POS (Point of Sale) business is also known as Agent banking business. It is a legitimate and profitable way to make money in Nigeria by providing banking services to customers on behalf of banks or mobile money operators (MMOs)
Some of the services offered by POS business agents are:
- 1. Cash deposits and withdrawals
2. Fund transfers
3. Utility bill payments
4. Airtime recharge
5. Account balance inquiry
To start a POS business in Nigeria, you need to follow these steps:
Feasibility study and business plan: You need to research the market demand, competition, and profitability of the POS business in your location. You also need to prepare a business plan that outlines your goals, strategies, costs, and expected income.
Registration and licensing: You need to register your business name with the Corporate Affairs Commission (CAC) and obtain a tax identification number (TIN) from the Federal Inland Revenue Service (FIRS). You also need to apply for a license from the Central Bank of Nigeria (CBN) or partner with a licensed bank or MMO that will provide you with the POS terminal and other support services.
Capital and equipment: You need to have enough capital to cover the initial and operational costs of the POS business. Some of the equipment you need are:
1. A POS terminal or machine
2. A smartphone or tablet with Internet connection
3. A printer for receipts
4. A generator or solar panel for power supply
5. A safe or cash box for storing money
6. A signboard or banner for advertising your business
Location and branding: You need to choose a strategic and secure location for your POS business, preferably in a busy area with high foot traffic and low access to ATMs or banks. You also need to brand your business with a catchy name, logo, and slogan that will attract customers
Marketing and customer service: You need to promote your POS business through word-of-mouth, social media, flyers, or referrals. You also need to provide excellent customer service by being friendly, honest, fast, and accurate in your transactions. You should also keep records of your daily sales and expenses