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How To Start POS Business In Nigeria (Fund Transfer, Recharge Card)

Opay POS Machine

The POS business commenced in Nigeria in 2013.

The result created a broadway for all financial transactions services to reach the unbanked regions of Nigeria. In most nook and cranny in Nigeria today, POS stores exist where different types of transactions can be executed ranging from deposit to withdrawals etc POS is an acronym for Point of Sales, and is a ubiquitous and auspicious business in Nigeria.

Where so many people have thrived from this business the other interested parties would want to get involved. have you ever tried to go make a withdrawal or deposit at the bank or even at the ATM stand, the metallic sunlight in Nigeria will not only discourage you, if you persist to head there you will be disorganized, disoriented and exhausted by the time you get home from the queuing and other forms of stress.

This is a business that can provide jobs to thousands of people especially the youths and very Low capital is  needed to start contrary to most other businesses, the POS business does not require large sums of money in order to start. A balance of N50,000 is okay to commence the business. The cost of commencement is also reduced with the fact that you do not need a posh shop to start the business. Countless businesses are now using POS machines for their daily transactions.

How Do POS Agents Make Money?

POS businesses can make a daily return of between 5,000 NGN to 30,000 NGN daily, even more. Although, a huge determinant is the location of the business.

POS agents make their profits from the charge fee on every transaction performed by the customers, from withdrawals to airtime buying. Sometimes, the POS service provider also gives the agents a commission.

In most situations, Every transaction by a POS agent for a customer warrants a service charge, which the customer pays. The payment of this charge is where most of the POS agent’s income comes from .

The following are the appropriate steps you should follow in order to commence POS Business


This is imperative because as a business you must have a place to establish it. a small place is enough. You can rent it or use you house for transaction. the location of your pos business advances your business and increases profit. It should be easy to locate. I know you want people to know your shop is about.


You need a minimum of N50,000. you also need money for is shop renting.


you could get your POS machine from a:

Bank or Agency bank

How can I get my POS Machine

.You should Have a sale point

.You should also Possess a registered business name

.A passport photograph

.Get it on lease or pay cash

How to get pos from banks

Have a business name

Account number

Business email address

Phone numbers

And some other small details.

You will be directed to an account officer and they will begin processing the documents within 72 hours, in about 14 days you will receive the POS if it is available, Although you will be required to sign a POS agreement document with the bank.

Get your POS machine from a CBN licensed PTSP

Where you do not  want to get the pos machine from a bank, you can also purchase from Companies who are allowed to sell them. They are registered aggregator with CBN licensed PTSP (issuers of pos terminal in Nigeria. You stand to benefit a lot from owning your own pos machine.

The prices of these machines vary depending on where you would be purchasing them from and the type of pos machine in question. The more expensive it is, the better the service.

 You can get a POS machine from any of the Nigerian banks as they have their own way of working one should go to them in person to be briefed on what is needed. The POS machines are given out for free by banks although terms and conditions apply.

Companies You Can Get POS from

Micro Finance bank: some microfinance banks like Fortis Mobile gives out pos machines. But you have to register as an agent for a mobile money company.

INTERSWITCH: Interswitch is immediate debit and credit but it does not accept visa cards for now.

There are many mobile money operators example; Quickteller, Paga, Branpos, Pocketmonie, Firstmonie, Opay, Paycentre, Nexgo Pos,etc.

The banks may change their Commission anytime but it is possible to find out the current charges from your agent or bank.


Power or source of light. Some rural communities don’t have steady light while others don’t have it at all.  So you will have to spend more on fuel to power your generator after purchasing one. In other to keep your business running and your customers smiling. The business involves the use of a machine and has to be powered every time.

Network issues: a friend of mine told me how she got to one school; about commencing transactions there was no network. She battled for a while at the end she excused herself. And told the proprietress that she will be back when the network comes up. Anyway, there is a way you can use your phone to do the business so you can avoid embarrassment. I mean alongside with the machine

Some people say phone transfer is better than pos but big Companies with many staff needs pos. Phone transfer is risky and very frustrating. Network is the major challenge. Some alerts take hours to come and sometimes you get a reversal of the money a customer has already confirmed you posted.

Theft/robbery: it involves money-making, there is the fear of possible attack because you are exposed to it. To keep security means spending money.

Inability to control the crowd that gathers around you.

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