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How To Set Up A POS Business In Nigeria 2022

How To Set Up A Pos Business In Nigeria 2022

How To Set Up A Pos Business In Nigeria 2022

In this article we will guide you on how to set up a pos business in Nigeria, but before we proceed I will like to explain what a pos is and what is used for, So let’s get started.

The full meaning of Pos is “Point Of Sale” or in other words, it’s where your transaction is finalized. The term itself can have a couple of different interpretations, Pos business can be otherwise known as agent banking business.

It involved the transfer of funds, withdrawal of funds, sale of recharge cards, and bill payment like Gotv, Dstv, Startimes and Nepa Bill service.

This business is an extension of service offered by various financial institutions like banks through which customers get convenience. Therefore, the fee you charge customers for this service is simply called convenience fee.

The central bank of Nigeria in about for financial inclusion has thrown open this opportunity. And avenue to create wealth and employment for the teeming number of unemployment youths.

Furthermore, this business thrives in area where there are limited or no banks or ATM machine. People will always be in need of money for various needs and will be glad to go where they can be quickly served at a minimal cost.

Benefits Of Pos Business In Nigeria

* Achieve Financial Inclusion

* Reduced The Cost To Serve

* More Account Acquisition

* Business Opportunity

* Create Jobs For The Unemployed

* Service a wider range of Customers

* Always Make Customers Happy

How To Set Up A Pos Business In Nigeria 2022

Reason Why Pos Business In Nigeria Is Profitable

This business involves much liquidity cash to give out because customers will come more for withdrawal than transfer.

These service you will be Offering includes

  • Fund Transfer
  • Bill payment
  • Sale of Recharge cards
  • Account Opening

Apart from recharge cards which is free from charge, then other list above are Chargeable.

Once you are in a strategy location where they are limited or  No ATM machine around, Customers will prefer coming to you for quick services

Steps On How To Start Pos Business In Nigeria

1: Have an exciting business to merge Pos with

2: Get A  Viable Location

3: Be Tech saving

4: Get A Reliable Host

5: Request For your Pos Machine

6: Make Up banners and advertise your business

7: Open Other Location and expand

1: Have An Exciting Business

Ever since PoS business has to be with cash to be eligible, you must have an exciting business in operation at least for a good period of 12 months. Also you must have a shop or office from which you operate.

Then, you must been registered with the corporate Affairs Commission as any of the following

* Limited Liability Company

* Sole Proprietorship

* Partnership

* Corporative Societies

* Public Entities

* Trust Or Any other entity aside from faith based or NGOs.

2: Getting A Host

You can start POS business by Getting a host. A host is a financial institution through which you extend their services to your customers

How To Set Up A Pos Business In Nigeria 2022

These Are Good Recommend Host Available

  • First Bank
  • Quick Teller
  • Page
  • Fcmb

3: Location

Your location is another strategy to your success in this business. A location where there are limited or No ATM machine or Financial institutions like Bank will do well more than are where there is ATM machine or flooded with PoS Already. Apart from that, they should be enough room to certain your customers, a furniture divider between you and your customers create a place where customers will feel free to carry out transactions

4: Get A POS  Machine

Most of your customers will come to make withdrawals, so, a pos machine is really important without it your planning to start the business is miserable. A new pos machine goes for N85,000 to 100,000 only.

How To Set Up A Pos Business In Nigeria 2022

First bank offers free pos machine in Nigeria as of the time of this post, you just have to meet their requirments, to get one visit any first bank branch closet to you and make more inquire about Agent banking.

5: Getting a banner for your  business is a good strategies of promoting your business, for your business to be well known, you need to create awareness, you won’t sell anything if people don’t get to know the goods and services you offer. Go get a well designed banner at affordable amount of money.

Also Read :- Guide On How To Start A Successful Iron And Steel Rods Business In Nigeria

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I'm Astro A young music addict blogger and mastermind behind AstroBaze media..serving you every latest updates around the globe..

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