Introduction: Navigating POS Charges in Nigeria
Point of Sale (POS) machines have become essential for cash withdrawals and financial transactions, especially in areas with limited access to bank branches. However, POS agents charge fees to cover machine maintenance and service costs. Understanding these charges can help you choose the most cost-effective option for your transactions.
This guide provides a detailed comparison of POS charges in Nigeria, covering major providers and their fees, so you can make informed decisions when using POS services.
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Understanding POS Charges in Nigeria: What You Need to Know
POS charges typically include fees for withdrawals, deposits, and transfers. These fees vary depending on the provider and the transaction amount. Some providers offer flat rates, while others charge a percentage of the transaction value.
Moniepoint POS Charges
Moniepoint is a popular POS service in Nigeria, known for its reliable network and competitive charges.
- Withdrawals:
- 0.5% for amounts between ₦1 – ₦20,000
- Flat rate of ₦100 for amounts above ₦20,000
- Transfers:
- Flat rate of ₦20
- Utility Commissions:
- MTN: 3%, GLO: 4%, Airtel: 4%, 9Mobile: 4.5%
- DSTV, PHCN, Startimes: 2%
Related: Monnify vs Paystack: Which is Better in 2025?
Opay POS Charges
Opay offers flexible charges, with lower rates for preferred merchants.
- Withdrawals:
- 0.5% for amounts less than ₦20,000
- Flat rate of ₦100 for amounts above ₦20,000
- Transfers:
- ₦30 for amounts below ₦10,000
- ₦10 for deposits below ₦5,000, ₦20 for deposits between ₦5,000 and ₦10,000
- Commissions:
- MTN: 3%, GLO: 4%, Airtel: 4%, 9Mobile: 4.5%
- DSTV, GoTV, Startimes: 2%
Related: Opay POS Charges 2025: Benefits & How to Apply
Baxi POS Charges
Baxi is favored for its discounts and agent-friendly commission structure.
- Withdrawals:
- 0.55% for amounts below ₦20,000
- Flat rate of ₦100 for amounts between ₦20,000 and ₦100,000
- Flat rate of ₦150 for amounts above ₦100,000
- Transfers:
- Flat rate of ₦30
- Commissions:
- MTN: 1.60%, GLO: 2.80%, Airtel: 1.76%, 9Mobile: 2.80%
- DSTV, GoTV: 1.40%
FirstMonie (First Bank) POS Charges
First Bank’s FirstMonie is known for its straightforward pricing.
- Withdrawals:
- ₦50 for amounts below ₦5,000
- ₦100 for amounts between ₦5,001 and ₦30,000
- ₦150 for amounts between ₦30,001 and ₦100,000
- ₦200 for amounts above ₦100,000
- Bill Payments:
- Flat rate of ₦100
Other Notable POS Providers and Charges
Payforce POS
- Withdrawals:
- ₦30 for amounts up to ₦5,000
- 0.6% for amounts between ₦5,001 and ₦16,500
- ₦110 for amounts between ₦16,501 and ₦100,000
- 0.11% for amounts above ₦100,000
Kolomoni POS
- Withdrawals:
- ₦5.5 for ₦1,000, scaling to ₦55 for ₦10,000
- Transfers:
- ₦8.50 for amounts below ₦5,000, ₦21.25 for amounts between ₦5,001 and ₦50,000
Accelerex POS (Rexpay)
- Withdrawals:
- 1.5% per transaction, capped at ₦1,600
Comparison Table: POS Charges Across Provider
| Provider | Withdrawal Fee | Transfer Fee | Utility Commission |
|---|---|---|---|
| Moniepoint | 0.5% (₦1 – ₦20,000), ₦100 (above) | ₦20 | 2% (DSTV, PHCN, Startimes) |
| Opay | 0.5% (less than ₦20,000), ₦100 | ₦30 (below ₦10,000) | 2% (DSTV, GoTV, Startimes) |
| Baxi | 0.55% (below ₦20,000), ₦100 | ₦30 | 1.40% (DSTV, GoTV) |
| FirstMonie | ₦50 – ₦200 based on amount | ₦100 | Free for airtime top-up |
| Payforce | ₦30 – ₦110 based on amount | ₦25 | 10% cashback on withdrawals |
FAQs: POS Charges in Nigeria
1. What are the cheapest POS charges in Nigeria?
Moniepoint and Payforce are known for their low transaction fees, with Moniepoint charging 0.5% for withdrawals below ₦20,000 and Payforce offering competitive rates for smaller amounts
2. Are there any POS machines without charges?
No, all POS machines incur charges, either directly or through commissions, as part of their operational costs.
3. How do POS providers determine their charges?
Charges are typically based on transaction amounts, the type of service provided (withdrawal, transfer, bill payment), and the operational costs involved.
Conclusion: Choosing the Right POS for Your Needs
Understanding POS charges is crucial for making cost-effective financial decisions. Whether you prioritize low fees, fast transactions, or extensive network support, this guide provides the insights needed to select the best POS service for your needs. Evaluate your options carefully and choose a provider that aligns with your transaction habits and budget.
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