POS Booming Business: How To Start


One of the business that is fast growing in Nigeria is POS business which is also called Agent Banking business.
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Some have also assessed it as being lucrative. In fact, few days ago, I was in a rush to meet up with an appointment. And I need cash urgently. Luckly for me, as early as 8am, a POS vendor has already opened shop.

I made a withdrawal of N20,000 and was charged N250! That was income from one transaction.

Now, Imagine if he does 100 transactions today, he will be making not less than N25,000 income!

What I observed is that, with a good location and network, you stand to make good daily income from this business as a lot of people are embracing this banking medium especially because of its convenience.

With POS business, you can

✓ Make withdrawal,
✓ Deposit cash,
✓ Transfer funds,
✓ Recharge cable & phone,
✓ Pay utility bill, etc.

So how can one start this business?

1. Get a Host:

Your host can be your bank, Paga, Quick Teller, etc. Many vendors I observed are using their banks as their host.

2. Get a Location:

Identify a place with good human traffic, a place where many people live or do business, and a place with little or no bank presence.

3. Get a POS Machine:

Your bank can give you one for free. Just visit them and request you want to start POS business. In fact, banks are looking for more customers that will start this business. Another thing is this: if you're using your bank's POS, I learnt your bank will also be paying you some commission on top of the fees you're collecting.

4. Start Advertising Your Business.

Get more people to know you have started small bank around your corner. Put up a banner to that effect. Use words of mouth also. Remember to keep proper records of every transaction made.


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About Author 2018 NIRA Award winner for Youth Development, A web Specialist, Blogger, Student and a Business Man https://www.zealmat.com/..
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