Bắt đầu giao dịch với PrimeXBT, nơi công nghệ tiên tiến gặp gỡ thiết kế thân thiện với người dùng. Tại PrimeXBT, bạn có thể truy cập vào các thị trường toàn cầu và sử dụng các công cụ giao dịch tiên tiến để cải thiện kỹ năng giao dịch của mình.
Connect with us

Business Ideas

How to Start a POS Business in Nigeria

Published

on

POS Business in Nigeria

In this article, you will not just learn how you can start a POS business in Nigeria but how you can make the business profitable by diversifying into different other businesses. In this article, you will also learn the capital needed to start the business and the Nigerian banks you can open a POS business with.

If you want to know about all this read the article to the end. POS business also known as a Point of Sale business is one of the most popular businesses in Nigeria today because of the massive profits it yields daily.

From this business, I have seen many people make as much as #30,000 – #50,000 daily just because they are properly positioned and they are doing other business like sales of recharge cards, soft drinks, and pure water business, and more.

Is POS Business Profitable?

This is perhaps the most important question that everyone wants to get an immediate answer to. Well, averagely depending on your location and some other things you can make as much as #15,000 – #50,000 per day from rendering POS services alone. Now, imagine that you have other businesses like phone charging business or phone accessories business alongside your POS business in Nigeria.

You should be making an average of #50,000 – #100,000 daily. So if you ask me I will say that the business in Nigeria is a profitable business idea on all sides. As a POS agent, you will be earning #100 or more depending on the kind of service you render and the quantity of service. 

For example, in my area here POS agents in Nigeria charge #100 for every #5,000 withdrawals or deposits. Imagine you attended to 50 customers in a day that wants this same kind of transaction. That will be #5,000 for you as profit.

How to Start a POS Business in Nigeria

Here is the step-by-step guide on how to start a POS business in Nigeria today.

1. Get the Capital Required

This is the first step on how to start a pos business in Nigeria. I have mentioned the capital needed to start a POS business in Nigeria. This is the least amount you need in your account. However, there are some banks especially microfinance banks that allow you to get a POS machine at lower capital.

Whatever the capital it is you need to get the capital you need and like we usually say on this blog we discourage the getting of loans to start businesses. So never be pressurized. Take your time. If you do not have the money you can always start with a low-capital business first and as time goes by when you have made enough money start your post business.

2. Acquire a POS Machine

This is the second step to starting a pos business in Nigeria. After acquiring your capital the next step will be to acquire your pos machine. Pos machines are issued by microfinance and commercial banks so this means that you can approach any bank of your choice to get your machine.

Almost all commercial banks have their own pos machines they issue so is the same for microfinance banks. You just need to do your finding and look for the one that really suits your pos business. I have heard many stories from customers about their banks so you need to take your time and way the odds.

Which bank is best for pos business in Nigeria and what are the benefits of doing business with them? There is a process in acquiring a pos machine from any bank in Nigeria. You might need to link your account (an old account) to your pos machine or open a new account. It depends on the banks and its requirements.

3. Learn How to Use it

The POS machine is a simple machine to operate but just like any other electronic; one needs to learn how to use it before you are able to do transactions with it. You do not want to make mistakes in any withdrawals or deposits as this will make you look like a novice in the business.

To master the POS machine you can start first by doing transactions for family and friends. Since they know you very well it reduces the risk in case you make mistakes in the transactions. As I explained, there are many things you can use the POS machine to do.

But for starters, you should learn about deposits and withdrawals since this is the most common reason Nigerians patronize the POS centers. 

4. Choose a Right Location

Except you are starting your pos business in Nigeria from home it is very important you choose the right location. You do not necessarily need to rent a shop especially if it is only the business you want to be running. It has been proven many times that when you are at a bus stop, T-junction, or roundabout where thousands of customers pass every day many customers will transact with you.

For example, if you set your tent in a popular market if 1000 commuters pass daily at least 100 commuters will patronize you. 100 commuters x #100 per charge is a good profit.

