Best Banks for POS Business in Nigeria
There are several banks in Nigeria that offer services suitable for Point of Sale (POS) businesses. So in this very article, I will be highlighting the top 10 best banks for POS business in Nigeria in 2023 that tends to be more reliable and work efficiently.
Without having to wait any longer, let’s dive in to knowing the best banks for POS business in Nigeria.
List of The Best Banks for POS Business in Nigeria in 2023
The best banks in Nigeria for POS business can be explore right below:
1. First Bank of Nigeria
First Bank of Nigeria is one of the leading commercial banks in the country that offers a quite comprehensive POS service for individuals and businesses.
They provide competitive POS charges, with transaction fees as low as 1.5% for local transactions and 2.5% for international transactions.
Their POS terminals are equipped with advanced features such as contactless payments, QR code scanning, and support for various payment methods including cards and mobile wallets.
First Bank POS also offers real-time transaction monitoring, detailed sales reports, and seamless integration with business accounting software.
This bank is one of the best banks for POS business in Nigeria.
Guaranty Trust Bank (GTBank)
Guaranty Trust Bank is also one of the best banks for POS business in Nigeria today. It is renowned for its quite innovative banking solutions, and its POS service is no exception.
They offer POS charges as low as 1.5% for local transactions and 2.5% for international transactions.
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GTBank’s POS terminals support EMV chip cards, contactless payments, and QR code scanning.
Not finished yet, they provide features like inventory management, real-time transaction alerts, and customizable receipts.
GTBank’s POS system is also compatible with various business management tools, making it convenient for business owners to track sales and manage their finances.
Zenith Bank
Zenith Bank is another top choice and one of the best banks for POS business in Nigeria.
This financial institution offers competitive charges starting at 1.75% for local transactions and 2.5% for international transactions.
Zenith Bank’s POS terminals are equipped with NFC technology, allowing for quick and secure contactless payments.
They also offer value-added services such as bill payments and airtime recharge through their POS system.
Zenith Bank supports multiple currency transactions for every business with clients abroad.
Access Bank
Access Bank is known for its wide range of banking services, in which the offering of POS service is not excluded.
They provide affordable charges starting from 1.5% for local transactions and 2.5% for international transactions.
Access Bank’s POS terminals support chip and PIN cards, contactless payments, and QR code scanning.
They also offer features like transaction history, sales analytics, and customized receipts.
Access Bank POS service also works with their mobile app and enables customers to easily and seamlessly monitor every sale.
United Bank for Africa (UBA)
If you’re looking for a feature-rich bank, United Bank for Africa must not be excluded.
UBA is a prominent Nigerian bank that offers a reliable posy service for individuals and interest businesses in the country.
The bank provides competitive POS charges, starting at 1.5% for local transactions and 2.5% for international transactions similar to that of other banks mentioned earlier.
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UBA’s POS terminals support various payment methods, including cards, mobile wallets, and QR codes.
With the United Bank of Africa POS machine, users can monitor every transaction that is being carried out likewise other valuable services like bill payments, airtime recharge, etc.
Stanbic IBTC Bank
Stanbic IBTC Bank is a reliable choice for POS services in Nigeria. The bank offers competitive charges starting from 1.5% for local transactions and 2.5% for international transactions.
Stanbic IBTC Bank’s POS terminals support EMV chip cards, contactless payments, and QR code scanning, ensuring convenience and security for customers.
They also provide features like transaction history, real-time transaction alerts, and detailed sales reports.
Stanbic IBTC Bank’s POS service integrates seamlessly with its online banking platform, allowing businesses to easily reconcile transactions and manage their finances.
Fidelity Bank
Fidelity Bank offers a robust POS service with affordable charges starting from 1.5% for local transactions and 2.5% for international transactions.
Fidelity Bank’s POS terminals are equipped with advanced features such as EMV chip card acceptance, contactless payments, and QR code scanning.
They provide real-time transaction monitoring, inventory management, and comprehensive sales reporting to help businesses analyze their performance.
Fidelity Bank’s POS system is user-friendly and supports multiple payment options, providing flexibility for both business owners and customers.
Union Bank of Nigeria
Another bank we can not shun or exclude from the list of best banks for POS business in Nigeria is Union Bank.
Union Bank of Nigeria is a trusted institution that offers reliable POS services to people and businesses in the country.
Union Bank users with a very competitive charge which ranges from 1.5% for local transactions and 2.5% for transactions outside Nigeria.
With the bank POS value-added services, agents, and customers can easily transact.
Ecobank Nigeria
Ecobank is yet another reputable financial institution that offers POS to its customers.
Ecobank provides transparent pricing of 1.75 percent and 2.5 percent for customers outside Nigeria.
Similar to other banks, Ecobank POS offers features like transaction monitoring, sales analytics, and inventory management to help businesses track their performance.
Ecobank Nigeria POS service is user-friendly and integrates with their digital banking platform, enabling businesses to easily manage their transactions and finances.
Sterling Bank
Last but not least the best bank for POS business in Nigeria is “Sterling Bank”.
Sterling Bank is known as a reliable choice for businesses looking for POS services in Nigeria.
They offer competitive charges starting from 1.5% for local transactions and 2.5% for international transactions. Sterling Bank’s POS terminals support EMV chip cards, contactless payments, and QR code scanning.
Sterling provides features like real-time transaction monitoring, sales analytics, and customized receipts.
Sterling Bank POS system also integrates with their mobile banking app, allowing business owners to access transaction details and manage their accounts conveniently.
FAQs On Best Banks For POS Business In Nigeria
Below are answers to some frequently asked questions on the best banks for POS business in Nigeria today:
How do I get a POS machine in Nigeria?
To obtain a POS machine in Nigeria, you typically need to have a business account with a bank that offers POS services. You can contact the bank of your choice, inquire about their POS services, and follow their application process.
The requirements may vary from bank to bank, but generally, you will need to provide relevant business documents and meet the bank’s criteria for eligibility.
What are the fees associated with POS transactions in Nigeria?
POS transaction fees in Nigeria depend on the bank and the type of transaction. Banks usually charge a percentage fee per transaction, which can range from 0.75% to 1.5% of the transaction amount.
There may also be additional charges for services like terminal maintenance, settlement fees, or monthly rental fees for the POS machine.
Can I accept international cards on my Nigerian POS machine?
Yes, many Nigerian POS machines support international card transactions. However, it’s essential to confirm with your bank or payment service provider if their POS system is enabled to accept international cards.
Some banks may require additional authorization or activation for international transactions.
How long does it take to receive settlement funds from POS transactions?
The time it takes to receive settlement funds from POS transactions can vary depending on the bank.
Generally, banks aim to settle funds within one to three business days.
However, settlement times can be affected by factors such as weekends, public holidays, or any technical issues. It’s advisable to clarify the settlement process and timeline with your bank.
