In a world where there’s an increasing demand for convenient financial services,
Point of Sale (POS) Business is one of the most profitable business ventures any entrepreneur can thrive in Nigeria.
A POS business involves providing financial services to customers using a POS machine. These services typically include, Cash withdrawals, cash transfers, Bill payments and airtime and data recharge.
The Point of Sale (POS) business has become a lucrative venture in Nigeria, providing essential financial services in areas where traditional banking facilities are scarce. However, Starting a POS business requires a combination of planning, adherence to regulatory requirements, and strategic location selection.
Speaking to a POS businesswoman, Alice Awoda, she mentioned that starting a POS business is highly profitable and requires relatively low start-up capital and operating costs.
“POS business does not require a large capital, i remember when i started this business, i started with #150,000, I bought my pos machine then for #50,000, but things are now expensive, you should see one at the range of ₦60,000 to ₦100,000 or more, depending on the provider” she said.
She further said “Anybody that wants to start this business needs to have enough cash on hand to facilitate customer withdrawals. Start with a reasonable amount like ₦70,000 to ₦100,000 and gradually increase it as your business grows”.
Moving on, to start a Point of Sale (POS) business in Nigeria, one needs to meet several requirements which includes; A valid means of identification, such as a national ID card or passport, A Bank Verification Number (BVN) to authenticate customer identities. Two recent passport photographs. Two current account references to vouch for your financial reliability. Evidence of business registration, such as a certificate of incorporation. And a physical location, which could be a shop or kiosk.
Starting a POS business in Nigeria can be a rewarding venture with the right planning and execution. By doing it the right way, you can establish a successful POS operation that not only generates income but also benefits your customers.
It’s also crucial to have a deep understanding of the industry, meet all necessary requirements and effectively promote your venture. Skipping necessary steps could disrupt your business later, so ensure you follow all due processes. By doing so, you can enjoy the profits and success of your POS business without unexpected interruptions.
