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How To Get Palmpay POS Machine; Price Commission & Charges

Greetings and welcome to another exciting publication about Palmpay POS Services and Machines

Good day dear incoming Palmpay Agents and Merchants, this post is published at a crucial time when cities in Nigeria is seeking financial inclusion in the retail and banking sectors.

Though I will still share a table with it us, so that we can go through it and understand it very well, I will just point out the important key points.

Types of Palmpay POS and Prices:

  1. Android pos: 60,000
  2. Traditional/Linux/Button: 50,000

Targets On Each Palmpay POS:

Android: 50,000 daily
Traditional: 40,000 daily

You have to already have an office, shop, Kiosk, Umbrella stand before you can make the move to secure a Palmpay POS Machine/Terminal. In other words, Palmpay will not give you a pos device if you do not a physical location for your business.

Commission To Agents:

For every withdrawal, your agents do you will be getting a very little slice of profit.
No commission on deposits.
Agents that are dormant for 3days will be terminated and placed on the investigation.

Charges To Agents:

Breakdown of Palmpay’s ATM card withdrawal charges;

1k = 5 naira
2k = 10 naira
3k = 15 naira
4k = 20 naira
5k = 25 naira
6k = 30 naira
7k = 35 naira
8k = 40 naira
9k = 45 naira
10k = 50 naira
11k = 55 naira
12k = 60 naira
13k = 65 naira
14k = 70 naira
15k = 75 naira
16k = 80 naira
17k = 85 naira
18k = 90 naira
19k = 95 naira
20k = 100 naira
20k to 1 million naira = 100 naira

Deposit N10 flat rate.

How To Get A Pamlpay POS

There are some documents and personal and business details you will have to get ready at hand when you are ready to apply for the Palmpay POS.
You will have to apply through a PayPal aggregator also known as A Palmpay Business Manager. The following requirements are needed:

Date Of Birth:
Mobile Phone number:
Alternate Phone number:
ID card Number:
Business Address:
L. G. A on Utility bill:
Photo of the owner in front of shop:
Proof of commercial activity (photo of a Utility bill):
Passport Photograph:
Valid Id card(Government approved ID card e.g Voter’s Card NIMC National Identity card, International Passport, and Driver’s License:

Full name
Utility bill

NOTE!! The company will be responsible for any software damage on the Pos, whereby there’s hardware damage, the agent will pay for logistics and swapping.

By filling in and submitting these details, you have agreed to the Terms & Conditions.



Palmpay Agent POS Service Agreement



THIS AGENT POS SERVICE AGREEMENT (“Agreement”) is entered among PALMPAY LIMITED, a private limited company incorporated under the laws of the Federal Republic of Nigeria together with its parent, subsidiaries, successors, assignees and affiliates, (hereinafter referred to as “PalmPay”), ___________, a private limited company incorporated under the laws of the Federal Republic of Nigeria, (hereinafter referred to as “the Aggregator”) and ___________, the holder of National ID/International Passport/BVN No. ________________ (hereinafter referred to as “the Agent”);

PalmPay, the Aggregator, and the Agent are hereinafter jointly referred to as “Parties” and each a “Party”.


A. PalmPay is a mobile money operator (MMO) licensed by the Central Bank of Nigeria (CBN) to provide mobile payment solutions and value-added services to individuals and businesses.

B. PalmPay, through partnership with a payment terminal service provider (PTSP) licensed by the Central Bank of Nigeria (CBN), develop and deploy a payment solutions application that will run on NIBSS certified android point of sale terminals (the “POS Terminals”), and provide payment terminals and value-added services to a wide range of customers including institutions, corporate bodies, and individuals.

C. PalmPay is licensed by the Nigerian Communications Commission (NCC) to undertake sales and installation of terminal devices.

D. The Aggregator is authorized by PalmPay to promote the deployment and service of the POS Terminal in the designated region and assist to improve the on-boarding experience.

E. The Agent requires PalmPay to provide it with a Point of Sale (POS) Terminal for the acceptance of electronic cards for the receipt of payment from their customers for agency banking and bill payment services.

