The emergence of the POS machine which has made agent banking in Nigeria very lucrative. The POS business in Nigeria is one new industry that has been helping the middle class pull through this period.
One will ask how can I Start A POS Business In Nigeria with the little capital I have and what are the easiest way I can actually begin this business.
To begin POS business in Nigeria, you are required to know some certain thing to enable you not to make a mistake.
In this article, we will be guiding you through how To begin your own POS Business In Nigeria. Please note that every business has its own risk.
Before we proceed, let us look at the key terms we will be talking about.
Point of Sale Mechines (POS) are used by businesses, banks, hospitals to make and recieve payment for services rendered or recieved.
Before now, the POS machines are used in banks for transfers, bill payments, recharging airtime, payment of rent, taxes, Game booking, etc.
Due to the inability of banking service to be extended to rural areas of the country, the POS machine system of payment was introduced to enable individuals to perform key bank-related services in the comfort of their locality.
Aside from banks, there are other organizations you can use as your host. They include;
Cost of a POS machine
Some hosts like the First bank offer the machine for free but you need to meet up with their targets. Aside from getting it for free from the first bank, you can also buy it at the rate of N85000 – N100,000 only depending on who you are getting from.
Before we continue, please note that the requirements differ based on banks. We list some of these requirements to enable you to know what and what that might be involved during the starting process.
After the bank must have gone through the documents you sent to them, the next thing is to supply you with your requirements you need to run your business.
Some of the equirements includes;
As a Point of Sale Machines (POS) owner, you become a banking agent and you make money through service charges and commission from the bank you are cooperating with.
These commissions vary based on the amount an individual is transferring or withdrawing at your POS stand. We advise you to make your charges a bit minimal to enable customers to always consider your stand.
In Conclusion
Those that want to know more about how to Start a POS business In Nigeria need to follow the guidelines and also make their own effort by going to the bank to find out more.
Call For Applications: Prince Claus Fund & Creative Industries Fund NL Building Beyond Mentorship Program 2024 (up to €10,000) Building…
Call For Applications: Unicorn Kingdom Global Tech Awards for Tech Startups in Africa The Unicorn Kingdom: Pathfinder Awards (UKPA) are…
Call For Applications: UNESCO International Fund ( Up to $100,000 Prize) As a result of its commitment to strengthening the…
Call For Applications: JWO Research Grant for African Environmental Scientists ( Up to $150,000 Grant ) The JWO Research Grant has…
BIC brings to you the “Art Master” Ball Pen art contest that encourages talents across Africa and the Middle East…
Call For Applications: Google for Startup Academy Google for Startups Growth Academy: AI for Education is a three-month hybrid program…