Frequently Asked Questions

phoonePOS Service is an new innovation, whereby Mobile phones can now be converted to POS to offer Agency banking services accross Nigeria.

There are actually 3 modules of services offered on phoonePOS.

+ phoonePOS Complete Module (5 Services).

+ Accept Payment Module (1 Service).

+ Bills Payment, Airtime & Data Purchase Module (1 Service).


phoonePOS Complete Module

The complete module of services (Agency Banking); Here, merchants are able to perform Funds Transfer, Cash In, Cash Out, Bills Payment, Airtime/Data Purchase, 10% Bonus Referral Program etc. services. To Sign up for this service costs a One-Time Fee of N10, 000.00, there after no hidden payment of any kind. Once you sign up, you complete your KYC, then we approve your application. Thereafter you can start earning revenue from the services we offer. Under this module, there are various commissions earned for each of the services. Eg. For Bills Payment, we give our merchants 100% commission + 50% covenience fees for offering these services. For Airtime, Data Purchases made by our merchant's customers, our merchants also earn 60% of the commission, while we earn just 40% etc.

Accept Payment Module

The Accept Payments Module; Here, Shops, Supermarkets, Pepper Sellers, Bars, Hotels and all types of retailers etc. can Sign up now and use their mobile phones to Accept Payment like the regular POS only. The difference here is that anyone that Signs up for this module won’t be able to offer Agency Banking Services. This is specifically for those who own retail outlets. Under this module, as mandated my the Central bank of Nigeria (CBN), there is a 1% charge on every transaction on our Accept Payment service. Out of this 1% charge, our company earns a percentage of that 1%. We share that commission we earn with our merchants on a 50:50 basis. To Sign up for this service costs a One-Time Fee of N3, 000.00.

Bills Payment, Airtime & Data Purchase Module

The Bills Payment, Airtime & Data Purchase Module; With this, anyone that has a Mobile phone in Nigeria can use their phone to offer Bills Payment, Airtime & Data sales from the comfort of their homes and neighborhood and earn good commissions. From their Mobile phones, bills like Electricity, Internet, Pay TV etc. can be paid on behalf of customers. However, those that choose to Sign up for this module won’t be able to offer Agency banking services. In this instance, for our merchants offering these module of services, we give them 100% commission for the bills they vend + 50% of the convenience fee. This service costs a N5,000.00 One-Off Fee to Sign up.

This gives our prospects the options of services they may want to choose to offer.

To Sign up for phoonePOS Service is very simple. You are either signing up to the full phoonePOS service or the Accept Payment module only. Just click on the Sign up link on https://bit.ly/phoonePOS at the top of your device. It takes just about 3 minutes to start onboarding.

You will provide your full name as contained in your bank, your bank profiled phone number, you create your Personal Identification Number (PIN), then select which of the services you are Signing up for. Once, you click on Submit, it shows you a welcome message showing you your  payment string or an option to make a bank transfer to our designated account. Once payment is made, we will acknoledge your payment. You will then proceed to click on the Continue registration link on the web application to complete a one (1) time Know Your Customer (KYC) profile.

As part of the onboarding completion process, you will be required to provide two (2) guarantors within 3 months, who must be of good standing in society; Bankers, Clergymen, Traditional Rulers etc., who can vouch for your credibility and character. However, if you are Signing up for the Accept Payment or Bills Payment, Airtime & Data purchase module, you do not need to provide any guarantor.

Once these information are provided, the application would be approved, then we commence the training of the merchant. After the training is completed, we give our merchants the outdoor banner they would display and training manual for their study to offer these services.

We have a support group on Telegram messaging platform, that we add all our merchants to help them through the journey of offering these services.

You can complete your on registration at any time that is convenient. You can start now, then go to the continue registration link at any time to complete your KYC section.


Yes. You do need to have internet on your mobile phone to sign up. However, you do not need to have internet on your phone to provide services to customers.


