Connect with us






A new term, “financial technology,” has emerged in Nigeria due to the blending of financial service delivery with developing technologies. FinTech in Nigeria is described in depth, followed by a look at Nigeria’s top 10 FinTech firms for 2022.

For many years before the emergence of FinTech, there existed a significant disconnect between the delivery of financial services and the advancement of technology. However, things have changed in the banking industry in recent years, and FinTech is on almost everyone’s mind these days.


What is FinTech?

Many firms in the FinTech sector use cutting-edge technology to improve the efficiency and efficacy of financial services.

In the end, FinTech is nothing more than a technological instrument that supports and facilitates the supply of financial services.

Many FinTech firms provide financial services to the general public via computer software. Due to the lack of restrictions imposed by long-established operating systems, these firms can operate more freely than conventional banks.

Businesses in the FinTech sector are elegant, versatile, and capable of generating new ideas and collaborating with professionals in information and technology. FinTech businesses in Nigeria are going to be discussed in detail shortly.


FinTech companies in Nigeria

Since its inception, the banking system in Nigeria has seen significant development. As banks compete for consumers, the quality of service they provide has improved.

If we’re honest, we’ll realize that there are still a few holes in the foundation. Much work has to be done to provide customers with the best possible financial service.

Customers in Nigeria’s banking sector are underappreciated. Rural communities, for example, lack access to services; even urban residents are unable to get some financial services, such as loans, due to restrictions governing the banking industry.

Many individuals in the nation who utilize the banks’ financial services are dissatisfied because of the poor user experience.

FinTech firms in Nigeria are currently working to fill the voids left by these and other factors. The best FinTech firms in Nigeria have seized the opportunity to provide better financial tools and services for the public.

Nigeria’s Fintech industry is still in its infancy. Some creative concepts that have helped the public, such as resolving concerns of inflexible savings, rapid lending strategies and investments, online payment gateway, and seamless payments, amongst others, have been developed by the financial sector thus far.


Top 10 best FinTech companies in Nigeria in 2022

More than 200 FinTech businesses are now operating in Nigeria. The Nigerian FinTech sector raised around $600 million in financing between 2014 and 2019.

This year, African Fintech companies made $122 million (or 25% of the $491,6 million total) in revenue.



In light of their previous achievements, it’s hard to ignore Flutterwave at this moment. Olugbenga Agboola and Iyinoluwa Aboyeji launched the African FinTech firm in 2006, and it has slowly acquired a reputation over the years.

Customers may send, receive, and pay bills with this Nigerian FinTech business, which is ranked as one of the best in the country. With more than 40 banks across African countries as partners, it has handled more than 100 million transactions.

This leading Nigerian FinTech firm is on a mission to build strong ties between African firms and businesses on other continents. Flutterwave and Visa launched a consumer payment solution called Alipay and GetBarter in 2019.

As a result of this relationship, Nigerians may now purchase Bitcoins using their local currency, the naira, thanks to this Nigerian FinTech firm’s partnership with Binance.

Flutterwave was hailed for raising $170 million, which put the company’s valuation at more than $1 billion. The Nigerian payment startup has raised at least $225 million and received at least $200 million in capital.

After the news of Flutterwave’s $1 billion valuations went viral, the firm announced that it is cooperating with PayPal to allow companies in Nigeria and other African nations to take payments. This statement was made shortly after the first.

“This eliminates the barrier for African businesses to take PayPal since once you have @theflutterwave for business, PayPal is now one of your payment methods,” said Flutterwave CEO Olugbenga Agboola on Twitter.

Android and iOS versions of the Flutterwave app are available. Barter and Rave, two of the most popular financial service applications in use today, were developed by the company.

Over 280,000 firms use the Flutterwave platform, headquarters in Lagos and San Francisco. The top Nigerian Fintech firm has operations in 20 African nations.



Paystack is ranked as the second-best FinTech company in Nigeria for 2022 by us. The business is one of Nigeria’s most prominent and fastest-growing financial technology firms.

Paystack was founded in 2015 by Shola Akinlade, CEO, and Ezra Olubi, CTO, believing that although starting a business is difficult, getting paid should not be.

Businesses and customers benefit from Paystack’s improved convenience and predictability in online payments. Users may accept payments through Paystack’s online payment gateway through invoices and payment pages.

