How much do I need to start up a pos business in Nigeria? The POS Company in Nigeria is one of the most popular companies that start for the typical Nigerian. It gradually replaces the ATMs because of the ease and lightness that it offers customers. A POS Mobil Business Agent offers customers a reimbursement through the POS device.
Due to the lack of automated money machines (ATMs) in addition to the long lines, customers are at ATMs. There is now a person who runs a POS company everywhere in Nigeria.
For this reason, we wrote this guide to help you know how much do I need to start up a pos business in Nigeria and where to find a pos company in Nigeria?
In this article, we go through the POS company in Nigeria. The most common problems and disadvantages and the costs related to the establishment of a POS company in Nigeria and how lucrative and profitable it could be. If it is something you deal with the POS machine that you can use, as well as the agent networks with which you can participate.
Table of Contents
What is POS Business In Nigeria?
A machine from the Sales (point of sale) has been developed so that dealers, companies, and retailers could pay for their goods or services without cash. Since then, POS terminals, also known as machines, have been used for banks in Nigeria and for Fintechs (financial technology companies) to increase financial integration by offering banking services and financial products for bankless and links -wing people in Nigeria.
In essence, you do not have to go to a banking institute to carry out most financial transactions. You can perform these transactions in a POS center.
That is why those who do not have access to banking online or banks can now have access to these services, provided that there is a POS facility nearby. Especially for those who live in national or remote communities. This is why the POS company in developing and underdeveloped countries is becoming increasingly popular.
The people who start the POS company in Nigeria are often called POS agents. POS agents earn money with committees if they perform financial transactions that are authorized for customers/consumers.
A POS company in Nigeria is not only used for transfers and payments. You can also use it to charge your broadcasting time, DSTV and GOTV payments, and tax payments.
Services of a POS Company or Mobile Money Agent In Nigeria?
A POS agent or a representative of mobile money in Nigeria can offer the following services to those who live near the area in which their company is located.
- Open new bank accounts
- Pay money payment and Treknap from and to each bank
- Count money
- Perform invoice payments such as cable TVs, electricity tax, and steering time payments.
- Register for BVN (bank assessment number)
Are POS companies In Nigeria Profitable?
In general, the start of the POS activities can be profitable. Especially if you already have an existing company with a physical website where you work. It reduces the investment requirements you need to find your company.
This is due to the fact that more people visit POS Center every day to complete their financial transactions and to keep themselves of the problems that the banks can cause.
POS companies can also be profitable in Nigeria because many remote areas have no banks, so POS agents are now the official banks. Moreover, the POS agent or the company is not obliged to carry out marketing because they are in public, and customers are always attracted to them because of their ease.
POS agents are now an alternative to the banks, especially for the transfer of cash and recordings.
POS companies in Nigeria do not need much capital and they will earn money from the moment they have found their business. You must ensure that you are in an excellent environment. On average, a POS agency in Nigeria can earn between 7,000 and 10,000 N a day, depending on the location where you are and how you have created trust with your customers, especially those who are.
How Can You Make Profits From a POS Company In Nigeria?
You earn profits from the commissions you receive from every customer who uses the POS machine. For example, a customer may want to boil 5,000 N. The bank will be calculated N100 per transaction and then share the money with your POS provider. You can take N60 as a commission and the bank or the company pays N40.
How Much Do I Need To Start Up A Pos Business In Nigeria?
There is no fixed price to start a POS company in Nigeria. The cost of starting the POS business depends on whether you have also secured a room (shop). It also depends on whether you receive the POS machine for free or not.
The main effort you need to find a POS company within Nigeria includes the funds on the bench you need to withdraw funds. The amount can vary between 250,000 and 150,000 N.
A new terminal or a POS machine at some banking institutions as well as in Fintech companies in Nigeria is only 85,000 N to 100,000 N. However, some offer free POS machines. However, you have to meet your requirements.
What Are The Costs of a POS Machine In Nigeria?
The price for POS devices in Nigeria depends on the company or the bank, for which you become an agent or from which you want to acquire. There is no price in stone to buying POS devices in Nigeria.
The prices can vary between 45,000 and 65,000 N up to 75,000 N and increase up to N200,000 based on the technical data of the POS machine.
