Business
How to start a POS Business in Nigeria
Point of Sale otherwise known as POS business is a lucrative business and easy to start too. You just need to meet the host bank requirement and you are in business.
Below are the steps to start;
Get the required capital:
You would need money to get the most tools which is the POS machine for a start. You would need between N50,000-N80,000, this capital will cover other logistics of the business
Find a location:
You would need a strategic location that is a bit far from your competitors like the banks and ATM points. Just a clean area with a good amount of people that will want to carry out financial transactions
Construct a kiosk:
You might not need to pay for a shop; you can go for a less expensive kiosk. The only thing is to design the kiosk to depict your POS business. You can have posters on the kiosk to alert customers of a POS terminal
Get a POS machine:
This is where the work lies; you would need to apply to obtain the POS machine either through commercial banks or financial agents.
You would need to fulfill all the requirements of each issuing agent before you can get your POS machine. Some banks in Nigeria where you can get a POS machine are Fidelity bank, first bank, Gtbank, Wema bank, etc. if you are an account holder in any of these banks you can get the POS machine at a lower price.
You would need to apply for the POS using the following documents:
- Voters’ card or an international passport
- Account number
- Passport photograph
- Business email
- Bank Verification Number (BVN)
You can also get your POS machine from mobile operators which include Paga, Firstmonie, Interswitch, and Quick Teller. In this case, you would be operating as the agent while the mobile operators become your host. The documents the operator will need along with your application are your BVN, CAC certificate, current account references, and your passport photograph.
So once you have gotten the approval after applying, you can start rendering different financial services to your customers.
POS business owners charge between N100 to N200 for N5,000 withdrawal. The more transaction you can do, the higher your daily income. N200,000 transactions for instance can fetch almost N4,000 commission which in a month could amount to more than N100,000.
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