Paystack makes it possible for your company to accept Visa, Verve, and Mastercard payments from customers all around the globe. As a result, it is now regarded as one of Nigeria’s greatest Fintech firms.

Nigerian FinTech startup Paystack has more than 17,000 corporate customers, including Betway, MTN, IrokoTV, and Domino’s Domino’s Taxify, making it one of Nigeria’s top FinTech businesses. Along with two other Nigerian firms, it has been included in a list of the world’s top 250 FinTech firms.



There will be a lot of attention on Accelerex in Nigeria in 2022 as it continues to make major progress in the e-payments revolution throughout Africa. The firm has met customers’ needs for quick and secure fintech products, solutions, and services since it began operations in 2013.

Since 2019, the firm has maintained its position as Nigeria’s leading Payment Terminal Service Provider in transaction value. Over 90,000 merchants throughout Nigeria’s 36 states are supported by the service, which is supported by 95 percent of the country’s banks.

For electronic payments in Nigeria, the brand Accelerex is a byword for trustworthiness and cutting-edge technology. Because of this, we’ve been able to take the brand’s activities to three more African countries: Ghana, Kenya, and the Democratic Republic of the Congo (DRC).

Products and solutions from Accelerex are designed to make e-payment and business operations more efficient. This includes the Accelerex Agent Network Platform (ANP), a sophisticated web-based platform specifically developed to service all players in the Agency Banking industry and make their business operations more accessible and more convenient.

With a focus on speed and security in creating goods and solutions, RexRetail, an SME-tailored comprehensive solution for all retail business requirements, was created.

SMBs may digitize their retail operations around inventory management, cashier management, and payment acceptance while having the ability to remotely control shop operations and analyze the success of each outlet with the help of this software. As a result of RexPay, retailers may be paid promptly and securely.

This client-focused corporation offers a 24/7 state-of-the-art contact center to respond to inquiries, resolve complaints and provide customer assistance.

With the establishment of regional offices in key geopolitical zones in Nigeria, Accelerex can better serve its clients in its major geopolitical regions.

When Accelerex Holdings Group received a $20 million investment in 2020 to fuel growth and new product development throughout the firm, it entered the club of Fintechs that have garnered investment.

Accelerex has won several accolades and honors, including the highly prestigious Cashless Driver Award from the Central Bank of Nigeria. It has also been recognized as one of Nigeria’s finest places to work by Great Place to Work, the worldwide authority on workplace culture, employee experience, and leadership behaviors.



Saving money has never been easier than with PiggyVest. A better interest rate is available for savings with PiggyVest than you can earn from regular banks. It’s one of Nigeria’s greatest FinTech firms.

Different savings programs are available with PiggyVest. You can automatically use the platform’s PiggyBank function to save a certain amount of money each day automatically.

It will be debited from your account each day and held in PiggyVest until the time for withdrawal is chosen, at which point you may withdraw the money with interest specified (current 8 percent p.a).

The Safelock function allows you to choose a period for which you want to keep your money safe. When the money has reached maturity, you will be able to take it out. It’s like a regular Nigerian bank’s fixed deposit account, except you set the term yourself and earn up to 13% interest (upfront).

You can save in dollars, earn interest, and send money to anybody on PiggyVest using the Flex Dollar function, which allows you to save in dollars, earn interest, and transfer money.



Paga is a newcomer to the world of FinTech. It is one of Nigeria’s top 10 FinTech firms in 2022, making it easier for people to send and receive money in Nigeria.

As one of Nigeria’s leading FinTech businesses, it was created by Tayo Oviosu in 2009. It was included with Paystack in the top 250 FinTech businesses throughout the globe.

Paying with Paga is a safe and secure method of making payments. Simply dialing the number *242# allows consumers to pay, even if they don’t have an internet connection.

First, Paga aimed to make money transfers free of charge, no matter how much money was exchanged. However, over time, the firm added capabilities that allow for bank deposits, bill payments, and the ability to pay at select establishments.

Visa and Paga established collaboration on payments and technology in March 2020. Users of Paga will now be able to conduct transactions on Visa’s worldwide network thanks to this partnership.

Besides Nigeria, Paga has been expanding internationally since 2020. In January 2020, Apposit, an Ethiopian software development business, was bought, and a Mexican branch was formed.

