By Balogun Kamilu Lekan
POS business is one of the most lucrative businesses in Nigeria in recent times.
The Nigerian system’s aim to achieve a cashless economy has been made easy with the availability of POS in all nooks and crannies of the country.
This article aims to list the best POS banking platforms in Nigeria. If you want to start a POS business, click here.
Below is a list of the top ten POS banking platforms in Nigeria
1. Moniepoint
Moniepoint is a leading point of sale (POS) agent banking platform in Nigeria developed by TeamApt, a well-known fintech company. The platform has gained a reputation as one of Nigeria’s most reliable and effective POS agent banking services. Since it was created in 2019, Moniepoint has facilitated over a billion transactions, totalling over 20 trillion Naira, for over 150,000 business owners.
2. OPay
OPay is a financial technology firm that is rapidly gaining prominence in Nigeria. It offers a payment service platform that enables users to transfer money, settle bills, and even purchase groceries and food items. Despite only being established in 2018, the company has achieved remarkable feats. Its estimated commercial worth exceeds $1.5 billion, and it has received funding of over $500 million in the past four years. Presently, OPay has over 300,000 agents who cater to the needs of almost 10 million Nigerian users.
3. Paga
Paga is a prominent mobile payment enterprise established in Nigeria in 2009. Its primary objective is to establish a digital platform that enables individuals to send and receive money quickly while providing straightforward financial access for all. Paga emphasises assisting buyers and sellers to conduct payments, receive payments, and access financial services efficiently. As of now, the company boasts over 19 million users across Nigeria.
4. Ecobank Xpress Point
Ecobank Xpress Point is a cost-effective business opportunity that enables thousands of individuals and business owners across the country to increase their income. You can earn additional income by assisting customers with their basic banking transactions at your location under a 3rd party representation agreement with Ecobank.
5. PalmPay
The company has experienced remarkable growth, boasting a customer base of over 2 million active users who have processed billions of naira worth of transactions.
It was introduced in September 2019 and has become one of the country’s top POS agent banking platforms. It provides a user-friendly and secure payment app that rewards users for their transactions. For instance, Nigerian users of the PalmPay app can earn 10 percent cash back on airtime purchases and enjoy low bank transfer fees of as little as 10 naira per transaction.
6. Quickteller Paypoint
Quickteller Paypoint is owned by Interswitch Financial Inclusive Services (IFIS) for its utility bill payment and money transfer service. The service can be accessed through an application or POS machines. For the app-based service, agents can download the app for free onto their smartphones and set up an account to use the product after receiving initial training. On the other hand, the Point-of-Sale machine is available at a cost, while the software that powers it can be obtained for free.
7. Firstmonie
Firstmonie is the agent banking division of First Bank of Nigeria Ltd which offers a platform through which customers residing in unbanked or underbanked areas can conduct financial transactions using registered agents and established businesses.
The agent banking service of First Bank Ltd has emerged as one of the top-performing POS agent banking services in Nigeria.
8. Access Closa
Access Closea is an agent banking service offered by Access Bank that allows you to access financial services in your local area without visiting a bank. The service has over 100,000 authorized agents capable of processing transactions rapidly and efficiently using platforms like Point-of-Sale (POS) terminals or mobile phones.
9. FCMB Agent Banking Services
FCMB’s agent banking is an affordable, user-friendly and secure way of providing basic banking services to communities by the First City Monument Bank.
It provides services such as cash deposit, cash withdrawal, fund transfer, bill payment, airtime recharge, BVN enrolment, and more. FCMB’s agent banking model uses trusted existing retail business outlets within a community as the locations where unbanked or underserved individuals can conduct transactions. FCMB has onboarded nearly 10,000 agents who provide customer payment services and earn transactional income for their services.
10. GT Express
GTExpress is a comprehensive agent banking service that enables customers to access financial services conveniently from various locations. It allows banking activities to be carried out via agent locations to cater to the needs of underserved and unbanked population segments by using non-banking retail outlets.
These retail outlets (agent locations) provide banking services such as instant account opening, cash deposits and withdrawals through ATMs, customer inquiries, bills payment, local money transfer services, and other services.
Disclaimer
The information in this article was curated from online sources. NewsWireNGR or its editorial team cannot independently verify all details.
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