Pos (Point of sale) is among the lucrative business to start in Nigeria; aside from the vast profit you get from pos business, they are other benefits in pos business.
A Pos business in Nigeria serves as a channel between a middleman, the customer, and banks.
This article is on how to start a pos business in Nigeria. Keep reading
Before we start our article on pos business in Nigeria, it will be useful you check out our articles on
Back to our topic on Pos business startup
Point of sale, otherwise known as POS, is means by which customers can withdraw, transfer, and send cash easily. Customers can also pay for services like Dstv, Gotv, StarTimes, Utility Bills, e.t.c
How to Start a pos business with Firstbank, Gtb, Access bank in Nigeria
We aim to guide you on the method of starting a pos business in Nigeria. Below are tips on how to start a pos business
Before starting a pos business, check out the list of banks or companies that offers pos in Nigeria. They are
- First bank (Firstmonie)
- Zenith bank
- Fidelity Bank
- Polaris Bank
- Mtn Momo
- Kudi and others
To startup a pos business
1. Find a bank or company (Host)
- You can select from the listed bank or companies above that offers pos business. Read below to know how to get approval from these companies or banks
2. Get your capital
- Aside from getting a shop and a good pos machine, capital to startup a pos business is also needed; this is for first customers that will like to make a withdrawal. You need a capital of N50,000 to N70,000 to startup a pos company.
3. Get a good location
Your location matters a lot. Your location will either affect your business positively or negatively. A good site is one of the Essential factors to consider in starting up a pos business
4. Get your pos machine
- the POS machine is a device that allows a debit cardholder to make a payment or do other transactions. It gives an instant notification if a debit or credit transaction is completed.
- The price of an exemplary POS machine in Nigeria is approximately N50,000 to N70,00.
5. Get a Pos Banner
getting a banner is essential. You need banners, signposts, and any other means to advertise your POS business. It cost approximately N2,000 to N4,000 to get a suitable banner.
Below are some frequently asked questions regarding POS business in Nigeria. They include:
- what are the criteria to obtain a pos machine from a bank?
- How do I register as a firstmonie agent?
- How do I get a quick teller pos machine and become an agent?
- How lucrative is a pos business in Nigeria?
- What are the standard fees pos charge in Nigeria?
- What is the commission for a pos business?
- How much do I need to start a pos business?
- What are some of the problems associated with pos business?
- All these questions will be answered in this article
How lucrative is POS business in Nigeria?
- Well, for now, all we can tell you is that pos business is among the lucrative business to start in Nigeria; although there are lots of people doing this business, this will not stop you from earning a reasonable income from pos business
How to register as a firstmonie agent
Firstmonie agent is a system operated by FirstBank. Your job as a firstmonie agent is opening of a firstbank account, depositing of funds, withdrawal of funds from any bank, sending of money to different banks, pay bills and purchase airtime.
How to get a First Bank POS in Nigeria
- Visit any First Bank of Nigeria (FBN) branch to indicate your interest in being an agent. Before doing that check, their requirements below:
- You must have been employed in commercial activity for a minimum of 12 months; must have a physical shop (a durable structure); must be willing to provide monetary services, and must have a minimum working capital of N50,000 (for unregistered business) and N250,000 (registered business).
Norms to obtain a POS machine from a bank
To obtain a Pos machine from a bank, you need a
1. Registered business name
2. Have an account with the bank you intend to get a POS machine from
3. Sign a POS agent agreement with the bank
Once your application is processed and approved, you will receive a POS machine within 14 working days
Advantages of POS business in Nigeria
1. It creates employment opportunities
2. Reduce congestion of people in banks
3. Expansion of bank services
4. Customer satisfaction
Best place to site your POS Business
2. Rural Areas
3. Congested Banks
4. Tertiary institutions