How to Start POS Business in Nigeria

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This write up will be focused on starting a POS business here in Nigeria. POS is one of the fast-moving and lucrative business you can start here in Nigeria and make a good income from it. We would be looking at so many aspects of these businesses from start-up to all the things you will need to get these business starting.

We have so many POS point around the country but you need to understand that you have to be strategic when about establishing a POS business.

Before we dive into it you need to understand what POS means. POS is an extension of the banking services because it involve taking our various banking services to street and making it near the consumers. POS operators perform virtually all the functions being done by banks and they are easily accessible unlike the banks.

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The setup of POS business is a way of decongesting the banks from crowd and in a way it helps bank customers to perform their operations fast, operations like withdrawal, deposits and transfers. Apart from the normal banking functions such as withdrawing, deposit and transfers, they also perform other functions like paying of bills such electricity bills, Dstv, Gotv and the likes.

The business angle of POS is so lucrative because it makes you earn daily, the profit margins varies on a daily basis but we have merchant who makes as much as 5000 naira in the POS business, at the end of the month they make an average of one hundred and fifty thousand naira monthly ( 150,000).

Process of Starting a POS Business in Nigeria

There are so many process you can use to start POS business here in Nigeria, you can either use the various POS being offered by the Nigerians banks we have here in Nigeria. You can approach the various banks here in Nigeria to apply and make use of their POS machine to start your POS business. I will quickly list the various banks you can apply to and start using their POS machine.

First Bank Nigeria, there POS is called first monies

  • GTB
  • ZENITH BANK
  • PROVIDENCE BANK
  • SKYE BANK
  • ACCESS BANK
  • FIDELTY BANK

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You can utlise the following banks to apply for their POS and other banks not listed in the list above.

Apart from the following commercials banks listed above you can also use the following private services such as:

  • Paycenter
  • Opay
  • Momo
  • Paga
  • Kudi
  • Flutterwave.

We would quickly look at the process of applying to the various services and see how to process the POS machine.

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Application Process for Paycenter POS Machine

Log on to paycentre.com
Click on new application
Once you click on application fill the forms and input your details
Once you input your details and submit
They will feed you back in the next 24 hours
And you pay your application and process fee of 14,000 naira.

If they havn’t gotten back to you within the next 48 hours, you can go to their office in Yaba, get the full address on their website and you can go there and do your applications.

Application Process on Quick teller

Log on to www.quickteller.com
Once log in click on sign on
Once sign on fill their applications forms with your correct details
Once you fill your details they will get back to your in the next 24hours and guide you on the process of getting the POS machine.

Application Process on MOMO

Log on to www.momo.com
Once log in click on sign on
Once sign on fill their applications forms with your correct details
Once you fill your details they will get back to your in the next 24hours and put you through the process of getting the POS machine.

Application Process on Paga

Log on to www.paga.com
once log in click on sign on
Once sign on fill their applications forms with your correct details
You will need to pay #20,000 signup fee
Once you fill your details they will get back to you in the next 24hours and walk you through the process of getting the POS machine.

All the private companies offering POS machines are licensed by the CBN to operate the services.

To apply for the POS machine using any of the commercial banks.

You must have a running account with any of the banks
You must have a fixed amount in your account as working capital
You must have a physical location for business
Once you meet all this requirement you can go ahead to apply for the POS machine.

If you follow the process carefully, you will have no problem getting started with having a POS business.

Here you have it the step by step process of starting a POS business here in Nigeria, kindly help share with your social media network and if you have any suggestion drop your comments below.

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