Having a POS machine is one of the easiest and most profitable side hustles you can jump into in Nigeria. It looks like everyone and their neighbour already owns one, but that doesn’t matter because if you position yourself well, you’ll also be making more than enough profit.
When it comes to setting up a POS business, location is everything. Check our list of the best eight locations to set up POS for maximum profit.
FairMoney is a Nigerian microfinance bank that makes banking easy for its users. They’re one of the biggest names making the POS business easier, thanks to their reliable systems and smooth onboarding process.
What is FairMoney POS?
FairMoney is a microfinance bank that is licensed by the Central Bank of Nigeria, and insured by Nigeria Deposit Insurance Corporation (NDIC). Apart from their digital banking services; loans, savings, and transfers), they have a reliable POS terminal for agents and business owners. Their Business POS is designed to help you collect payments, make transfers, and even earn extra income as an agent.
Types of FairMoney POS Machines
FairMoney offers two types of POS machines, catering to different business needs and budgets.
1. FairMoney Touchscreen POS (MP45 Android POS)
This is their premium option that’s almost like a smartphone turned into a POS machine. It runs on Android and feels just like using your regular phone or tablet.
Price: ₦21,000. Where To Buy: Shop Jiji.
Best for: Busy shops, boutiques, supermarkets, restaurants, and high-traffic areas.
Key Features:
Full touchscreen
Android interface (fast and modern)
Built-in thermal printer
4G/Wi-Fi enabled
QR scanning
Long battery life
Pros: Sleek, fast, very easy to use.
Cons: Slightly more fragile and costs more to replace if damaged.
2. FairMoney Button POS (Mini POS)
This one is simple, more rugged, and excellent for entry-level users or agents who want a simple, straightforward machine. It has physical buttons and a built-in receipt printer.
Price: ₦40,000. Where To Buy: Shop Naija Mart.
Best for: Market traders and roadside vendors.
Key Features:
Tactile keypad
Long-lasting battery
3G/4G SIM support
Compact and portable
Pros: Easy to operate, affordable, durable.
Cons: Basic interface, slower than touchscreen, no app integrations.
Charges and Service Fees: How FairMoney Makes Money
FairMoney POS machines don’t come with any monthly charges or hidden maintenance fees. Instead, they charge a small fee on each transaction, which is done just like other POS providers.
Withdrawal Charges
₦10 – ₦20 per ₦1,000 withdrawn.
A ₦10,000 withdrawal may cost ₦100 – ₦200.
This is cheaper than many providers charging up to ₦50 per ₦1,000.
Deposit and Transfer Charges
Deposits into your POS wallet are typically free.
Transfers may attract ₦50 – ₦100 depending on the amount.
Transaction Targets
You’ll be expected to achieve daily transactions of ₦20,000 – ₦50,000.
If you meet targets, you stay eligible for:
Bonuses
Quick business loans
Continued use of the POS
Reversals and Disputes
FairMoney processes failed or declined transactions within 24 – 48 hours.
They charge zero fees for reversals.
They also keep your transaction receipts for easy tracking.
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Network Uptime, Speed, and Reliability
The biggest complaint POS agents have is “network dey slow”. Thankfully, FairMoney has taken steps to solve that.
Multi-network SIMs: FairMoney POS automatically switches between MTN, Airtel, Glo, and 9mobile depending on which is strongest.
Touchscreen POS: Comes with 4G and Wi-Fi capability for faster transactions.
Transaction Speed:
Withdrawals: 2 – 5 seconds.
Bills & airtime: 5 – 10 seconds.
Reversals: Within 48 hours.
Agents rarely complain about downtime, and the software is smart enough to reduce network errors and failed payments. That’s a huge win in a business where speed is money.
What Comes in the Box?
When your FairMoney POS arrives, it’ll usually come with:
The POS terminal (Touchscreen or Button)
Charging accessories
A pre-installed SIM card
Setup guide/manual
Free onboarding support
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Caution Fees and Deposit
Before receiving your POS, you’ll be required to pay a one-time caution fee. This is refundable if the machine is returned in good condition.
It’s advisable to confirm you’re dealing with an authorised FairMoney Agent or via the official app.
How to Get a FairMoney POS in 2025
Method 1: Via the FairMoney App
Method 2: Through a Verified Field Officer
Locate a FairMoney agent in your area.
Submit your documents for manual onboarding.
Your business location might be verified.
Once approved, your POS is handed over with full support.
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