This leading Nigerian FinTech firm has more than 12 million customers and employs over 20,000 people throughout the nation.



In Nigeria’s FinTech business, Interswitch is a household brand. The proprietor of Quickteller offers payment gateways and solutions for online transactions. Their products and services have had a significant impact on online shoppers.

In 2002, Mitchell Elegbe launched the firm, which began as a processor and switcher of electronic payments.

Interswitch offers a variety of financial services, including internet payment systems, point-of-sale terminals, and the Verve debit card.

It is a digital payments-integrated commerce startup that focuses on African enterprises. As one of Nigeria’s first FinTech firms, it has a rich history.

More than 500 million transactions were processed by the company, Interswitch in May 2019. It also bought a 60 percent share in health technology firm eClat in the same year.

Other brands owned by the company include Verve Debit Card, SmartGov, Retailpay, and many ATMs around the nation.


Kuda Bank

The FinTech community knows a lot about Kuda Bank. For the year 2022, it will be one of Nigeria’s top 10 FinTech businesses. You won’t have to worry about the fees associated with regular banks while using Kuda Bank.

Everything is done electronically at Kuda Bank; thus, there is no traditional paper trail. Users may establish an account with this online-only bank in as little as a few minutes.

Another service provided by this leading FinTech firm in Nigeria is the creation of personalized Mastercard ATM cards with no transaction fees or ongoing maintenance costs. Deposits are also complimentary.



It is also one of Nigeria’s oldest FinTech startups. FinTech firms in Nigeria see it as one of the finest in the world. Businesses in Nigeria may now take payments online thanks to its service.

Niyi Toluwalope is the company’s founder and CEO. Mobile Topup, PocketMoni, CorporatePay, BankIT, and ATM CardlexCash are only a few of the financial service providers owned by the corporation.

When E-tranzact was formed in 2003, it handled payment requests through ATMs, POS, the web, and automated transactions using smartphones and tablets. It’s compatible with VISA, AMEX, and MasterCard, to name a few.

On one of the company’s platforms, an N11 billion scam was said to have taken place in 2018. The CBN acted on this by ordering the immediate dismissal of a number of the FinTech company’s most influential directors, including the company’s former CEO, Valentin Obi.

In 2018, the corporation suffered a net loss of N3.1 billion due to the scandal, damaging its public image. However, the next year, the firm made a profit of N96 million after-tax, bringing it back to life.

E-tranzact is now one of Nigeria’s top 10 FinTech firms. As part of the Business Day Top 25 CEOs and Next Bulls Awards in 2019, it won the Best Corporate Turnaround and Transformation category for the company’s transformation.

For example, E-tranzact is also available in nations such as Zimbabwe and Cote d’Ivoire outside of Nigeria. It also has a presence in the UK.


Remita (SystemSpecs)

Remita has been named Nigeria’s Software of the Year on a number of occasions, and many Nigerian FinTech startups have been influenced by it.

SystemSpecs, founded in 1991 by John Obaro, created Remita. Businesses use electronic payment services, non-profit organizations (NGOs), government bodies (including multinational corporations), and individuals.

The Federal Government of Nigeria has licensed Remita to serve as the Treasury Single Account (TSA) backbone. When it comes to software sales, this organization has evolved through time.

As an API service that provides various solutions, including rapid lending products for lenders, Remita is the center of its efforts. In 2017, the mobile app was released.

Over 500 microfinance institutions utilize Remita to send money to over 1,000 businesses, SMEs, and other organizations. It handles more than $30 billion worth of transactions each year.

In addition to Remita, SystemSpecs has created Paylink. In 2020, Paylink was founded as an instant payment service that allows consumers to receive payments immediately into their bank accounts without revealing their bank credentials.


Carbon Paylater

Carbon, formerly known as Paylater, is a lending app designed specifically for Nigerians. As a result of this software, Nigerians can receive loans without dealing with the headache of dealing with conventional banks.

One Finance Limited is the company behind this lending platform, which went live in 2016 and is already making loans. The site doesn’t need users to submit any paperwork to acquire a loan, and its services are open to everyone.

Another wonderful thing about Carbon is that it’s fast, easy to use, well-designed, and efficient. Regardless matter where you are in the nation, you may get a loan here fast.

