POS business is also known as agent banking business, and it involves the transfer of funds, withdrawal of cash, sale of recharge cards, and bill payments like GoTv, DSTV, Startimes, and NEPA Bill services.
It is simply an extension of services provided by financial institutions such as banks, and it is meant to give customers access to a more convenient way of making payment. For every service rendered, customers get charged a convenience fee. See
How To Start A POS Business In Nigeria:
What Are The Benefits Of POS Business In Nigeria?:
- It helps you achieve financial inclusion.
- It helps to reduce the cost to serve
- It aids more account acquisition.
- It enables more business opportunities.
- It creates jobs for the unemployed.
- It helps to decongest bank branches.
- It serves a broader range of customers.
You Might Also Want To Read: How to Withdraw Payoneer Funds in Nigeria- Best Nigerian Bank to withdraw Payoneer Funds.
How Can I Set Up A POS Business In Nigeria?:
1. Host:
You can start the POS business by looking for a host. A host is simply a financial institution through which you can extend their services to your customers. Amazing institutions that can act as hosts in Nigeria are:
- First Bank
- Quickteller
- Paga
- FCMB.
2. Location:
Test location is very key to the success of this business. If you get a location where there are restricted or zero ATMs or financial institutions, it will help your business. Also, make sure you go for something that has enough space to hold your customers and furniture. Your customers need to be comfortable while transacting with you.
3. Get a POS Machine:
Because some people will come to make withdrawals, a POS machine is even more key. In Nigeria, a new POS machine costs about N85,000 – N100,000. However, First Bank provides free POS machines, but you have to meet their requirements. If you want one, head to any First Bank Branch nearest to you to know more about Agent Banking.
4. Banners:
If you want your business to be popular, the creation of awareness is necessary. You cannot expect to make sales if potential customers know nothing about the goods or services you have to offer. Therefore, it is wise to invest in a top-quality banner to put yourself and your business out there. You can get one for 4,000 naira in Nigeria.
That is that.
