In recent years, financial technology (fintech) has been revolutionizing the way we handle transactions, and Opay, a leading fintech company in Nigeria, has been at the forefront of this transformation. Opay, initially known for its ride-hailing service, has now diversified its offerings, focusing primarily on fintech services. One of its prominent services is providing Point of Sale (POS) machines to empower Nigerians to facilitate cash transactions conveniently. If you’re interested in joining this movement, here’s a comprehensive guide on how to acquire an Opay POS machine in Nigeria.
Understanding Opay POS Machine Prices
The first question that might come to mind is the cost of acquiring an Opay POS machine. Interestingly, Opay offers its POS machines at no upfront cost to its customers. This means you can dive into the POS business without worrying about the initial investment in the machine itself. Below are the approximate prices you might encounter:
- Brand new Opay POS terminal: N54,000 – N60,000
- Opay Traditional POS: N55,000 – N62,000
- Opay MPOS (new): N20,000 – N25,000
- Android Opay POS machine: N70,000 – N73,000
It’s important to note that these prices are subject to change due to company adjustments and market forces.
Eligibility Criteria to Apply for an Opay POS Machine
To apply for an Opay POS machine, you need to meet certain eligibility criteria. These include:
- Owning and operating an Opay account.
- Having a Bank Verification Number (BVN) and a bank account number.
- Providing a valid means of identification such as a national identity card, driver’s license, voter’s card, or international passport.
- Submitting a recent utility bill, typically an electricity bill.
- Supplying a passport photograph.
- Showing the venue where you intend to operate the POS business.
- Demonstrating a high volume of transactions on your bank statement.
Once you meet these criteria, you’re ready to proceed with the application process.
How to Apply for an Opay POS Machine
The application process for an Opay POS machine is straightforward and can be completed swiftly if you meet the eligibility criteria. Here’s a step-by-step guide:
- Download Opay Business App: Begin by downloading the Opay Business app from Google PlayStore for Android devices or the Apple Store for iPhones. Sign up and set up your account if you’re a new user.
- Upgrade to KYC 3: Upgrade your account to KYC 3 by providing necessary details, including your BVN, proof of address, means of identification, and a passport photograph.
- Switch to Merchant Profile: Once your account is upgraded, switch to the Merchant profile by providing your business information.
- Apply for the POS Machine: Fill out the application form, upload required documents such as your bank statement and means of identification, and submit your application.
- Pick Up Your POS Machine: Upon approval of your application, visit any Opay office nearby to pick up your POS machine.
Conclusion
Acquiring an Opay POS machine in Nigeria opens up opportunities for individuals to participate in the fintech revolution and contribute to making financial transactions more accessible and convenient. With no upfront cost for the machine and a straightforward application process, getting started has never been easier.
FAQs
Q: Can I apply for an Opay POS machine if I don’t have a high volume of transactions on my bank statement? A: While a high volume of transactions may enhance your application, it’s not an absolute requirement. Focus on meeting other eligibility criteria and providing accurate documentation.
Q: How long does it take for Opay to approve my application? A: The approval process typically takes between one to three working days. You’ll receive notification via text message or email upon approval.
Q: Can I operate the Opay POS business from any location? A: Yes, as long as you have a suitable venue for conducting transactions, you can operate the Opay POS business from anywhere in Nigeria.
Q: Are there any hidden fees associated with acquiring an Opay POS machine? A: Opay does not charge upfront fees for the POS machine. However, be sure to inquire about any potential transaction fees or charges during the application process.