Opay POS Business : How to Make 300k Monthly in Nigeria

Opay is a leading digital platform used for carrying financial services in Nigeria. Opay Office in Lagos serves as the headquarters for all branches spread across the country. It has over 400,000 merchants using Opay POS Machines on its network.

While over 7.5 million users in Nigeria use Opay for financial transactions. The company is licensed in Nigeria to offer various digital products to Nigerians. So, you can see the reason why doing Opay POS business is lucrative.

Digital banking is growing rapidly and displacing traditional banking in the past few years. Data available shows that over 6 trillion-naira worth of transactions were carried through digital channels in the year 2021.

Presently, the Central Bank of Nigeria reveals that about 1 million POS terminals are available in circulation. These POS machines are to complement automated teller machines (ATMs) owed by banks. This indicates that there is a huge demand for the use of POS to carry out financial transactions.  

Opay POS Machine Business

The Opay business is redefining banking business model. Opay is not using the conventional method to win in the market place like traditional banking. It is empowering individual to leverage the use of technology to bring banks to the banked, less banked, and un-banked.

Opay Merchants

So this give you the opportunity to make money while offering digital banking services to your customers. So you are a middleman between Opay and customers. You are going into this business to make money. How do you make profit?

Your profit comes from extra charges on each transaction you make on behalf of a third party. So, I am going to be discussing with you the details of what you need to start this business. There are other ways of making money in the Opay Business that I am going to reveal it.   Just follow me on this step-by-step guide on how to:

How to Open Opay Account 

Opening an Opay account takes a simple process to complete. Understand that you must open an Opay account as a POS merchant. Please don’t create an account for an online merchant. Although you can upgrade later from an online merchant to POS Agent.

If you have an Android phone or any device, how to open Opay Account should not be a problem. The first step is to download Opay App from Google Play Store on Android or Apple Store if you are an iOS user. 

You must have your Bank Identification Number (BVN), ID card, passport photograph, and current utility bill ready to complete this process. Besides, please ensure to use a working mobile phone number because a verification code will be sent to your registered phone number.

This is part of the KYC (Know Your Customer) process. Your email must also be valid. I will advise that you make use of your best working email. If all these are in place, then your account creation with Opay Company will be seamless.

To access your account number, just login into the app. Click here to Access Opay on Google Play Store.

Now with this step completed, you are a step closer to performing the following services for your customers:

Utility Bill Payments

Fund Transfer

Cash Settlement

Cash Withdrawal

You will be contacted after your form has been reviewed by a member of the Opay team.    

How to get Opay POS Machine  

There are three types of Opay POS Machines. The first is the Opay traditional terminal, then OPay Smart POS, and Opay Mini POS. Whichever one you like to pick, you will need to pay a caution fee of 20,000 naira for Opay Smart POS, and 10,000 Naira for Opay Mini POS.

Opay Mini POS

The caution fee will be debited directly from your Opay wallet. The fee will be returned when you wish to return the Opay POS terminal to the company. Note, information concerning your POS will be sent to your email.

Opay Android POS

Alternatively, you can buy your Opay POS machine outright. It becomes your property completely. But it comes at a cost depending on the one you choose to buy. Remember that you can get Opay Machine straight away for as low as 25,000 – 60,0000. But the cost depends on the type you choose.

There is a process to get your Opay POS. How will you get POS machine? The first is to install the Opay app on your phone as explained above. Opay uses a referral system to get merchants on-boarded through aggregators.

The process involves you going through an Opay Aggregator. Please send a WhatsApp message to this number to get you on-boarded as a merchant +2348052988643. Within 72 hours you will be contacted through their customer care.

Your application may be rejected or approved. It all depends on how you present the necessary documents. But with an aggregator, it is easier. Contact me to help you with Opay POS Machine at +2348052988643  

Opay Wallet

Just like the name suggests, Opay wallet is where you see records of all your transaction. It contains financial records in your Opay app dashboard. Your wallet can be funded through various means. The first one is through your ATM cards. Opay platform supports many card companies like VISA, Verve, and Mastercard.

This transfer can be carried out easily on all ATM machines. You are free to recharge your wallet through the mobile app also. All you just need is to follow this simple step:

  • Open your Mobile App
  • Look for the list of banks
  • Select Opay
  • Input the figure you want to transfer.

Opay USSD Code

What is an Opay USSD? It is a structured way of carrying out financial transactions using a mobile phone without the connectivity of the internet. It was introduced in 2019 to ease how Opay customers carry out transactions. The Opay USSD Code is *955#. You can dial these on your mobile phone.

It can be used to carry out cash withdrawals, check account balances and even buy airtime. With this code, you can bank anytime and anywhere. You must have opened your Opay Account before doing this. You can create your Opay Account here.  

Read Also:  Ultimate Guide on How to Sell on Marketplace

Online Payment Platforms in Nigeria

Opay Aggregator  

Who is an Opay Aggregator? An Opay Aggregator is a person who is a middleman between the company and the Opay merchant. This is a new development. There was a time you can approach Opay to collect Opay Machine directly from the company but the process has changed now. The Opay aggregator is now like the sales representative for the company.

With an aggregator, your application will be fast processed. An Opay aggregator code is a 10-digit number to complete your process of upgrading your account or getting an Opay terminal.

Being an aggregator is another way of making money on Opay. It is a simple and recurring passive income for any accredited aggregator.      

Aggregator helps you resolve your issues with your terminal and other related problems. There are basic requirements to become an aggregator with Opay. A registered business name, financial statement of account with reasonable amount of transactions are among the requirement to become an aggregator.


Making money through Opay Pos business has become easy and many people are rushing to start this business because they found it lucrative and less capital intensive. Besides, government policy is also making POS attractive to individuals and businesses

Take action today and start reaping dividend in this digital economy. Please feel free to share this article if you find it helpful, useful and valuable.


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