You don’t need a guarantor or collateral to secure a loan using the app, and Nigerian banks need both a guarantor and collateral before approving a person for a loan.

Payvest, a Carbon feature, allows customers to save money. Lendable loaned Carbon $5 million in the first quarter of this year. Amplify Pay was bought shortly afterward, allowing the Fintech firm to implement new banking capabilities quickly.

Since the beginning of 2019, this leading Nigerian Fintech business has produced up to $10.4 million in income and granted loans totaling at least $35 million.

Carbon was recognized as Africa’s best financial technology solution at the AppsAfrica Awards and has maintained its position as a leading Nigerian financial technology firm.



This article discussed the top 10 fintech companies in Nigeria. Financial technology (FinTech) is on the rise in Nigeria. Only a tiny percentage of the FinTech businesses and startups presently functioning in the nation are included in this top ten ranking.

But even though these firms have been able to use financial services sector technology, there are still many untapped potentials and unexplored territory inside the business.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Financial Analysis: A Comprehensive Study of The Well-Being of A Country 




Financial Analysis: A Comprehensive Study of The Well-Being of A Country

Understanding the financial stability of a country requires a thorough understanding of financial analysis. In order to offer insights into the overall financial stability and overall wellness of the country, it entails evaluating a range of economic indicators, financial performance, and market movements.

In this article, we will delve into the fundamentals and importance of financial analysis in evaluating a country’s economic situation.


Ancient Beginnings:

The roots of financial analysis can be traced back thousands of years. The ancient Mesopotamians, Egyptians, and Greeks were among the pioneers of documenting financial transactions, creating basic records of assets and liabilities. These early attempts laid the groundwork for the concept of financial analysis through the study of financial statements and ledgers.

Medieval Europe:

During the Middle Ages, Europe witnessed the rise of merchant guilds and the emergence of double-entry bookkeeping. Italian mathematician and Franciscan friar, Luca Pacioli, is often credited with formalizing double-entry bookkeeping, publishing his seminal work “Summa de arithmetica, geometria, proportioni et proportionalita” in 1494. The concept of balancing debits and credits within financial records formed the basis for modern financial analysis techniques.

Industrial Revolution:

The Industrial Revolution in the 18th and 19th centuries revolutionized business and the need for financial analysis grew rapidly. As companies expanded and diversified, investors began demanding more comprehensive financial reports to assess the potential risks and returns of their investments. The birth of limited liability companies further accelerated the need for financial analysis, as shareholders sought transparency in the performance of their investments.

Modern Era:

The 20th century witnessed significant advancements in financial analysis techniques. The advent of electronic computing in the mid-1900s enabled the processing and analysis of vast amounts of financial data, leading to the development of sophisticated financial models and ratios.

The Great Depression of the 1930s laid the groundwork for modern financial analysis as regulators sought effective ways to prevent future economic crises. The establishment of the U.S. Securities and Exchange Commission (SEC) in 1934 brought about standardized reporting requirements, including the filing of audited financial statements. This increased transparency and standardized financial reporting provided analysts with a more accurate and consistent basis for their analysis.

The Rise of Quantitative Analysis:

In the latter half of the 20th century, the growth of computing power and the availability of large data sets propelled financial analysis into new territory. Quantitative analysis, utilizing statistical models and mathematical algorithms, started gaining prominence. Financial analysts began incorporating complex mathematical methods to assess investment opportunities, risk management, and portfolio optimization.

Modern Financial Tools:

With the advent of the internet and the digital age, financial analysis has become even more accessible and data-driven. Sophisticated software programs, data analytics tools, and artificial intelligence have revolutionized the way financial data is analyzed and interpreted. In recent years, technologies like machine learning have been leveraged to develop predictive models that can assess future trends and make accurate financial forecasts.


Financial analysis is the process of evaluating businesses, projects, budgets, and other finance-related transactions to determine their performance and suitability. Typically, financial analysis is used to analyze whether an entity is stable, solvent, liquid, or profitable enough to warrant a monetary investment.

Financial analysis is a fundamental tool that allows organizations and individuals to assess the past, present, and future financial health of a business or investment. Through a systematic examination and interpretation of financial statements, ratios, and other key indicators, financial analysis helps in making informed decisions, optimizing resources, and improving overall financial performance. In this article, we will delve into the meaning of financial analysis, its prominent components, and its significance across various sectors.