Subscribers to this service have a 1-Month FREE TRIAL Period, to help them understand how the service works. however, there is a One-Time annual subscription fee of N10, 000.00 (Ten Thousand Naira Only) to get onboarded on phoonePOS after the trial period. Every female that subscribes to this service after the trial period, gets a 15% discount credited to their wallets, this is to encounrage women to get into Financial Inclusion, inline with the Central Bank of Nigeria's (CBN) policy.

In addition, merchants involved in retail businesses, Shops, Supermarkets, Bars, Pepper Sellers etc. can also use their phones to Accept Payments from their customers like a POS now. It costs N3,000.00 (Three Thousand Naira) One-Off Fee to Sign up to this service.

Yes. Our merchants have a daily target of 10 transactions per day. However, they are given a grace period of 3 months to push and stabilize their businesses.

Merchants that do not meet their targets by this time, would be required to leave the platform for non-performance and their registration fee shall be prorated and refunded accordingly.


There are a bouquet of services provided by ther merchants on our platform; Funds Transfer, Cash Out, Cash In, Airtime Purchase, Bills Payments etc, For Cash Out, Cash In, a 60% commission per every transaction is earned by the merchants, while we earn 40% commission on every transaction.

For Bills Payments, our merchants earn 100% Commission + 50% Convenience fee. See our Social Media channels for all Bills Payments.


No. It is not the same. The phoonePOS service is a new innovation, which is to enhance largely the financial inclusion and empowerment vision and strategy of the Central Bank of Nigeria (CBN).


The process of withdrawing your money to your bank account is simple. We take the safety of your funds very serious at phoonePOS. When you want to withdraw funds to your bank, you login to the phoonePOS to Bank menu on your dashboard, you will be required to provide your token, Personal Identification Number (PIN) and your SECURE Outbound Transaction Number (OTN) then your funds will move from the phoonePOS Account into your bank account.

Yes. You can be banned or expelled from phoonePOS if we discover that you are fraudulent or you violate our Term of Use. In very serious cases, you shall be handed over to the Economic and Financial Crimes Commission (EFCC) or taken up by other law enforcement agencies.


Yes. phoonePOS is a legitimate service. It is one of the fintech products from Phoonepos Technology Solutions, Inc. USA, with operating office in Iyana, Ipaja, Lagos, Nigeria under the name and style of Phoonepos technologies Limited and our transactions are acquired by Guaranty Trust Bank Plc.


Yes, All women that Sign up as merchants under phoonePOS get a 15% discount and their wallets will be credited with the discount immediately their KYC is completed and approved.


Having your phone stolen does not call for ANY alarm using phoonePOS. The bank account registered with us still remains the account that your earnings are credited into.


Also, all funds are retained in the e-payment system and you can only push cash into your bank account, when you use your Outbound Transaction Number (OTN).


Upon completion of the KYC process, payment and approval, the next process is that you will be trained. We have  training written materials we give to our merchants. We add you to the next training cohort and you are added to our Telegram group and community of our merchants, where we hold your hands with all the support for you to continue your business without any hitch. In this group, all pertinent questions can be asked as you perform your transactions and answers shall be provided, so everyone can learn. 

Every merchant that has signed up on the phoonePOS service is entitled to a starter pack. This comprises of outdoor banners and other items that would assist the merchant in carrying on their services in the course of their operations.

In addition, a training document and our Anti Money laundering & Anti Terrorism Policy documents will be given to the merchants for compliance to Central bank of Nigeria requirement.

Currently we are working on achieving a seamless experience with every commercial bank in Nigeria. However, for now, we have our USSD service working on the platform of about 18 commercial banks in Nigeria, while the other banks are at various levels of testing and hoping to have them all integrated on our service. However, our Funds Transfer, Cash In services work with ALL financial institutions in Nigeria.

Zenith Bank Plc



Stanbic IBTC

Sterling Bank

Unity Bank

Keystone Bank

Fidelity Bank

Ecobank Plc

Wema Bank

Access Bank Plc

Rubies (Highstreet) MFB

First Bank Plc



Heritage Bank Plc

Union Bank Plc

Polaris Bank (Coming Soon)