Different POS terminals are equipped with different specifications such as 2G, 3G, and 4G as well as different types of characteristics.
Where can you get POS machines?
There are POS machines exclusively through banks and various financial institutions throughout Nigeria.
Some of the best-known banking and financial institutions from which you can receive a POS device in Nigeria; GTBank. First Bank, Access Bank, Uba, Zenith Bank, Opay, Baxi, Monie Point, Kudi, and Bankly.
Which POS agent is most effective in Nigeria?
If you plan to work as a POS -Gent in Nigeria, the most respected companies must be examined in terms of costs and commission rates:
- Bankly
- Monie Point Pos
- Opay POS
- GTB POS
- Kudi Pos
- Paga
- Baxi box
- UBA POS
- Quicktler PayPoint
- Ecobank XPress Point
- Zenith Bank Mobile Money Agent
- Access to Bank Close Agent
The steps to start the trial of a POS business or to become a POS agent in Nigeria
These are steps that you have to follow to become a mobile cash agent or to find a POS company in Nigeria.
- Calculate The Costs For The Start Of A POS Company
The costs for the beginning of a POS company in Nigeria differ from one person to the next. Because of the different places that people live. The cost of leasing an office or a place to found a company in Lagos differs from that of Maiduguri. You also have to find out which company or bank you will register with to become a POS agent. Do you hire free POS devices or do you have to pay? Are your requirements for the costs subject to? You also need to take the way your business is operated. Do you need security? What are the best ways to ensure the security of your business? These are just a few of the factors that you should examine when the company arrived.
- Find a location.
Because this is a real company that needs much pedestrian traffic, it is crucial to choose a reasonable location. A good place is an area that is populated. It should be a place where many people live and where it is difficult to gain access to banks or many ATMs.
- Increase your capital.
If you have noticed the costs of financing your company, you know how much you should invest. Everything you have to do is create capital and you come closer to the POS agent.
- Apply as a POS agent.
Based on the financial institution or the bank for which you are applying, it can be to become a position or buy a POS machine, directly or rented or perhaps at no cost. Choose what is best for you, based on your needs in terms of committees, reimbursements, and other costs. You can request a POS computer on the internet or visit the office of your bank or company. The process can have to be set up between 2 weeks and a month.
Advantages and disadvantages of the POS company in Nigeria
Record the benefits of a POS company in Nigeria for both the business owner and customers:
- It can also be a great source of income for entrepreneurs.
- Moves and simplifies the life of those who do not have to visit the bank to carry out money transactions.
- Promotes financial inclusion throughout the country.
- Reduces the risk of theft because people don’t have to take a lot of money with them. A robbery with one arm.
- Increase in sales for dealers because they can operate both card carriers and bar payment customers.
The disadvantages and difficulties in the functioning of a POS company in Nigeria are:
- Attacks by robbers. Due to the type of company (dealing with cash) it is a magnet for criminals and robbers for business. Because you cannot include a security person for these types of companies. You must be safe and careful when transferring and storing funds.
- There are problems in bank networks in this industry. It is therefore important that the POS agent with whom you choose a partnership offers a reliable network service. Some people fight this problem by using a maximum of three different POS machines
- Due to the fluctuating food in the US, it is important that your POS devices are always operated. A small generator can be the best idea.
- There is no regulation of the agency’s bank banks: because of the lucrative nature of the Posur Business of Agency Banking, many people in this sector are investing, but it is not in the mood for regulations. In some areas, there are POS transactions so they are so close. There are no regulations that regulate the removal of the business community. There are also no fixed costs for POS agents in general, and therefore the costs vary from agent to agent to agent
Conclusion – How Much Do I Need To Start Up A Pos Business In Nigeria?
How much do I need to start up a pos business in Nigeria? The answer is; there is no fixed price to start a POS company in Nigeria. The cost of starting the POS business depends on whether you have also secured a room (shop). It also depends on whether you receive the POS machine for free or not.
The main effort you need to find a POS company within Nigeria includes the funds on the bench you need to withdraw funds. The amount can vary between 250,000 and 150,000.
A new terminal or a POS machine at some banking institutions as well as in Fintech companies in Nigeria is only 85,000 N to 100,000 N. However, some offer free POS machines. However, you have to meet your requirements