Financial analysis involves scrutinizing financial data to evaluate the performance and profitability of an entity. It assists in quantifying the effectiveness of financial decisions, identifying trends, predicting future outcomes, and benchmarking against industry standards. By analyzing financial statements, investors, analysts, and other stakeholders gain valuable insights into the financial position, liquidity, solvency, and operational efficiency of an organization.


  1. Gross Domestic Product (GDP): GDP is a primary indicator used to gauge the economic performance of a nation. Financial analysts analyze GDP growth rates and its components, such as consumer spending, government expenditure, investments, and net exports. This analysis helps in determining the overall strength of the economy and identifying areas of potential growth.
  2. Trade and Balance of Payments: Trade analysis focuses on a country’s imports, exports, and balance of payments. Evaluating trade patterns helps identify sectors driving the country’s economic growth, trade imbalances, and potential risks to the economy from external factors such as changes in global demand or disruptions in supply chains.
  3. Inflation and Interest Rates: Analyzing inflation rates and interest rates provides insights into the stability of a country’s economy. High inflation erodes purchasing power, while high-interest rates can impact borrowing costs, affect consumer spending, and investment behavior. Financial analysts assess the impact of inflation and interest rates on an economy’s overall competitiveness and economic growth potential.
  4. Government Debt and Fiscal Policy: Analyzing a country’s government debt levels and fiscal policy is crucial in understanding its financial sustainability. A high level of government debt may lead to increased borrowing costs, reduced investor confidence, and potential risks to economic stability. Evaluating fiscal policies helps determine whether a country is managing its finances effectively and implementing sustainable economic growth strategies.
  5. Stock Market Performance: The stock market reflects investor sentiment and provides valuable insights into a country’s economic outlook. Analysts evaluate key stock market indices, such as the country’s primary exchange, sector-specific indices, and market capitalization trends. Monitoring stock market performance allows for an understanding of investor confidence, economic growth expectations, and potential risks to the financial system.
  6. Banking Sector and Financial Institutions: A robust banking sector is essential for economic stability. Financial analysts assess the health of the banking system by evaluating indicators such as non-performing loans, capital adequacy ratios, and the overall stability and soundness of financial institutions. Understanding the well-being of financial institutions helps gauge the potential risks to the overall economy, including credit availability, liquidity, and financial contagion.
  7. Regulatory Environment and Governance: The regulatory environment and governance play a critical role in attracting investment and fostering economic growth. Financial analysts assess the effectiveness of regulatory frameworks, transparency in financial transactions, and the overall credibility and efficiency of institutions responsible for enforcing regulations. Evaluating the regulatory environment aids in understanding potential risks and opportunities for sustainable economic development.


Financial analysis plays a vital role across various sectors, serving the following purposes:

  1. Evaluating Financial Performance: By conducting a comprehensive financial analysis, companies can assess their performance, profitability, and financial stability. This, in turn, helps in identifying areas for improvement, developing strategic plans, and making sound financial decisions.
  2. Assessing Investment Viability: Investors rely on financial analysis to evaluate the profitability and risks associated with potential investments. Through detailed scrutiny of financial data, investors can determine the financial health and growth prospects of a company, aiding in making informed investment decisions.
  3. Facilitating Lending Decisions: Financial institutions utilize financial analysis to assess the creditworthiness of loan applicants. By analyzing financial statements, evaluating ratios, and assessing the risk profile, lenders can ascertain the borrower’s ability to repay loans and make sound lending decisions.
  4. Supporting Strategic Decision-Making: Financial analysis aids in strategic decision-making, such as expansion, diversification, or mergers and acquisitions. Understanding a company’s financial position and performance provides a foundation for evaluating the feasibility and potential outcomes of such decisions.


Conducting a comprehensive financial analysis provides valuable insights into the economic landscape of a country. By evaluating indicators such as GDP, trade patterns, inflation rates, government debt, stock market performance, banking sector health, and regulatory environment, financial analysts can gauge the overall financial health, identify potential risks, and recommend strategies for sustainable economic growth. Accurate and timely financial analysis acts as a compass, guiding policymakers, investors, and businesses to make informed decisions and contribute to the overall prosperity of the nation.

