Frequently Asked Questions

phoonePOS Service is an new innovation, whereby every type of mobile phone, with or without internet connection can be used to offer Agency banking services anywhere in Nigeria.

Services such as:

- Funds Transfer

- Cash Out

- Cash In

- Accept Payments

- Pay Bills

- Airtime Purchase

- 10% Bonus Referral Program

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. Once payment is made, you will proceed to click on the continue registration link 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 only module, you do not need to provide any guarantor.

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).


This service works on a very robust walleting system. Every time a transaction is carried out the funds are domiciled in your wallet instantly. Its adviceable to keep funds in your wallet to continue using for other transactions and you make withdrawals once at the end of the month.


However, when you want to withdraw into your bank, simply select the Withdraw to bank option in your menu and enter your SECURE Outbound Transaction Number (OTN) then your funds will move from the wallet 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 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 your wallet 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 service working on the platform of about 18 commercial banks in Nigerian, while the other banks are at various levels of testing and hoping to have them all integrated on our service.

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)

In view of the shocks brought about by the COVID-19 pandemic, which caught all of us unawares, we have decided it is imperative that our merchants/agents are enrolled into our flexible Micro savings & insurance scheme.

Merchants and Agents operating under the phoonePOS brand would be required to setup a compulsory 10% of their monthly revenue into a Micro Saving Scheme with our other product called Savuup.com, which would earn them an interest. Also, another 10% of their revenue would be set aside for micro insurance. This would also help them meet unforseen circumstances that maybe due to any such challenges if they arise or not.

We believe in empowering people. The phoonePOS Referral Program allows our registered merchants to invite their friends and family to start earning revenue too, using their mobile phones as POS for agency banking. This gives a 10% referral bonus as reward for participating in this program and that will be credited into the wallet of the referrer after the person referred has been approved.