Top 5 Fintechs for POS business in Nigeria

Financial technology (fintechs) companies are investigating heavily to make payment solutions easier for Nigerians.

The use of POS machines for cash withdrawal is becoming popular in Nigeria as the method has proven to be the fastest and easiest way to withdraw and transfer money compared to going to the bank to perform the transaction.

POS agency banking is also a means of providing livelyhood for agents who get a commission on every transaction they provide for their costomers.

Here are some of the five best FinTech companies who offer agency banking services through POS machines.

What is a POS machine?

POS stands for point of sale, it is a mini hardware computer that accepts credit or debit card for cash transfer or withdrawal. Through POS machines, customers can also perform other transactions such as pay for bills like utility bill, Electricity bill, cable TV, and fund various types of e-wallets such as betting accounts.

POS terminals play a major role in the innovation of the cashless banking objectives as they become a popular means of processing payments.

Here are the best Fintecs with the best POS services in Nigeria

UBA POS Machine

Owned by billionaire Tony Elumelu, UBA Bank is one of the largest and popular commercial banks in Nigeria and Africa as well, they offer point of sales machine at merchant locations to serve their customers better.

Eligiblity and requirements for UBA POS for merchants?

  • Any established store where goods and services are traded
  • The merchant must have a permanent address of business
  • They must complete a KYC form and have a dedicated account for direct deposit by the assigned POS

What is the minimum size/requirement of merchant’s business to qualify for UBA POS?

UBS POS requirement is a bit on the high side, POS is released to merchants that transact N1,000,000 per month or N35,000 per day.

Features of UBA POS

  • Payment for purchase
  • Balance Enquiry i.e you can check your account balance
  • Accepts all cards
  • pay utility bills
  • Merchant have full access to view transactions online

First Monie POS Machine

First monie is sponsored by First bank of Nigeria.
First monie offers free POS machine, making it one of the few Fintecs who offer such advantage to qualifying merchants.

How to become a First monie Agent?

To become a First Monie Agent, you will have to complete the following requirements.

  • Create an account with first bank
  • Download first monie app {Available on Google play store and on Apple store}
  • Perform minimum of ten[10] transactions per day, for two to three months.
  • Once all these requirements has been met, you will be eligible to request for first monie POS machine.

Kudi POS Machine

Kudi is a financial service provider with a focus on providing electronics banking experience for everyone. With Kudi, You can become an agent and earn commission by providing financial services to your communities.

How to become a Kudi agent


The process to become a Kudi agent is quite straight forward.

  • Download Kudi App
  • Create an account
  • Fund your wallets and start transacting

What can I do on Kudi POS machine

Kudi is a seamless payment option that focus on easy transaction in Africa, With Kudi App, You can simply Transfer Money, Sell Airtime, Tv subscriptions, Pay Electricity bills. The company promises that more features will be launched in the nearest future.

How to become a Kudi super agent | How to get the POS machine
You have to become a kudi agent first, and own a sizeable and remarkable network of agent.

OPay POS Machine

OPay is a mobile money service owned by Opera Mini, the Chinese company also owns Opera News.

How to Become an Opay Agent In NIgeria

Opay agents get the opportunity to perform transactions for their customers and earn a commission.

Here’s the step by step guide on how to become an Opay agent:

  • Download and install OPay App via the Google Play Store
  • iPhones users can also go to the Apple store to download and install Opay for iPhones.
  • An active phone number is required to complete the installation.
  • Initiate a chat with the Support team, and request for your registration form.
  • Documents needed to complete agent registration include passport photograph, utility bill, ID card and business registration documents from CAC (optional).

OPay Agent Requirements

OPay agents are required to meet the following Agent Requirements which include ;

  • Ability to read, write and communicate.
  • Provide the following documents; passport photo, utility bill, means of ID and Corporate Affair Commission documents (optional).
  • A business location (a small shop) will be required for customer base contact.
  • Agents are required to have a smartphone with internet connection.
  • Bank verification number (BVN) is also required to be an Opay Agent.

Moniepoint POS Machine

Relatively new on the Fintech scene in Nigeria, Moniepoint is one of the mobile money services that offers a free POS machine in Nigeria.

As a Monie point agent, you will be able to make money as a small business owner by providing banking services to customers.

Moniepoint enables you to provide services such as cash transfer, cash withdrawal, Airtime top up, Pay bills. MoniePoint claim to have the best network in town and for that, customer always choose her agent as their favourites in their locations.

Flutterwave POS Machine

Flutterwave is one of the best POS agent in Nigeria with high commission rate.

Flutterwave POS app is an Android POS machine that is used by agent to provide financial service to the community.

The POS accept all bank cards in Nigeria, making it to be one of the best POS machine in Nigeria. And also making it to be a perfect solution for businesses and individual willing to start accepting payment via POS.

As an agent, flutterwave POS app is good for your business, it provide many offers and cash back on every transaction done on it.

Flutterwave POS is certified by central bank of Nigeria(CBN), it can be connected to office or home WiFi, or mobile phone hotspot for internet connection. You can also insert a sim card to it for internet connection.

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