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Learn how to start a POS business in Nigeria. Find out the steps involved, including getting a host, choosing a business location, obtaining a POS machine, and advertising and marketing your services.
Starting a POS business in Nigeria can be a profitable venture that provides convenience to customers and earns you a commission on every transaction.
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How to Start a POS Business in Nigeria
The POS business, short for “Point of Service” or “Point of Sales,” is a form of banking service in Nigeria where agents facilitate transactions without customers having to visit bank branches.
These agents offer services such as transfers, withdrawals, and deposits, as well as utility bill payments and internet data subscriptions.
By offering these services, POS agents help decongest banking halls, make transactions easier for customers, and earn a profit.
Before jumping into the POS business, it is important to have prior knowledge and take necessary precautions to avoid falling victim to fraud.
Follow these steps to start your own POS business:
Step 1: Getting Your Host
To start your POS business, you need to partner with a host such as Paga, Quickteller, Zenith Bank, FCMB, or Firstmoney.
These hosts provide the necessary infrastructure for carrying out POS transactions.
To join a host like Paga, visit their official website and browse through the information provided.
Submit your request to become a certified agent, including your contact details.
Once approved, you will receive the necessary steps to kickstart your business.
Other trusted hosts include Firstbank Firstmonie and Quickteller, which offer similar services.
Step 2: Business Location
The location of your business is crucial for its success.
For a POS business, it is ideal to choose a location in a residential area, away from banks.
This ensures that customers prefer using your services instead of going to the bank, as it saves them money and time.
Consider the following factors when selecting a location:
- Ensure your shop or location is not close to any ATM outlets.
- Choose an area with a lack of banking institutions.
- Provide space and chairs for customers to sit comfortably.
Step 3: Get a POS Machine
Obtaining a POS machine is now easier and faster than before.
You can purchase a card reader attached POS machine for customers who want to withdraw cash.
The price range for a POS machine is around N60,000 and above, depending on the supplier.
Some banks may provide the machine for free, but with certain terms and conditions, such as having a current account.
Make sure to download the necessary POS documents from the internet and consult your account officer for a stress-free experience.
Step 4: Advertising and Marketing
Advertising is crucial for any business, including a POS business.
Start by printing banners and posters to attract passersby to your location. Leverage the power of the internet and social media platforms to reach a wider audience.
Advertise your services on platforms like WhatsApp, Facebook, and Instagram. Highlight the various services you offer, such as electricity bill payments, TV cable subscriptions, and internet data packages.
Starting a POS business in Nigeria can be a profitable venture, as it provides convenience to customers and earns you a commission on every transaction.
By following these steps and ensuring proper marketing, you can establish a successful POS business in your desired location.
