Guides to start a profitable POS business in Nigeria
Hello, If you are in this article, that means you want to learn how to start a POS business in Nigeria.
Nigeria unemployment situation nowadays as gotten to the level that even with your master degree, you won’t be able get good job. I have encounter a situation where a master degree holder were offer a 10,000Naira job. it is a big shame on Nigerians.
in this article, you will learn everything you need to know about how to start a POS business and the best POS agency to start with in Nigeria with little capital.
Here you will learn,
What is POS business
How to start a POS business in Nigeria
Best POS agency banking in Nigeria
where/how to get free POS in Nigeria
Paid POS in Nigeria
Advantages of paid POS over free POS
How lucrative is POS business in Nigeria
How much to start POS business in Nigeria
How to become a POS agent in Nigeria
POS business review
What is POS business?
POS (point of sale) business is also called agent banking business, where by you as a POS man provide banking activities to the customers.
POS business is a legitimate way to make money in Nigeria, its offer by financial institution to provide easy and affordable banking to the customers. With POS business, you can earn a living and start little by little as a small business owner.
POS business is certified by central bank of Nigeria and give license to the agency that offer the service. Some banks in Nigeria also offer POS machine to their customer that bid their requirements.
So, point of sales business is a business where you provides financial services to customer such as fund transfer, fund withdrawal using banks ATM cards, airtime top up, payment of utilities bill….
How to start POS business in Nigeria
Starting a POS business is simple, firstly choose whether to request for paid POS or free POS, then,
Look for better location to put your POS terminal, I mean a safe and secure place.
some factors to consider before choosing a location for your POS terminal?
Firstly, you must consider whether the place is safe and secure (security reasons)
Check whether the location has any other POS terminal around. (this may cause poor patronization)
Check for mass and popularity of the location ( mass popularity increases sales)
check for banks and ATM machine availability (a POS terminal must be far away from banks and ATM machine)
After considered all the above factors, Build a container or rent a shop and start your business. In some cases, some people put umbrella along the road and do their POS business, well this is depend on your capital. But, I will recommend rent a shop for security reasons.
Best POS agency banking in Nigeria
There are many POS agency in Nigeria, must of these agency are powered by banks. For instance, UBA offer free POS to their customer based on requirement and condition.
Some agency too are powered by mobile/online banking companies, such as, Flutterwave POS.
I have a well written article about top 5 best POS machine to start with in 2021.
Also, you can consider Moniepoint and Flutterwave POS.
Free POS machine in Nigeria
There are many companies and banks out there that offer free POS machines. I will name some companies like that below and some companies that offer paid POS machines.
List of companies that offer free POS machine and paid POS machine
Free POS machine
Moniepoint POS machine (free with requirement)
UBA POS machine
First Monie POS machine
Paid POS machine
Flutterwave POS machine
KUDI POS Machine
OPay POS Machine
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In some cases, you don’t need to get a POS machine before you can start a POS business. here are list of mobile agency banking that can be used as an agent.
Paga App for agent
Flutterwave POS App
Justpaga.me
Firstmonie mobile APP
OPay App
Moniepoint App
you can become a POS agent in any of the App and start giving financial services to the customers. The only different between POS machine and POS App is the ATM cards collections. Both can transfer fund, receive funds, pay bills…….
Advantages of Paid POS over Free POS
Paid POS charges is very low (like 0.2% of transaction done on it) and you can charge any amount you like from the customer. While free POS, the agency/company is responsible for the deduction of the charges and pay you by, maybe, at the end of the month as compensation.
When you buy a POS machine, it is yours, but free POS machine is still for the agency.
Both have good supporting teams 24/7 if any issue occur
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How lucrative is POS business in Nigeria
POS business in Nigeria is seriously yielding and gaining more popularity in the finance company. Many Nigerians as being using it as self employment. One day, I was walking on my street and I decided to know the total number of POS terminal on the street, when I walked about 7 electric pole, I counted 5 POS terminal. And I realized that, those agent have more than one terminal in their shop.
So, think about it, if this business is not yielding, will there be that amount of POS terminal on the street.
How much to start POS business in Nigeria
To start a POS business in Nigeria, you need little or no capital. You can decide to get a free POS machine or use the mobile payment POS App.
The money that may require you is money for space rent, but its not necessary.
What people are saying about POS business
POS business review: starting a POS business in Nigeria is a big way to earn some living and make money. As a small business owner, you can request for a free POS or buy a POS and starting serving financial services to your customer,
What do you say?
Lets here your own opinion about this, please use the comment box below.
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