POS_itioning For The POS Machine

So, Nigerians seem to be embracing the ‘cashless’ rollercoaster.

When you go to buy a smartphone charger of 1500 Naira, tell the merchant,’ I hope I can transfer – I don’t have cash here’ , and he says, ‘no problem’, then things are really looking up.

So, I made made inquiries at a few banks as regards the procedure for procuring a Point Of Sale (POS) Machine. I would be ending this quite soon.

I thought the information gargered could be useful to a couple of people, so decided to enumerate the responses of the respective banks (the ones that have responded with details so far).

The banks contracted were:

-First Bank
-Sterling Bank
-Fidelity Bank
-Guaranty Trust Bank
-Stanbic IBTC
Access Bank.

I must say that the rate at which a couple of them responded with the needed details was impressive.. all within two hours of enquiry.

Here is the email I sent to each of them:

Good day to you.

I would love to apply for a POS from your bank.

What would it take please? What charges?

How quickly can this happen?

⁣Kind regards.

The responses from the banks are as detailed below:

First Bank

Mail acknowledged, but no response as at press time


Thank you for your mail.
Please be informed that the Bank has put measures in place to meet the demand of her customers for deployment of POS terminals. Kindly find below available options.

· Bank-funded POS terminals

We are committed to honour requests from branches and merchants who meet the criteria for deployment of POS. To be eligible for a bank-funded POS terminal, merchant should:

Operate a current account with the Bank
Not be in the blacklist of financial regulators
Be able to do a minimum monthly collections of N5M on the POS terminal
· Buy-and-Own POS terminals

In order to cope with the limited supply of POS terminals due to budget constraints, the Bank has made it possible for merchants who do not meet the bank-funded POS deployment criteria to buy POS terminals, if they are willing to do so.

All the merchant needs to do is request for a POS terminal and pay for it. The average cost of a POS terminal is N65,000.

The benefits of the buy-and-own POS terminals include the following:

Merchants will optimize use of such terminals, since they committed their resources to buying them
Adequate care and protection of such terminals from damage and loss by the merchants
Opportunity for the merchant to earn the Terminal owner share of the merchant service charge
FCMB in conjunction with the Payment Terminal Service Provider will continue to support the POS at no extra cost to the merchant
How long will it take to get the POS terminal?

Upon request and payment, POS will be purchased, configured and merchant will receive the POS terminal within 5 working days.


Sterling Bank

Thank you for reaching out to us today.

Kindly be informed that our POS machines are given free of charge to customers who have a minimum monthly turnover of 400,000 Naira.

However, you will be charged 0.75% on transactions below N 160,000 and a flat charge of N 1,200 on transactions above N 160,000.

Kindly visit your branch or liaise with your relationship officer to request for a POS machine.


Fidelity Bank

Thank you for contacting Fidelity Bank Trueserve.

We acknowledge receipt of your email and we are thrilled at your interest in our products and services.

Regarding your inquiry on Point Of Sale(POS) terminal requirements, please find below some of the requirements.

•An existing business account for at least 6months.

• Monthly turnover 1.5million.

•Complete account documentation( utility bill, valid means of identification card and reference for a current account)

Kindly visit any of our branches for more information and assistance.

Guaranty Trust Bank

No response, no acknowledgement
Stanbic IBTC

Mail acknowledged, but no response as at press time

Access Bank

We acknowledge receipt of your mail.

Please be informed that you are required to open a Current Account and maintain a minimum turnover of N300,000 before you can apply for a POS.

Kindly visit any of our branches close to you to make your request.

There you have it .

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