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Start A POS Business: Guide On How To Start A POS Business In Nigeria

Have you heard about POS Business? Would you like to Start a POS Business in Nigeria? Well, this page shall provide you with all the necessary information that will help you to set up your own POS business in Nigeria. POS is an acronym for Point of Sales, where one can either receive or transfer funds.

The POS business is a lucrative business that anyone searching for in Nigeria can venture into it. This is a business that both students, graduates, civil servants shop owners can do in the school, hotels, restaurants, supermarkets, filling stations, markets, etc

POS business can also be referred to as banking agent business, where some basic banking services! such as cash withdrawal, cash deposit, fund transfers, bill payments, airtime recharge, etc are done by POS agents (business).

READ ALSO: Steps On How To Start A Recharge Card Printing Business In Nigeria

What is POS? POS is known as Point of Sale

Benefits of Point of Sales (POS)

Below are some of the advantages of POS business;

  • It’s available in the rural areas where there is no presence of commercial banks
  • Quick access to cash without queuing on the ATM stands
  • It provides financial inclusion service to both unbanked and underbanked customers
  • Reduce the cost of going to commercial banks (transport fare)
  • POS services create job opportunities in the financial sector.
  • POS business helps to increase customers of an existing business
  • It is another source of passive income, as you will earn a commission on every successful transaction
  • Reduction of Human traffic in commercial banks because many will prefer to use the POS machine.

POS Requirements

There are some documents or requirements that you must have before you can be collect a POS from banks or Financial services platforms like Paga, Quickteller, OPay, etc.

  • 2 Passport Photograph
  • Have a physical shop or an existing shop
  • Have a bank account with any of the commercial banks or the bank you want to get the POS from
  • Business email address and a phone number
  • Two (2) account references
  • Biometric Verification Number (BVN)
  • Have¬† a Corporate Affairs Commission (CAC) for your business
  • A valid means of identification such as Voter’s card, International passport, National Identity Card, Drivers license.
  • Your Tax Identification Number (TIN) depending on the type of business you do

SEE ALSO: 11 Benefits of Registering A Business Name In Nigeria With CAC

Guide On How To Start A POS Business In Nigeria

Starting a POS business requires proper planning, feasibility study, and execution, However, like every other business, POS or ATM mobile banking business requires hard work and determination to be successful. It is also a type of business that requires consistency and not you are in the shop today and tomorrow you are not.

Here, in this type of business, you don’t need huge requirements to start. And it is a very lucrative business, as many people prefer to use POS or their transaction as it is faster than going to the commercial banks. However, you need to have some cash because most of your customers will come for cash withdrawal than a cash transfer.

Now let us see what it will take you to start and have a successful POS business in Nigeria;

  1. Firstly, you must have an already existing  business, registered with CAC
  2. You must have start-up capital, this you can use to purchase a POS and also pay customers that will come to withdraw
  3. Establish your POS business in a good location such as markets, rural communities, school environment (University, colleges), in an ATM crowded area, and where there is human traffic.
  4. Next is to get your POS either from banks or private financial service provider like OPay, Paga, Quickteller, etc
  5. Set up your POS business with the equipment ( POS, Card reader, Barcode scanner to scan bills for bill payment transactions, Personal identification number (PIN), Flex Barner, etc)
  6. Finally, you can now start to discharge your duties and make money.

READ MORE: OPay Agent Guide 2021 | OPay Agent Commission |Free OPay POS Agent

In conclusion, the POS business in Nigeria is a very lucrative and profitable business to venture into, it does not require huge capital to start. We are encouraging you today, to start a POS business today! when you start little and with dedication, you will grow big.

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