F. The Parties now wish to enter into this Agreement to set forth the terms and conditions which will govern the relationship in the use of the terminals.

NOW THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth, the Parties agree as follows:


In this Agreement:

1.1 “Card” means an electronic card either debit, credit, prepaid or a combination (of the two or three variants in one) issued by Nigerian banks;

1.2 “Cardholder” means the owner of the electronic card presented for use on the POS terminal;

1.3 “Hotlist” means the list containing the information on missing, stolen, expired, invalid, canceled or disabled Electronic Debit, Credit or Prepaid card;

1.4 “Agent” means the business or principal which is provided with a POS terminal for accepting payments by means of card;

1.5 “Issuing bank” is the cardholders’ bank which has agreed to credit the acquiring bank on behalf of its Agent for successful transaction;

1.6 “PIN” means a personal identification number inputted or formulated by the cardholder for use on POS;

1.7 “Point of Sale Terminal” or “POS” means the machine used for Electronic Funds Transfer transaction;

1.8 “Palmpay Agent Account” means the mobile money account used for PalmPay Agent’s provision of permissible services from each outlet;

1.9 “Transaction Fees” means the fees payable by the Agent every time an electronic cash value is successfully completed using an electronic payment card;

1.10 “Transfer” means the process by which electronic cash value is transferred from an electronic payment card to another electronic card or account and the terms “Transferring” and “Transferred” shall be construed in like manner.


This Agreement shall commence on the Effective Date and shall remain in force for a period of 1 (one) years (Term); and shall automatically renew and extend for an additional 1 (one) year term commencing at the conclusion of the current term unless otherwise terminated in accordance with Clause 12 of this Agreement.


The Agent shall:

3.1 The Agent shall ensure proper and safe upkeep of the POS terminal.

3.2 The Agent shall not discriminate against any Cardholder who presents his/her card for agency banking and bill payment services except in cases of suspicion of fraud.

3.3 The Agent shall bear responsibility and liability for all local, state and federal government taxes due on its transactions.

3.4 The Agent shall honor all valid cards regardless of the issuing bank.

3.5 The Agent shall ensure the POS display the amount to be authorised on the screen requesting PIN entry, so that the customer can see the amount being paid before authorization.

3.6 The Agent shall not misuse, damage, alter, and attempt to alter or tamper with the POS.

3.7 The Agent shall not disclose to any third party the fees charged by the PalmPay on their POS transactions unless required by law or regulatory agencies and the Agent is obliged to inform PalmPay of any such disclosure.

3.8 For transactions of N100,000.00 (One Hundred Thousand Naira) and above, the Agent shall ensure that cardholder presents a valid form of identification such as Driver’s license, International passport or other forms of Identification accepted by law before accepting a cardholder’s payment card.

3.9 The Agent shall in addition to 3.8 above, request, document the cardholder’s name; means of identification; telephone number and address and make photocopies of the cardholder’s mean of identification for all transactions of N100,000.00 (One Hundred Thousand Naira) and above.

3.10 The Agent shall ensure that cardholders signs both receipts generated by POS terminal and shall compare with the signature behind the cardholder’s card. If the signature does not correspond, the Agent should not provide service to the cardholder and promptly notify PalmPay immediately.

3.11 The Agent should reject any unsigned electronic payment card for POS transactions.

3.12 The Agent report all suspicious transactions to PalmPay not later than 24 hours or the next working day.

3.13 The Agent shall check card security features prior to completing any transaction. Such checks shall include but not be limited to comparing card number on the card with the card number on the POS receipt or voucher.

3.14 The Agent shall compare the last four digits of the card number and name on the card with number printed by the POS terminal if the number differs, the Agent shall contact PalmPay immediately and should not release services to the cardholder.

3.15 The Agent shall ensure that card transactions are performed in a secure environment ensuring that the “card never leaves sight of cardholder” rule is strictly observed. Non-compliance with this will trigger the immediate cancellation of the Agreement and responsibility is passed to the Agent in case of fraud on the card(s).

3.16 In the event of a valid fraudulent transaction claim, the Agent would be charged 105% of the value of the claim if the Agent is found to be negligent in the area of enforcing cardholder identification at the point of receiving the cardholder’s payment card to be used on the POS terminal.

