This is the right webpage for you. This guide features how to get Moniepoint, Opay and PAGA POS in Nigeria. With any of these point of sale terminals, you can be able to start POS business in Nigeria with ease.
Like you may have observed, POS business is currently one of trending businesses in Nigeria. Whether you decides to run on a small, medium or large scale level, you are bound to make real money from it due to how lucrative the business is.
However, in starting the business you need to first get POS machines to attend to your customers. With the machines you can perform transactions like cash withdrawals, deposits, bill payments and many others.
The Requirements For Getting Opay, Moniepoint and Paga POS In Nigeria
The following are some of the basic requirements for getting the point of sale terminals in Nigeria:
1. A Valid Means Of Identification
This can be a National ID card, Voters card, Driver’s License or International Passport.
This is needed to verify your identity in line with CBN policy. Without this, your request for the POS machine will not be approved.
2. Proof Of Address
This can be a utility bill like NEPA bill receipt, house or shop rent receipt.
This is very important. Ensure that the the document you are using as your proof of address is very clear. Blurred images are not permitted.
You can snap the document using the back camera on your phone. It’s usually very clear. You can also scan it with a proper scanning machine.
3. Bank Statement Of Account
You will be required to provide a statement of your bank account. Opay in particular requires you to provide a bank statement of about N1.5M to N2M minimum transaction in a month.
With this, you can apply for the traditional POS and have it approved within 3 working days.
If you are applying for the Smart POS terminal, you will have to submit a bank statement of N7 Million to N10 Million transactions in a month. It wasn’t as high as this a few years ago. It’s amazing how things have changed.
4. Cautionary Deposit
This is one of the most important requirements for applying for the POS machine. Whether Opay, Moneypoint or Paga POS.
The cautionary deposit is not a payment for the machine. It’s just the money you put down before it is given to you.
Depending on the type of machine you want, the cautionary deposit can be as high as N50,000 and as low as N8,000. The touchscreen android terminals are usually the most expensive while the Mpos or Mini POS are usually the cheapest.
5. Online Account With The Company
You can’t possibly apply for the POS terminal with opening an account with the company first. That is normally the first thing to do.
To open the account, you would need to download their mobile app from Google Play Store or Apple Store for iPhone users.
After registering on it, you can then submit your application for the POS device via the mobile app.
6. Active Phone Number and Email
This is where you will be getting regular information from the company. In case of any emergency or dispute resolution, the company will contact via the mobile phone number or email address.
7. Bank Verification Number
This is the last but not the least. Your Bank Verification Number (BVN) is required to verify your identity in line with CBN’s policy.
You don’t need to worry about the security of the BVN. It is 100% safe with Opay, Moneypoint or Paga.
8. Passport Photograph
You also need to submit a clear passport photograph of yourself during the POS application.
It’s best to submit a recent one, so your face can be easily recognized.
How To Apply For Moniepoint, Opay or Paga POS In Nigeria
Interestingly, the process involved in applying for Moneypoint, Opay and PAGA POS are all the same. Simply follow the steps below to get any of the POS machines.
- Download The Mobile App
First download the mobile app from Google Play Store or Apple Store if you are an iPhone user. Install and open it.
- Create An Account On The App
After installing the mobile app on your phone, the next thing is to create an account on.
To do that, click on the “Sign Up” button and fill in your correct details in the appropriate places. Personal details like names, phone number, email etc., should be double checked to avoid errors.
If you get everything right, your account will be instantly created.
- Upgrade The Account To KYC 3 Merchant Level
You can do this directly on the mobile app by uploading the right details or you contact the customer service team for support.
Kindly note that Paga, Moneypoint and Opay account upgrade is 100% free of charge. Beware of anyone asking you to pay any amount for it.
If you cannot upgrade the account directly by yourself on app, do your best to call the official customer care number of the financial institution for help. Do not give your money to anyone. Watch out for scam.
- Submit Your Application For The POS
This is the last step to getting your POS. Here you will be required to make your cautionary deposit or direct payment for the POS terminal.
Once you have done that, submit your application and wait for approval.
- Go And Pick It Up
As soon as your point of sale terminal is approved, you’ll get an email, text or call from the company asking you to come and pick it at their office. This is usually the closest office to your location. The one you selected during your application process.
Go with your valid ID card in case you are asked to present it.
Have you been searching for how to apply for Opay, Moniepoint or Paga POS terminal in Nigeria?
I’m sure you found the information in this guide helpful to you.