Continue Reading


How To Register And Activate PalmPay POS Machine




How To Register And Activate PalmPay POS Machine

Are you a business owner seeking to broaden your payment options and offer a convenient payment solution to your customers? Or you’re an entrepreneur looking for a lucrative business idea with little start-up capital? Look no further than PalmPay, a popular and prominent financial institution in Nigeria. Within their array of services, the PalmPay POS machine stands out as an exceptional device with unique features and low rates. By becoming a PalmPay agent and acquiring their POS machine, you can facilitate cashless transactions, accept payments, and expand your business.

If you’re curious about how to request a PalmPay POS machine, you’re in the right place. This article will guide you through the application process, providing a step-by-step explanation to ensure you’re well-informed and ready to begin.

About PalmPay

PalmPay is a trusted financial technology company in Nigeria, dedicated to making financial services easy for everyone. With a strong focus on convenience, security, and innovation, PalmPay has become a reliable partner for businesses and individuals looking for straightforward payment solutions.

The PalmPay POS machine is a handy device that allows you to accept various payment methods, including debit cards, QR codes, and mobile payments. It lets your customers make cashless transactions, making your operations more efficient and improving the overall customer experience. Whether you have a small retail store, a restaurant, or offer services, having a PalmPay POS machine can greatly simplify your business processes and increase your earnings.

Requirements to Apply for PalmPay POS

To apply for a PalmPay POS machine, you’ll need to meet certain requirements and have the following documents ready:

  1. Valid ID: Make sure you have a valid identification card, such as an International Passport, National Identification Number (NIN), Voter’s Card, or Driver’s License.
  2. Utility Bill: Provide a utility bill, like an electricity, water, or waste bill, to confirm your address.
  3. CAC Documents: If you have a registered business, you’ll need to provide your Corporate Affairs Commission (CAC) documents.
  4. BVN: Ensure you have a valid Bank Verification Number (BVN) linked to your bank account.
  5. Bank Account: You should have an active bank account with any recognized commercial bank in Nigeria.

How to Apply for PalmPay POS Online

To apply for a PalmPay POS machine, follow these steps:

  1. Create a PalmPay Agent Account
  • Visit the PalmPay website or download the PalmPay Agent app from the Google Play Store or Apple Store.
  • Sign up by providing your name, email address, and phone number.
  1. Verify Your Account
  • After creating your PalmPay Agent account, you’ll need to verify it.
  • Submit your Bank Verification Number (BVN) and a valid ID card (e.g., driver’s license, national ID card, or international passport). You might also need to share your date of birth and bank account information.
  1. Apply for the POS Machine
  • Once your account is successfully verified, proceed to apply for a PalmPay POS machine.
  • Click on “Get PalmPay POS” and enter the necessary information about yourself and your business.
  1. Provide Your Business Documents
  • Ensure the documents you provide are accurate and up-to-date.
  • Submit your Business Name, Business Certificate (CAC), Business Address, Utility Bills, and any other requested information.
  • Click “Submit” to finish the application.
  1. Await Approval
  • PalmPay will review your application within 7 working days.
  • If your documents are in order, you may receive approval for a PalmPay Agent POS machine in a few days. In case of discrepancies, you might be notified of disapproval or experience a longer waiting period.
  • The approval message will be sent to you via SMS or email.
  1. Activate Your POS Machine
  • Once your application is approved, you’ll receive your PalmPay POS machine.
  • Follow the provided instructions to activate the POS machine and set it up for accepting payments from customers.

What’s the Price of PalmPay POS Machines in Nigeria?

PalmPay offers two type of POS terminals; Traditional POS terminal and android POS terminal. For the traditional PalmPay POS, you can start by paying a refundable fee of N20,000. If you prefer to own the POS machine permanently, you have the option to pay an additional N40,000. This way, the POS machine becomes yours for good, and you don’t need to worry about PalmPay taking it back.

If you’re interested in the PalmPay Android POS Machine, the cautionary fee is slightly higher at N30,000. Just like with the traditional POS, if you want to own it outright, you can pay an extra N60,000 to make it yours permanently.

