Is POS Business Still Lucrative In Nigeria, Let’s Find Out – All You Need To Know About The POS Business

Is POS Business Still Lucrative In Nigeria, Let’s Find Out – All You Need To Know About The POS Business

You may be thinking, Is POS business Still Lucrative, or you may be someone who wants to find out how to start a POS business? You are in the right place. In this article, we will tell you everything you need to know about the POS business, from the capital involved to the best location and lots more. Join us as we explore this topic.

Is POS Business Still Lucrative In Nigeria?

Yes. POS business is still very lucrative as POS attendants get to make up to 5000 to 20,000 daily in the business. That doesn’t mean that you cannot earn more or less from the business, but it all depends on the location of your POS business. Location gravely affects the growth of your business. Nevertheless, it is an important business to venture into. 

Benefits Of POS Business 

As a lucrative business, it has many exceptional benefits. We’ll be discussing such benefits, and they include the following:

1. Easy to operate 
2. Requires little capital to start
3. High profit margin
4. The number of customers is limitless

How Much Is Required To Start Up A POS Business?

As it is an easy business to run and operate, it doesn’t necessarily require much capital or equipment to start. To be factual, there is no specific cost for starting. All you need is to get the money for the machine plus money for withdrawal from your POS.

However, a minimum of 50,000 naira should be okay if you’re starting on a small scale, but for people who want to start big, around 150,000 to 300,000 thousand naira is enough for you to start and comfortably run your POS business. 

Where To Get A POS Machine In Nigeria 

Getting a POS machine varies from brand to brand, Some you can get at the rate of 25,000 to 75,000. Others could be at the rate of 100,000 and above. All are POS machines, but they vary in features and functionality. Some of these POS machines support 2G, 3G and even 4G.

So their prices depend on what you can afford to get at the moment. There are certain POS companies and banks that are recommendable for you to get yours from, and they include the following:

1. Access Bank CLOSA Agent
2. Bankly
3. Baxi Box
4. Ecobank Express point
5. First Monie POS
6. GTB POS
7. Kudi POS
8. Monie Point POS
9. Opay POS 
10. UBA POS

The above listed are some of Nigeria’s trusted and very reliable POS companies. 

How To Start A POS Business In Nigeria 

There are certain things required you to do in order to start your own POS business, and those things include the following:

1. Business Plans

2. Startup Capital

3. Bank Approval

4. Register Your Business

5. Location

1. Business Plans: As funny as you may think of it, for your business to start and grow properly you need to have a detailed business plan which would help guide the growth of the business when it starts. 
2. Startup Capital: You need to raise capital to bring to life the business plan you’ve made. Capital is the most crucial thing needed to start this business. 
3. Bank Approval: You have to approach any bank or POS agency of your choice and offer to be a POS agent for them. They get to grant you access to their machine, but that requires that you have to fulfil some necessary requirements for identification. Once all that is done, you will be given the POS machine as their agent.
4. Register Your Business: You have to register your business with the authorized agency. 
5. Location: You have to look for a strategic POS where you are sure your business will boom in. A busy street, for instance, or an interception of two main roads. A secure POS is the most important key to the success of this business. 

Challenges Of POS Business In Nigeria 

Even though it has lots of benefits, there are still certain limitations in the business. They include the following:

1. Initial investment: Not having enough startup capital or money to keep the business running has been seen as one of the problems that pose a threat to most POS businesses, but if possible, it would be advisable to seek credit agencies that can help fund your business. 
2. Connectivity issues: Unstable network connection can hinder POS transactions to a great extent, and as such, it is advisable that you have an account with different POS agencies so that when one network is bad, you can use the others.
3. Security concern: Because this business has to do with money, many POS business owners have been rubbed at some point in the line of the business. As a newbie or someone who has gone through such before, you must take security measures and always be cautious of suspicious movements around your business area.

This is a business that has the potential to turn your life around when properly planned and implemented. You could become a billionaire in a month when you follow the right procedures to the busy. Remember, your business location is key to whether you can make it faster in this line of business. Do well to implement all the lessons learned from this article.

Having been through this article with us, we hope this article has been helpful and educative to you. Till Next Time.