The widespread adoption of POS machines has transformed Nigeria’s payment landscape and has made electronic transactions more accessible to millions of people who previously relied solely on cash. Here are Nigerian banks that offer free POS machines and how to get one.
Ways to Get Free POS Machines
POS machines are generally inexpensive thanks to the widespread adoption. However, there are still ways for aspiring entrepreneurs and established business owners to obtain a POS machine at no upfront cost. They include
1. Banking Partnerships: Many Nigerian banks offer free POS terminals to encourage electronic transaction adoption. By opening accounts with participating banks and meeting specific criteria, businesses can access these devices without initial investment.
2. Payment Processing Companies: Fintech companies like Paystack, Flutterwave, and Paga provide free terminals to merchants who sign up for their payment processing services, creating mutually beneficial partnerships.
3. Government Initiatives: Programs like the Cashless Nigeria Policy and the Shared Agent Network Expansion Facility (SANEF) have facilitated free POS distribution to promote financial inclusion.
4 Industry Events: Workshops and seminars focused on electronic payments often feature free terminal giveaways as incentives for attendance.
What to Expect When Seeking A Free POS Machine from a Bank
While “free” POS machines sound attractive, it’s important to understand the typical requirements and conditions. Most providers expect businesses to maintain minimum transaction volumes, possess proper business registration, and meet specific eligibility criteria. Some may require minimum account balances or impose monthly processing targets.
The application process usually involves submitting business documentation, proof of identity, utility bills, and sometimes demonstrating a physical business location. Approval times vary, but most providers aim to process applications within a few business days.
The following banks offer free POS machines:
1. GTBank
Guaranty Trust Bank stands out with its compelling zero processing fee initiative launched in February 2025. As one of the pioneers of POS services in Nigeria since 2012, GTBank has eliminated merchant service charges on all transactions, making it particularly attractive for cost-conscious businesses.
Key Requirements:
- Registered business with legal documentation
- Active GTBank current account
- Valid identification (voter’s card, national ID, international passport, or driver’s license)
- Recent utility bill
- Physical store location
- Minimum monthly turnover of ₦7.5 million to maintain zero processing charges
The GTBank POS terminal offers swift real-time processing, diverse payment methods, instant payment confirmation and a user-friendly interface. However, potential users should be aware that network downtime issues have been reported as occasional challenges. Notably, the zero processing charge applies to all merchants except Cash and Money Transfer Agents, and high-risk ventures like online gambling or adult entertainment may not qualify.
To apply for the GTBank free POS machine, go to GTBank’s website, fill out the form with the correct information and click on submit.
After submission, the approval may take some time, but once approved, GTBank will notify you. You will be given a POS terminal and guided on how to set it up and use it. You can also visit the nearest GTBank branch using the required documents mentioned above. There, you can approach a customer service representative and request a POS application form.
2. Sterling Bank
Sterling Bank takes a different approach with its free POS program. It targets businesses across various sectors including health, education, agriculture, renewable energy and transportation. Their application process is streamlined through an online form that captures essential business information.
Sterling Bank Requirements:
- Existing Sterling Bank customer status
- Monthly POS collection range (starting from N1.5 million)
- Business operating in specified sectors
- Complete business and personal information
- Consent for bank communication regarding the offer
Sterling Bank’s program emphasizes sector-specific support, making it particularly suitable for businesses in their target industries. The bank’s focus on existing customers also ensures a smoother integration process.
To apply for Sterling Bank’s free POS machine, visit their site and fill in the form with your relevant details and submit. If you qualify, they will reach out.
3. First Bank’s Firstmonie Agent Program
First Bank of Nigeria takes a unique approach through its Firstmonie Agent program, which combines POS provision with a comprehensive support ecosystem. Rather than simply offering free terminals, First Bank creates agent partnerships that provide ongoing business support.
Firstmonie Agent Benefits:
- Quick Registration: Self-registration process completed within minutes
- Instant Free POS: Immediate access to POS terminal upon agent onboarding
- Instant Settlement: Real-time credit and settlement for processed transactions, ensuring smooth liquidity management
- Agent Credit Access: Quick access to working capital support for business expansion
- Insurance Coverage: Comprehensive insurance protection for agents and their workers at competitive rates
- Extensive Support Network: Over 750 branches across Nigeria providing immediate assistance
- Largest Agent Network: Membership in Nigeria’s most extensive agent network, offering networking and growth opportunities
The Firstmonie program is particularly attractive for entrepreneurs looking to start or expand POS businesses, as it provides not just the hardware but also the infrastructure and support needed for success. The instant settlement feature addresses one of the biggest challenges in the POS business – cash flow management.
To apply for the Firstmonie program, visit their Firstmonie portal and apply.
Other Banks with Reported Free POS Programs
Several other Nigerian banks are reported to offer free POS terminals through their agent banking programs, though specific terms and availability should be verified directly with each institution:
1. Access Bank (Access Closa) – Known for one of Nigeria’s largest agent networks with competitive commissions and instant settlement.
2. UBA (UExpress Agents) – Offers user-friendly terminals with mobile app monitoring and access to additional financial services.
3. Polaris Bank (SurePadi) – Features low charges, free agent training, and growing network coverage.
4. Zenith Bank – Provides POS services primarily for existing customers with same-day settlement.
5. Ecobank (Xpress Point) – Targets entrepreneurs in markets and semi-urban areas with integrated utility payment services.
6. Union Bank, Fidelity Bank, Stanbic IBTC, and Heritage Bank – Also reported to have agent banking programs with varying terms and coverage areas.
Note: Program availability, terms, and conditions for these banks may vary and should be confirmed directly with each institution, as specific requirements and offerings can change over time.
In Conclusion
Due to the widespread adoption, POS machines are now cheap and can be bought from dealers for as low as N25,000. This spares you the headache of having to meet stringent requirements or participate in training programs. However, for some people, a free POS machine can be helpful. If you are considering it, the key is choosing a provider whose requirements align with your business model and growth projections.
