals registered as of mid-2024, with significant contributions from both traditional banks and fintech firms. PalmPay alone claims to have over 500,000 agents, demonstrating the scale of fintech participation in the Nigeria financial market.
However, the one important factor to consider when choosing a POS when you want to start an agency banking business in Nigeria is daily targets. The daily target for a POS agent in Nigeria varies widely depending on the fintech company issuing the terminal. More so, the targets are typically influenced by the commission structures set by the agent’s POS providers.
Major players include banks like First Bank, Access Bank, and Wema Bank, alongside fintech companies such as Palmpay, Paga, and Baxi. These entities operate as part of Nigeria’s agency banking network.
In this article, we will explore the list of POS machines in Nigeria, their service providers and daily targets for all the POS terminals. We will also compare the POS daily targets to help agents make informed decisions on the one that suit their business needs.
List of POS Machines in Nigeria
There are two dominants in the POS landscape of Nigeria; banks-affiliated POS providers and fintech and agency banking providers. Here is a list of major POS companies operating in Nigeria, including banks and fintech firms:
Bank-Affiliated POS Machines
- FirstMonie POS Machine by First Bank of Nigeria (FBN).
- Access Bank POS Machine.
- Zenith Bank POS Machine
- United Bank for Africa (UBA) POS Machine
- Ecobank POS Machine
- First City Monument Bank (FCMB) POS Machine
- Union Bank POS Machine
- Keystone POS Machine
- Wema Bank POS Machine
Fintech and Agency Banking POS Machines
- Moniepoint POS Machine
- PalmPay POS Machine
- OPAY POS Machine
- Baxi POS Machine
- Nomba POS Machine
- Bankly POS Machine
- Lemonade Finance POS Machine
- PayForce POS Machine
- Quickteller POS Machine
- Paga POS Machine
- Flutterwave POS Machine
These banks and fintech companies are the major providers of POS terminals in Nigeria. They are are instrumental in expanding financial inclusion through their POS services to both urban and rural communities.
Moniepoint POS Daily Target
The Moniepoint SmartPOS and Android POS have a daily target of N20,000. Meanwhile, the Mini POS has no target. If the SmartPOS or Android POS is purchased on outright sales, agents don’t need to worry about any daily or monthly target.
Note: If you don’t meet up with the Moniepoint POS daily target, your POS account will be considered underperforming and the POS terminal will be reassigned. You may need to contact your Business Relationships Manager (BRM) to re-activate your POS terminal.
How to Meet up with Moniepoint POS Daily Target
If your daily transactions have not complete the required daily target for your Moniepoint POS, all you need to do is fund the POS account with the remaining required balance to meet up with the target.
The funds can be transferred from any banks in Nigeria and after the fund is successfully received on the POS terminal, you can refund the money to it initial source. The purpose of funding the POS terminal is to meet up with the daily target and once that’s met, you can return the money.
OPAY POS Daily Target
Both OPay Mini POS and Android/Smart POS does not have a daily target. OPay offers free POS machines to individuals and businesses, which can be used to accept payments and provide banking services.
However, you cannot compare the price of OPay POS machines with Moniepoint POS machines. In other words, most Moniepoint POS terminals have imposed daily Target which makes it to be cheaper than OPay POS terminals.
From company, you will get Moniepoint POS terminals for the rate of N21,500 while OPAY POS cost N45,000 on average. Furthermore, OPay POS machines have low transaction charges, starting at 0.5% after upgrading to Preferred Merchant status. In another blogpost, we explains how to calculate Moniepoint POS charges.
In a nutshell, OPay POS terminals does not have a daily or monthly targets. The POS machines are released for purchase outrightly which means the owner has paid for the entire POS price upfront without financing, leasing, or installment payments.
PalmPay POS Daily Target
PalmPay offers POS machines for outright purchase and cautionary purchase. If you purchase your PalmPay POS terminal on cautionary condition, you will get a daily target of N20,000. However, there’s no daily target on PalmPay POS bought on outright policy.
The price of PalmPay POS terminals vary depending on the purchase policies of the company. What is the price of PalmPay POS Machine in Nigeria? A conventional PalmPay POS machine costs N40,000 to buy outright and N20,000 for a cautionary fee or rental or lease. Android Palmpay POS cost N30,000 (advance/rental/lease) and N60,000 to purchase outright.
Baxi POS Daily Target
The Baxi POS, which allows agent to earn income and build businesses by using the POS terminal, mobile app, and Mpos, has no daily target.
The Baxi POS terminal is one of the cheapest POS machines in Nigeria. It costs N30,000 without any daily or monthly targets.
Another advantages of using a Baxi POS is that it offers agents with a virtual card with no maintenance fee or stamp duty. The POS terminals also have the features which allows agents to request a cash advance like a Moniepoint working capital loan.
Paga POS Daily Target
Paga has a different target policy for it POS agents. First and foremost, the Paga POS is sold at the rate of N50,000 and this is sold outright. However, agents are required to process at least a weekly transactions to keep the device active.
Comparisons of POS Daily Targets
| Provider | Daily Target | Cautionary Fee | Outright Purchase Option |
|---|---|---|---|
| Moniepoint PoS | Yes | ₦20,000 | Yes |
| Opay PoS | No | None | Yes |
| Nomba PoS | No | None | Yes |
| Bankly PoS | No | None | Yes |
| Lemfi PoS | No | None | Yes |
| Quickteller PoS | No | None | Yes |
| Paga PoS | No | None | Yes |
| PalmPay PoS | Yes | ₦20,000 | Yes |
| Baxi PoS | No | None | Yes |
| Flutterwave PoS | No | None | Yes |
| PayForce PoS | No | None | Yes |
In conclusion, knowing all these POS terminals daily targets will let you have informed decisions about the one that will best suit your needs.
If you have any question, don’t hesitate to drop it in the comments section. We will reply as soon as possible.
