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How To Start A Successful POS Business In Nigeria 2022

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The agent banking enterprise, also known as POS (Point Of Sale), is a government-approved legitimate way for Nigerians to earn money through business.

It is a lucrative commercial business in areas or localities where there is no banks or where ATM stands can’t be found or where it is scarce, POS business is designed to come up with solutions to the financial needs of such community.

The POS business is typically an extension of the service offered by the banking sectors to enable a financial solution to easily penetrate and reach a wide range of customers.

POS Business Agents Offers
POS can be at your need for services like making a cash withdrawal, depositing money into your own personal account or sending money to anyone (Maybe for business, family or friends) Mobile Top-up, GOTv, DSTv, Startimes, Prepaid Electricity Meters and every other utility bills.

This POS can be used in hotels, supermarkets, filling stations, pharmacies, eateries, hotels, and every other business places where the exchange of money is needed.

The POS centers or shops are there to make a financial transactions easier for everyone who can’t easily access the banks or ATM stands, and this POS business has individually given an additional income to the agents and business owners who are using this POS banking method for transactions.

How to start a successful POS business in Nigeria
For you start a successful POS business in Nigeria, below are the things you need to put into consideration.

1. Having A Pre-existing Business.
This POS business enquires a lot of money, and for this particular reason, the Central Bank of Nigeria are too keen when selecting who s qualified for this business before giving them license, therefore, to be qualified for this business, you must have a business which must have been registered under the Corporate Affairs Commission (CAC) for at least 12 months, this business must have a physical location as well.

And the business must be registered as any of the under-listed categories:

  • Sole Proprietorship
  • Limited Liability Company
  • Partnership
  • Cooperative Societies
  • Public Entities.

Owning an existing business would automatically get you customers, with this, customers can easily make transactions through your POS machines and you would still get paid for the POS transactions.

2. Starting With A Large Sum Of Money.
Most times, customers needs a large amount of money and wouldn’t be able to reach the bank or ATM stands, they would prefer to use the POS centers for this transaction and we all knows that “sales promotion determines your income,” which means that if you can provide a large sum of money for this customer, it will automatically increase your profit.

3.Location.
After you must have been authorised and gotten your POS machine from the bank, the next thing is to look for a better location, there are things you must put into consideration.

Below are the things to look out for:

  • A place where there is no any bank or ATM close.
  • If you can get a Populated areas like markets and bus stops should also be considered, this will automatically have a great influence influence on how much you will earning daily in your new POS business.
  • look for an environment where there is a lot of businesses going on around there with a few or no POS kiosks/shops.
  • Make sure your shop/kiosk is located at a place where can be easily located.
  • make your shop/kiosk a very comfortable, conducive and safe place for your customers, with this, you will be having a higher rate of customers.

NB: Make sure you are security conscious as well.

Conclusion
The POS business or bank agent business is a legalised lucrative commercial business, that if things are done right, your business is sure to succeed in Nigeria.

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