Guideline On How To Start POS Business In Nigeria With Low Capital

Are You A Business Man Or Woman And You are Looking For How To Start POS Business In Nigeria With Low Capital?.

You are at the right place, after reading this article you are going to find out if Pos Business Is Profitable In Nigeria or Not.

When It Comes To Profitable Business in Nigeria consider POS Business As One Of The profitable Business you can start with little capital.

Due to the rate at which people are desperate to know how to start this business, I will be covering some queries like;

  • How To Make Money From POS Business.
  • Is POS Business A profitable Business.
  • Before I tell you how to open a POS Business and make money from it, it will be good and pay attention to know what POS Business is.

    What’s is POS Business?

    From my little understanding of this pos business, POS stands for point Of sales and post business is just a mobile agent business that is been operate by any post agent.

    This POS Business can come in different categories which you can see some matching like moni point, opay, Palmpay and the rest.

    POS Business becomes in existence in the year 2013 and since then it has grown globally which the POS machine make things easier when it comes to withdrawing of money.

    Just with little chargers you can easily withdraw your money without the stress of going to bank or going to any near by ATM stand to withdraw your money.

    This POS Business has rules and regulations that is guiding it and this rules and regulations was made possible with the help of CBN (Central Bank Of Nigeria) on the basic and guidelines on how any POS enterprise should carry out their Activities.

    This POS Business has made it very easy to use and even if you are a business owner, you apply for the Pos machine for you business because is not everybody that will like to come to market with cash.

    You should know how risky it came be coming to market with a large sum of money, is not a good idea that is why the owner of a business should have a POS machine.

    Read Also: is Okrika Business Profitable ? : Learn How To Start Okrika Business

    How To Start POS Business In Nigeria With Low Capital: Full Guideline

    How To Start POS Business In Nigeria With Low Capital

    In other for you to be able to start POS Business and become successful at it, you need to consider this

    1: Rent Shop In An Open Place

    Your location matters, is advisable you set up your POS Business is a good location in other to make sales because when you rent your shop in an open place you will have high Chances of getting customers to patronize you, which will enable you to make reasonable profit on a daily basis.

    Some of the locations where you can set up your POS Business can either be; Hospital, Market, Higher institution,Event center And Even in some Big Companies.

    Still on How To Start POS Business In Nigeria, is not necessary you can still rent a shop, with your little capital you can still start a POS Business In Nigeria.

    You can just get an umbrella and chair and table and put in a small setting and start your POS Business, but is still advisable you start it in a big way so you can make reasonable profit from it.

    Do you know that if you are also into business pattern with any bank, they will grant you free access to POS machine.

    2: Have Money Of Your Own

    Still will always look difficult but I must tell you that you need nothing less than 100,000 for a start and which 50,000 will be used for withdrawal and the other 50,000 will be in your POS Business Machine, which that money can be used for Money Transfer and Utility Bill Payment.

    But of you don’t have such money you can apply for loan from any online App or instead borrow from friends and pay back later, but I will advise you when it comes to Start POS Business In Nigeria, I will advise you to start with your own money is more safer.

    3: Get A Strong Network Service Provider.

    Please when it comes to this network provider you need to get a strong wifi, you can use MTN wifi or smile network, they are very fast.

    Please don’t make use of your phone hotspot, always get your own private Network like Smile WiFi.

    Advantages And Benefits Of Doing POS Business

    Starting POS Business can be beneficial at all means because when you are into the business you help the people of community:

    The benefits Are;

  • Reduces Crowd At ATM stand in the bank
  • Fast And Quick Traction
  • Sales Of Recharge cards( Airtime like MTN, Airtel, Glo And 9mobile)
  • Utility Bill Payment like Gotv, DStv, Nepa and the rest
  • And also you get commission of 100 or more from every Deposit, withdrawal, and Transfer Of Money.

    The above listed advantages are self explanatory.

    Still on How To Start POS Business In Nigeria, the next thing now is how to get POS machine.

    How To Get A POS Machine?

    I don’t think their is a way you can start a POS Business without having A POS Machine.

    And this machine you can only get it in two places either;

  • 1: From Any Nigerian Banks.
  • 2: From A Legit Licensed Company.
  • How To Get POS Machine From Bank

    Is very easy to get this from bank but the disadvantages their is that banks will be getting their own commission as you are using the POS machine.

    But what you need in other for you to be able to open POS Business in Nigeria.

    You need a current Account from any bank of your choice, don’t worry I am going to list best banks for POS Business.

    When you get you current account, and your CAC, Bank Will issue you the Pos machine.

    How To Get POS From A Legit Licensed Company.

    Still on How To Start POS Business In Nigeria, when you want to get this POS machine from some Licensed Company you will need to buy the machine and this machine can cost 25,000 to 50,000 depending on the one you are buying.

  • Opay POS Machine
  • Pampay POS Machine
  • Moni point POS Machine
  • Kudi POS Machine
  • Those machines are the best, you can go for any one.

    List OF Best Banks That Offer POS Machine In Nigeria

    I am not going to mention all, I will only mention few.

      First Bank PLC
      Guarantee Trust Bank (Gtbank) PLC
      United Bank Of Africa (Uba) PLC
      Access Bank PLC

    Get your POS Machine from those banks.

    Disadvantages Of Starting A POS Business In Nigeria

    The only disadvantages here is that you can get rubbed at gun point and you can be given a fake money.

    Read Also: How To Become A Successful Business Man In Nigeria

    Conclusion on: How To Start POS Business In Nigeria

    That is all on POS Business, if you have any issues, you can make use of the comment section.

    Thank You.

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