5. Start your Withdrawals and Deposits

The best thing about a pos business in Nigeria is that it is a mobile business the only disadvantage is that you have to carry cash everywhere you go. This tells you that you can start your pos business from anywhere in Nigeria. It is not a must for you to rent a shop or get a space before you start the business just start.

Also, it is important to make accounts for your transactions. You need to write all the transactions you have made and the charges you have collected. The best thing about the pos business in Nigeria is that customers hardly have issues with the pos machine. If there is an issue it is mostly from their banks.

For this reason, you should not write their card details. I repeat do not write the card details of your customers as this will portray you as a dubious person.

6. Profits in POS Business

To make huge profits from your pos business in Nigeria you can hire someone a male or female to do the transactions while you pay them 20 – 30k monthly as salaries. With this, you can open more branches in a short while which will, in turn, make you more money. Another way, you can also make more profits from your pos business in Nigeria is to be always open for business.

Personally, I have noticed that pos operators that open for longer hours and on Sundays make more money than those who close early or do not open on Sundays. Lastly, you can increase profits in your pos business in Nigeria by starting another business alongside your pos business. As I said earlier, you can start a phone accessories business or a phone charging business alongside.

Conclusion

The POS business is a lucrative business in Nigeria especially because of the crowd and sometimes network problems in banks. Nigerians are tired of all these mostly the youths that is why they will do business with you. If you stay true to everything I have shared here I believe you will have a successful pos business in Nigeria.

Recommended:

📡Join Our Social Media Channels:

Facebook: theinfoWorth
YouTube: Ralph Finance

Ralph Bamigboye is an Accountant. He is the owner of TheInfoWorth.com, NetWorthVerse.com and Finance Naija YouTube Channel. He has helped many individuals to start their businesses and make money online. How can he help you?

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts

Video Game Center Business in Nigeria Video Game Center Business in Nigeria
Tech Businesses7 months ago

How to Start Video Game Center Business in Nigeria

Starting a video game center in Nigeria is very lucrative. It is a business that never dies due to its...

How Nigerian Musicians Make Money How Nigerian Musicians Make Money
Business Ideas7 months ago

How Musicians Make their Money in Nigeria: 10 Ways

As a musician or artist in Nigeria, these are the most common ways you can make money.

Animal Feed Business in Nigeria Animal Feed Business in Nigeria
Farming Businesses7 months ago

How to Start Animal Feed Business in Nigeria

How profitable is animal feed business, the capital needed, livestock feed production process and more.

Entrepreneur Entrepreneur
Business Tips7 months ago

Entrepreneur: The Meaning, Myths, Functions, and Types

The meaning of entrepreneur, who an entrepreneur is, myths of an entrepreneur, characteristics, functions

Lucrative Business Ideas in Nigeria Lucrative Business Ideas in Nigeria
Top Businesses7 months ago

37 Most Lucrative Business Ideas in Nigeria

This list comprises of different lucrative business that you can start in Nigeria from low to the highest

Fast Moving Business in Nigeria Fast Moving Business in Nigeria
Top Businesses7 months ago

Top 10 Fast Moving Businesses in Nigeria

In this article you will learn what a fast business is and the top fast moving business ideas in Nigeria...

Egg Supply Business in Nigeria Egg Supply Business in Nigeria
Farming Businesses7 months ago

How to Start Egg Supply Business in Nigeria

How profitable of egg business, the capital needed to start, and the step by step guide on how to start

Side-hustle-in-Nigeria Side-hustle-in-Nigeria
Top Businesses8 months ago

Top 10 Profitable Side Hustles in Nigeria

What is a side hustle, here are the most profitable side hustle businesses in Nigeria and how to start

Make Money from Real Estate in Nigeria Make Money from Real Estate in Nigeria
Business Ideas8 months ago

How to Make Money from Real Estate in Nigeria: 10 Ways

The real estate business is a lucrative business and these are the best way to make money from it.

Dog Food Business in Nigeria Dog Food Business in Nigeria
Farming Businesses8 months ago

How to Start Dog Food Business in Nigeria

How profitable is dog food business, capital needed, and the step by step guide to start.

error: Content is protected !!