Features of PalmPay POS

The PalmPay POS machine has some great features for businesses. Let’s  take a closer look at their main features:

  1. Easy-to-Use Interface: The PalmPay POS machine has a user-friendly interface that makes it simple for both merchants and customers to use. Its design ensures a smooth payment process with no complications.
  2. Secure Payments: Security is a top priority with PalmPay POS machines. They use advanced encryption technology to keep transactions safe from fraud. This builds trust with customers and gives businesses peace of mind.
  3. Payment Variety: The PalmPay POS machine supports different payment methods to suit customer preferences. It accepts debit and credit cards, plus popular mobile options like Apple Pay and Google Pay. This flexibility helps businesses serve a wide range of customers.
  4. Real-Time Reports and Insights: PalmPay POS machines offer real-time reporting and analytics. This means businesses can access transaction details, sales summaries, and other useful data to make informed decisions.


Getting a PalmPay POS machine in Nigeria is easy when you follow the steps in this guide. Just make sure to create and verify your accounts correctly and provide valid business documents. With the instructions in this article, you have everything you need to start your application. Feel free to drop your comments or questions  if you have any, in the comment box below and we’ll give you a prompt response.

Frequently Asked Questions

Applying for a PalmPay POS machine is free. However, there’s a caution fee of N20,000 for the regular PalmPay POS and N40,000 for the Android device.

When it comes to withdrawals, PalmPay applies a fee of 0.5% of the transaction amount. Here are the withdrawal charges for different amounts:

  • For a ₦500 withdrawal, PalmPay charges ₦2.50.
  • For a ₦1,000 withdrawal, the fee is ₦5.
  • For a ₦5,000 withdrawal, PalmPay charges ₦25.
  • For a ₦10,000 withdrawal, the fee is ₦50.
  • For a ₦500 withdrawal, PalmPay charges ₦2.50.
  • For a ₦1,000 withdrawal, the fee is ₦5.
  • For a ₦5,000 withdrawal, PalmPay charges ₦25.
  • For a ₦10,000 withdrawal, the fee is ₦50.

PalmPay POS machines support a wide variety of payment cards, including major debit and credit card networks like Visa, Mastercard, and American Express. They also work with contactless payment options such as NFC-enabled cards and popular mobile payment solutions like Apple Pay and Google Pay.

PalmPay POS transactions are highly secure. The machines use advanced encryption technology to protect sensitive data and prevent unauthorized access. Additionally, PalmPay employs strong security measures to ensure transactions are safe and the payment environment is secure.

Continue Reading


How To Register And Activate The Opay POS Machine




How To Register And Activate The Opay POS Machine

OPay is a mobile financial platform that offers various services like money transfers, bill payments, and mobile top-ups. Among these services, OPay’s Point of Sale (POS) terminals are quite popular as they enable merchants to accept payments via customers’ mobile phones, or debit cards. POS business in Nigeria is a very lucrative business venture, especially in today’s digital era.

Opay POS machines have gained immense popularity as a leading payment processing solution in Nigeria since their introduction in 2010. Their reliability, user-friendliness, and a range of convenient features have made them a top choice for both merchants and consumers. In this article, we’ll give you a step-by-step guide on how to get an OPay POS machine, what you need to apply, and the fees involved.

About OPay

OPay is a leading mobile payment and financial services platform that has redefined the way individuals in Nigeria access and manage their finances. With a commitment to equalizing financial inclusion, OPay offers a wide range of essential services, from payments and transfers to loans and savings.

One of OPay’s notable features is its role as a Fintech Company, empowering agents and merchants with POS machines to carry out retail transactions and generate profits. This innovation has significantly impacted the local economy, providing opportunities for entrepreneurs to thrive. OPay has an impressive user base with 18 million registered app users and a network of 500,000 agents in Nigeria.

How to Become an OPay Agent

To become an OPay agent is quite easy, especially if you’re an existing user on Opay. If you already have an account on Opay, then follow these steps to upgrade your KYC (Know Your Customer) from level 1 to level 2 and become an OPay agent:

  1. Open your OPay app.
  2. Click on “Account” and tap on your current KYC level, located just below your name in the app.
  3. Select “Upgrade to agent.” Once you’ve successfully upgraded to the 2nd level KYC, you’ll automatically become an OPay agent.

NOTE: You’ll need your BVN and essential personal details, such as your gender, date of birth, and state of residence to complete your KYC.

