Due to ATM congestion and other irregularities, POS business is thriving in Nigeria. This is a cash minting business which has silently been going on without much awareness but now gaining serious popularity. This is due to increase in the number of consumers who are spreading the news to others who want a life of convenience and ease.
If you have ever gone to ATM post and queued under hot sun or under showers it should tell you that this business will thrive well any day any time. People now have a good substitute to banks cash withdrawal and transfer through POS. Account opening and BVN registration.
Furthermore, this business thrives in areas where they are limited or no banks or ATMs. People will always be in need of money for various needs and will be glad to go to where they can be quickly served at a minimal cost.
The business involves much liquidity, what this means is that you must have readily available cash to give out. Because customers will come more for withdrawals than fund transfers. The services you will be offering includes;
- Withdrawals
- Fund Transfers
- Bill payments
- Sale of Recharge cards or Top up to all networks without buying vouchers and
- Account Opening
For those of you who would like to go into POS business in Nigeria. Here is the criteria:
1. LOCATION
One good thing about Pos business is that it doesn’t require large space, a small place is just enough but your location is very strategic to your success in this business. A location where they are limited or no ATMs or Financial institutions like 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.
Also, decorate your shop with banners and materials that will be given to you by your pos mobile agents. Make people know what your shop is about.
2. CAPITAL
You have to have enough capital to start this business, a very large percentage of your customers will be looking to withdraw, in a bid to beat congestion at ATM galleries. Having about N100,000 for withdrawal payment and miscellaneous such as point of sale purchase if need be is a good start.
3. GET A POS MACHINE
Pos machine varies in prices depending on the agency company you are buying from and the type of point of sales machine in question. Some POS machine goes for about N45,000, N65,000, N75,000 etc. The difference here is just like having 2G, 3G and 4G so the higher the money, the better the service. You can get POS from banks and from Companies who are licensed to sell them.
POS is a nice business idea you should think of doing as an entrepreneur. You can do it as a side hustle. With POS you don’t need any software for recharge card printing; rather you will be printing directly.