3.17 In the event of a valid fraudulent transaction claim, if the Agent is found to have connived with the perpetrator(s), the Agent would be charged 200% of the value of the claim, reported to the law enforcement agencies and/or blacklisted from POS transactions by regulatory authorities.

3.18 The Agent agrees to be responsible for all the actions of the principal and all its employees including fraudulent acts or omissions.

3.19 The Agent has consented to discretionary use of transaction and other Agent information obtained by Palmpay.

3.20 PalmPay may freeze the Agent’s Palmpay Agent and/or Palmpay account in an event where a fraudulent POS transaction is reported on the POS terminal deployed to the Agent’s location.


PalmPay shall:

4.1 provide the POS Terminals to PTSP for the development of the payment solutions application;

4.2 develop the payment solutions application for the POS Terminals;

4.3 be responsible for the software maintenance of the POS Terminals;

4.4 facilitate the acquisition of a terminal ID from the acquiring bank and advice PTSP in batches for configuration of the POS Terminals;

4.5 offer other support services for efficient and effective operation of this Agreement; and

4.6 be responsible for providing technical support to terminal users at the expense of the Agent.

4.7 ensure all POS terminals procured by PalmPay are compliant with minimum POS specifications.

4.8 cover the costs of repairs and replacements of parts for malfunction and damage of terminals caused by PalmPay.


The Aggregator shall:

5.1 Promote the deployment and service of POS Terminals to qualified Agents in accordance to existing laws and regulations in the Federal Republic of Nigeria.

5.2 Conduct the 1st round review of the KYC (“Know Your Customer”) documents at Palmpay’s request, which include but not limited to application form, identification documents and proof of address and ensure its completeness, accuracy and quality.

5.3 Promptly notify Palmpay upon the conclusion of the review mentioned in Clause 5.2 and assist in on-boarding process of the Agent in accordance with the compliance policies and standard operating procedure of Palmpay.

5.4 Assist in visitation of the prospective Agents and execution of the agreements.

5.5 Responsible to manage any dispute arise during the promotion and on-boarding stage between the Aggregator and the Agent.


Each party to this Agreement shall:

6.1 Perform the obligations contained in this Agreement for their collective benefits.

6.2 Cooperate with the other Party by making available the relevant information, documentation and technical personnel in a timely fashion to implement all necessary measures for the services.

6.3 Use all reasonable measures to maintain confidentiality and prevent fraud.


7.1 The Parties agree that the transaction fee referred to in Schedule 1 shall be the fee payable by the Agent to PalmPay for the provision of services.

7.2 The Parties agree that the fees can be modified to suit business requirements and be mutually agreed after prior notification.

7.3 The transaction fee shall be paid to PalmPay; this will be deducted from the Agent’s PalmPartner account domiciled in PalmPay.

7.4 The transaction fee payable are as follows:

7.4.1 The Agent shall pay of all Verve cards POS transactions

7.4.2 The Agent shall pay of all Visa cards POS transactions

7.4.3 The Agent shall pay of all MasterCard POS transactions

7.5 The Agent shall under no circumstance charge a different price, surcharge a cardholder or otherwise discriminate against any member of the public who chooses to pay with a card or by other electronic means.


8.1 The Parties agree that the taxes & duties referred to in Schedule 2 below shall be the payable by the Agent to PalmPay for the provision of services.


9.1 The Agent shall enter a separate arrangement with the Aggregator regarding the guarantee deposit per each POS terminal.

9.2 The Agent and the Aggregator hereby indemnify Palmpay for any consequence and losses result from the actual guarantee deposit amount negotiated between the Agent and the Aggregator.

9.3 PalmPay shall not be involved in any disputes that may arise between the Aggregator and any of its, his or her acquired Agent with regard to the guarantee deposit.


10.1 All successful transactions would be settled to the Agent’s Palmpay Agent account.

10.2 Agent Settlement will take place within the close of business day on a T+1 basis, (where T is day of the transaction) barring unforeseen events which are beyond the control of PalmPay.