How to Become an OPay Agent (New Users)

If you’re entirely new to OPay and wish to begin your journey as an agent, here’s how to get started with your agent registration:

  1. Visit the OPay website and click on “Merchant” in the title bar.
  2. Choose “Create an online merchant account” if you want to become an online agent without a machine, or select “Create a POS Merchant Account” if you intend to receive a Point of Sale (POS) machine.
  3. Once you’ve set up your account, send an email to if you’re registering via the OPay app to request the OPay merchant registration form.
  4. Fill out the application forms displayed on the portal.

NOTE: You’ll need your BVN and essential personal details, such as your gender, date of birth, and state of residence to complete your Opay merchant registration.

What are the Requirements to Apply for an OPay POS Machine?

To be eligible for an OPay POS Machine, please ensure that you fulfill the following criteria:

  1. You must be at least 18 years of age
  2. You should possess a legitimate government-issued identification document (such as a National ID, Driver’s License, or Passport)
  3. You are required to hold a valid business registration certificate or business name registration certificate
  4. Your business should have a valid physical address and an active phone number

Additionally, please be aware that OPay reserves the right to perform a background check on both the applicant and the business prior to granting approval for the application.

How to Get an Opay POS Machine

Acquiring an Opay POS machine in Nigeria is a straightforward process. If you’ve already upgraded your account to KYC level 2, you’ll need to progress to level 3 to apply for a POS device. Follow these steps:

  1. Launch your OPay app and navigate to the “Me” section.
  2. Click on the picture icon located at the top left to access your Account Details.
  3. Choose “Upgrade to Level 3.”
  4. Upload your photo.
  5. Submit a valid ID card (International passport, voter’s card, national ID, or driver’s license).
  6. Include a recent utility bill.
  7. Provide your BVN (Bank Verification Number).
  8. Submit your application.

The OPay team will assess and approve your KYC upgrade within 24 to 72 hours, and you’ll receive email and SMS notifications confirming this.

Once you’ve successfully reached KYC level 3, you can apply for a merchant POS terminal by following these steps:

  1. Log in to the OPay app on your device.
  2. Tap on the “Merchant Apply” icon.
  3. On the following page, input all required information.
  4. Upload your transaction history for the past 3 months.
  5. Include a valid ID card.
  6. Take a picture of your business location and upload it to the portal.
  7. Submit your application for review.

The OPay team will review your application, and if approved, you’ll receive your POS machine within 24 to 72 hours.

How Much is OPay POS Machine?

The OPay POS machine doesn’t cost anything initially, as the application is free. But you need to have at least ₦20,000 in your OPay Wallet as a caution fee. This amount will be taken from your wallet once your POS request is approved. The caution fee is refunded only when you return the POS terminal to the company as an agent.

OPay POS Charges & Commissions

Here’s a simplified breakdown of the charges and commissions for OPay POS services

Cash Transaction Charges:

  • Withdrawals below ₦20,000: 0.5% of the transaction amount
  • Withdrawals above ₦20,000: ₦100 flat charge
  • Deposits ₦5,000 and below: ₦10 flat charge
  • Deposits ₦5,001 to ₦10,000: ₦20 flat charge
  • Transfers above ₦10,000: ₦30 flat charge

Commission Structure for Data Top-Up:

  • MTN: 3% commission
  • Glo: 4% commission
  • 9Mobile: 4.5% commission
  • Airtel: 4% commission

Commission Structure for Utility Bills:

  • DStv: 2% commission
  • GOtv: 2% commission
  • PHCN: 2% commission
  • StarTimes: 2% commission


The process of applying and obtaining Opay POS machine is now more accessible than ever. With just a smartphone you can apply for a POS terminal from Opay. Simply follow the steps outlined in this article to get your Opay POS up and running. And with Opays lucrative offerings and cheap commissions, starting a POS business using the Opay POS terminal is a great business idea.

Frequently Asked Questions

How do Opay agents make money?

Opay agents make money by charging a commission from every transaction done on their platform. The amount they charge as commission depends on the type of transaction and the transaction’s value.

Is there a maximum transaction amount limit for a merchant?

Yes, the transaction limit for OPay merchants is 5 million Naira per day.

How long does it take for a reversal on OPay POS?

OPay reversals reflect instantly in the cardholder’s account.

Are there any charges involved in the registration and activation of an OPay POS machine?

No, there are no charges for registering and activating an OPay POS machine.

Continue Reading