Massive Queue at ATM stand is one problem faced by Nigerians today, many individuals now make use POS for their transactions rather than standing under the hot sun and sometimes under the rain and still not get their transaction done. This has made POS (Point of Sale) business one of the Lucrative businesses in Nigeria.
Many Nigerians have ventured into it, starting their own POS shops for cash withdrawal, transfer, bills payment and many other cash transactions and earning from every transaction made. There are many banks currently offering POS business in Nigeria.
In this post, dgalvins blog will be showing our readers how to start a POS business in Nigeria.
Why is it Profitable in Nigeria?
It is profitable because you as the agent will make money from the extra fee charged on every transfer, withdrawal, bill payments and lots more. You must have readily available cash to give out because customers will come more for withdrawals than fund transfers.
What You Need to Set it UP
You can start POS business in Nigeria by getting a HOST. A host is a financial institution through which you extend their services to your customers.
This includes; First Bank, Quickteller, PAGA etc.
Getting POS Machine: See How
Getting a POS machine in Nigeria is absolutely free of charge, provided you get yours from one of the reputable commercial banks in the country.
In case you’re wondering what the bank stands to gain from giving you the machine for free, get this clearly: the issuing bank makes money on the long term by charging a fixed commission (between 0.25% and 1.5%, depending on the bank) per transaction done through each POS terminal issued.
To get a POS machine from any bank, all you need is to have an account with the bank.
Note, however, that there are now some other organizations issuing POS machines at a one-time fee.
Location:
To start a POS business in Nigeria, a good location where they are limited or no ATMs or Banks will do. Apart from that, there should be enough room to contain your customers, a furniture divider between you and your customers. Create a place where customers will feel free to carry out transactions.
Get Quality Banner:
For your business to be known and the people within that vicinity to be aware that you create such services, you should get a banner with the inscription boldly written “POS Withdral and Fund Transfer”.
For your business to be known and the people within that vicinity to be aware that you create such services, you should get a banner with the inscription boldly written “POS Withdral and Fund Transfer”.
Breakdown /Commission Structure of POS Agent Banking Business
Transaction Amount Fee paid by Customer
1 Deposit (own FirstBank A/C)
1- 5,000 N100
5,000-30,000 N150
30,000-100,000 N200
100,000 + N300
2 Transfer to FirstBank
1- 30,000 N200
30,000-100,000 N250
100,000 + N300
3 Transfer to Other Banks
1-20,000 N200
20,000-100,000 N250
100,000 + N350
4 Cash Withdrawal
1-10,000 N100
10,000-100,000 N200
100,000 N300
5 Bill Payment N200
To become a First Money Agent with First bank please check this link here
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