10.3 Settlement of the Agent transaction would only be done on a working day (i.e. Monday to Friday except on national or state declared holidays). Settlement of the Agent transaction done on weekends and public holidays will take place at the close of the next working day.

10.4 The Agent would keep all cardholder’s name, cardholder’s address, cardholder’s telephone, Agent issued receipts, and receipt/invoicing log for a minimum of 180 days (one hundred and eighty days) and the documents should be presented to PalmPay within 24 hours of request. The Agent who fails to provide the above within the stipulated timeline will not be entitled to receive their settled funds correspondingly.

10.5 The Agent shall report to PalmPay if it erroneously receives POS transaction funds not transacted on the POS terminal(s) deployed to them.


11.1 PalmPay Chargeback.

11.1.1 PalmPay Chargeback means the chargeback request made by the Cardholder to PalmPay through the Agent for unsuccessful or declined POS transactions.

11.1.2 In the event of an unsuccessful or declined POS transaction, the Agent may initiate a chargeback on behalf of the Cardholder on the PalmPartner App after obtaining the Cardholder’s authorization.

11.1.3 The Agent shall provide the information required by PalmPay on behalf of the Cardholder to prove the POS transactions is unsuccessful or declined. It is at PalmPay’s sole discretion to decide whether to accept the request or not.

11.1.4 If the Cardholder’s chargeback request to PalmPay via the Agent is successful, PalmPay will credit the amount directly to the Cardholder’s bank account.

11.1.5 The Agent should clearly inform the Cardholder that if the Cardholder has applied for a Chargeback with PalmPay, the Cardholder shall not apply for a Chargeback with the issuing bank for the same POS transaction. The Agent hereby indemnify Palmpay of any loss incurred due to the Cardholder’s application of a Chargeback with the issuing bank upon applied for a Chargeback with PalmPay. Agent shall indemnify PalmPay through its Palmpay Agent account and if the balance in his or her Palmpay Agent account is insufficient to cover PalmPay’s losses, the Agent hereby authorises PalmPay to deduct the corresponding losses from his or her PalmPay account.

11.1.6 The Agent undertakes to provide accurate information in relation to the PalmPay Chargeback on behalf of the Cardholder. The Agent shall indemnify PalmPay for any loss arising from incorrect information provided. Agent shall indemnify PalmPay through its Palmpay Agent account and if the balance in his or her Palmpay Agent account is insufficient to cover PalmPay’s losses, the Agent hereby authorises PalmPay to deduct the corresponding losses from his or her PalmPay account.

11.1.7 The Agent hereby undertakes not to engage in any malpractice with the objective of defrauding Cardholders or PalmPay.

11.2 Chargeback Request to the Issuing Bank

11.2.1 Chargeback Request to the issuing bank means the chargeback made by the Cardholder to the Issuing Bank regarding the POS transactions that may be either unsuccessful or declined.

11.2.2 PalmPay is entitled to debit the Agent for the value of the amount where Chargeback Request to the Issuing Bank has been submitted to PalmPay for the sucessful POS transaction. The Agent would receive his or her funds if satisfactorily documentary evidence is provided to oppose the request.

11.2.3 In case of unsuccessful or declined POS transactions, the Cardholder may submit a Chargeback request through the Agent to PalmPay or the issuing bank, however, the chargeback request can only be submitted to one of the parties.

11.3 The Agent shall not under any circumstance refund the Cardholder in cash or by providing the requested services for unsuccessful or declined POS transactions.

11.4 PalmPay shall not be held liable for any losses may incur from a chargeback request through the Agent for unsuccessful or declined POS transactions.


12.1 The Agent and the Aggregator shall agree to defend, indemnify, and hold PalmPay, its officers, directors, employees, agents, licensees, and suppliers, harmless from and against any claims, actions or demands, liabilities and settlements including without limitation, reasonable legal and accounting fees, resulting from, or alleged to result from, your violation of this Agreement.


13.1 Where PalmPay wishes to terminate this Agreement as a result of breach of any of the provisions of this Agreement by the Agent or the Aggregator, PalmPay shall give the Agent or the Aggregator at least fourteen (14) days’ written notice of such breach and requiring the Agent or the Aggregator to rectify the breach.

