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POS business in Nigeria is currently one of the hottest businesses to start for the average Nigerian. It is slowly taking over ATMs because of the ease and convenience it provides consumers. A POS business or mobile money agent makes cash available to people in exchange for a commission or fee through a POS machine.
Because of the scarcity of Automated Teller Machines (ATMs) and the long queues people experience at ATMs. You can now find someone running a POS business everywhere you turn in Nigeria.
Here are the steps you need to take to become a mobile money agent or start a POS business in Nigeria.
Step 1. Determine the cost of starting a POS business.
The cost of starting a POS business in Nigeria can be different from person to person. Because of the different locations people stay in. The amount to rent a shop or space to start this business in Lagos will be different for in a place like Maiduguri. You’ll also need to know which bank of company you’re going to sign up to for you to become a POS agent. Do they offer free POS machines or you have to pay. Do their requirements entail any expense. You also have to consider how your shop will be. Do you need a safe? How are you going to secure the shop. These are some of the things to consider to arrive at the cost of starting this business.
2. Find a Location.
Since this will be a physical business that will require lots of leg traffic it’s important to get a very suitable. A suitable location will be a place that is densely populated. It should be a place where a lot of people stay in and where there isn’t easy access to banks or lots of ATMs.
3. Raise Your Capital.
Since you determined your cost for starting the business, you now how much you need to start. All that you need is to raise the capital and you’re mostly on your way to becoming a POS agent.
4. Apply To Become A Pos Agent.
Depending on the bank or financial institution, applying to become a POS agent or for a POS machine might be outright purchase, lease or even for free. Determine which of them is suitable for you based on their requirements, commissions and charges. You can apply for a POS machine online or go the bank or company’s office. But this process can take from 2 weeks to a month for everything to be set.
Some of the required documents include;
• Valid means of identification e.g Driver’s license, National ID card, International passport or voter’s card.
• BVN
• 2 passport photographs
• 2 current account references
• Tax Identification Number (TIN)
• A minimum working capital of N50,000
5. Render Services
The business is rendered through the use of POS terminals, card readers, mobile phones, and bank linked mobile wallets for real-time transaction processing.
As soon as you have these, the next step is to start providing the following services;
• Cash deposit and withdrawal
• Balance inquiry
• Funds transfer services (local money value transfer)
• Bill payment (taxes, utilities, tenement rates, subscriptions, e.t.c)
• Generation and issuance of mini statement
• Cash disbursement and cash repayment of loans
• Agent mobile payments/banking services
Which POS Agent is the best in Nigeria?
If you intend to become a POS Agent in Nigeria, some of the best companies to consider based on cost and commision rates are:
• OPay POS
• Bankly
• Monie Point POS
• Firstmonie POS
• Kudi POS
• GTB POS
• Pay force
• Paga
• Zenith Bank mobile money agent
• Access Bank CLOSA agent
• Quickteller Paypoint
• Ecobank Xpress point
• Baxi Box
• UBA POS
How much does it cost to start a POS business in Nigeria?
There is no fixed cost for starting a POS business in Nigeria. The cost of starting a POS business can depend on if you secured a location (shop) or not. Then it also depends on if you’re getting a POS machine for free or not.
The main cost that you’ll require for starting a POS business in Nigeria is the cash at hand you’ll need to make withdrawals possible. This can range from ₦250,000 to ₦150,000.
Don't forget; Every Business requires dedication and steadfastness. If you can be dutiful with a POS business, you sure will make daily income.
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