13.2 Where the Agent or the Aggregator fails to rectify the breach within the stipulated period, the PalmPay may terminate the Agreement forthwith. Such termination shall be without prejudice to any claim PalmPay may have against the Agent or the Aggregator arising from the alleged breach.

13.3 Termination of this Agreement for any cause shall not affect any rights or obligations of the Parties under the Agreement, which had already accrued at the time of termination.

13.4 Each party may terminate this Agreement upon fourteen (14) days’ written notice to the other party. If no party exercises its right to terminate, then the Agent and the Aggregator hereby agrees and undertakes not to take any injunctive step or seek an injunction to restrain the possession of the POS at any time whether or not the parties are in court or dispute. PalmPay reserves the right to terminate this Agreement immediately irrespective of the above provision.


14.1 No Party may assign any of their rights, obligations or responsibilities under this Agreement without the prior written consent of the other Party and in absence of such consent any such assignment shall be null and void.


15.1 Each Party represents and warrants, as of the Effective Date, to the other Party that:

15.1.1 it has full power and authority to enter into, and perform its obligations under, this Agreement;

15.1.2 there are no conditions, events, occurrences or other circumstances that might materially adversely affect its ability to carry out its obligations under this Agreement;

15.1.3 its execution and performance of this Agreement will not contravene any provision of, or constitute a default under, any law, its constitutional documents or other agreement to which it is a party; and

15.1.4 it has the financial capability, technical competence and good standing to perform its obligations under this Agreement.


16.1 In the event of any dispute or litigation by way of court action, arbitration or otherwise PalmPay shall without prejudice to its right have the right to repossess the POS, and the Agent and the Aggregator hereby agrees and undertakes not to take any injunctive step or seek an injunction to restrain the possession of the POS at any time whether or not the parties are in court or dispute.


17.1 PalmPay shall not be involved in any disputes that may arise between the Agent and any of its Customers.

17.2 Where any dispute, claim or controversy arises between the Parties (hereinafter referred to as the “Dispute”), concerning this Agreement, the Parties shall attempt to resolve the dispute by negotiation. For the avoidance of doubt, this will entail that one Party invites the other Party in writing to meet, to resolve the dispute within thirty (30) days from the date of the written invitation.

17.3 If the Dispute has not been resolved by such negotiation, the Parties shall submit the Dispute to the Lagos Chamber of Commerce International Arbitration Centre (LACIAC) (which rules are deemed to be incorporated by reference into this clause).

17.4 The arbitration shall be held in Lagos, Nigeria and shall be conducted in English.

17.5 The validity, construction and interpretation of this Agreement and the rights and duties of the Parties hereto shall be governed by the laws of the Federal Republic of Nigeria and the Parties hereby submit to the jurisdiction of the Courts of the Federal Republic of Nigeria.


18.1 No Party shall be liable for loss or damage arising out of any delay or failure of performance caused by circumstances beyond its control including but not limited to earthquakes, flood, hurricane, act of God or of public enemies, war, national emergencies, invasion, insurrection, riots, strikes, picketing, boycott or interruption of services rendered by any utility or communication service provider nor shall any delay or failure of performance due to said causes be deemed a breach or a default in the performance of this Agreement.

18.2 The party affected by the force majeure event shall immediately within five (5) days of it becoming aware of the event notify the other party of the occurrence.

18.3 Where the force majeure persists for a period longer than sixty (60) days, the non-defaulting party shall have the right to terminate this Agreement forthwith.

18.4 Upon such termination, each Party shall be relieved from its respective obligations, except for obligations for payment of monetary sums which arose prior to the event of Force Majeure.


0.5% (VAT Inclusive) capped at N100 (One Hundred Naira) per single POS transaction.

The above-preset transaction fee may be subject to adjustment from time to time upon prompt notification from PalmPay to the Aggregator and the Agent.


Value-added Tax (VAT) and Stamp Duty (SD) are included in the Transaction Fee as stipulated in Schedule One.

The above-preset taxes & duties may be subject to adjustment from time to time upon prompt notification from PalmPay to the Aggregator and the Agent.

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