I keep getting this question every day and all I can say is Mobile banking business can be as lucrative as any other viable business but somethings are to be in place to achieve enough profit in the business.

First I will say your knowledge of the business will enhance your business growth.
You may be wandering why the first thing I am highlighting is Knowledge. Yes knowledge is the first thing you have to acquire before venturing into any business at all, because the amount of knowledge you have about your business determines how well you will handle the business and how far the business will go.

Also your business location also matters.

We continue shortly.

And in my subsequent post I will be sharing both on knowledge, starting up, location and ways of growing in mobile banking agency business.

Let's quickly do a little introduction of what the POS business is.

Basically, the POS (Point of Sale) business also known as agent banking started in 2013, after the Central Bank of Nigeria released its guideline on the operations and management of the business. Ever since it had become a retail channel for financial services.

A mobile banking agent owns and operates a retail outlet. The agent provides services such as deposit, withdrawal, payment of bills, recharge cards and TV subscriptions.

The POS business thrives more in rural areas, semi-urban centers, and places with few banks or no banks at all.
The agents gets the POS either from the bank or from any good POS provider and this avail them the channel to operate as a mobile banking agent.

The mobile banking business is sure one good business anyone with a good location can start up and expect to get returns.

Ibukunstar:
Look for the right thread and post your deal not here please.

He is a serial scammer. I have tried reporting him but it seems Dominique has not gotten my messages. He specialises in identity theft which he then use to open account for scamming other people. You will think people would be smart enough to not hand him over their NIN, and even international passport as well as BVN. But they hand him everything until he ghosts them.

I hope people don't fall victim

Cronus1:

He is a serial scammer. I have tried reporting him but it seems Dominique has not gotten my messages. He specialises in identity theft which he then use to open account for scamming other people. You will think people would be smart enough to not hand him over their NIN, and even international passport as well as BVN. But they hand him everything until he ghosts them.

Ibukunstar:
Let's quickly do a little introduction of what the POS business is.

Basically, the POS (Point of Sale) business also known as agent banking started in 2013, after the Central Bank of Nigeria released its guideline on the operations and management of the business. Ever since it had become a retail channel for financial services.

A mobile banking agent owns and operates a retail outlet. The agent provides services such as deposit, withdrawal, payment of bills, recharge cards and TV subscriptions.

The POS business thrives more in rural areas, semi-urban centers, and places with few banks or no banks at all.
The agents gets the POS either from the bank or from any good POS provider and this avail them the channel to operate as a mobile banking agent.

The mobile banking business is sure one good business anyone with a good location can start up and expect to get returns.

Please complete this thread. Thanks. I really need it.

Treasure17:

Please complete this thread. Thanks. I really need it.

So sorry I haven't completed it I will try to this week been really tight.

Ibukunstar:



So sorry I haven't completed it I will try to this week been really tight.

Looking forward to it. Thanks.

I will quickly do a wrap up on this topic today.

I am very sorry for the long break it's as a result of my tight schedule.

Continuation.......

After getting a good location the next is to do some banners that will make people from a distance place know what you are doing there.

Get a good printer to print some banners for you two should do facing opposite direction.
On the banner make sure you print your service and contact number.

The next is to get a POS that will be good for your business. I will be making some recommendations after the lecture.

THINGS TO LOOK OUT FOR WHEN GETTING A POS MACHINE.
1. How good is the network of your desired agency: This can either make or marr your business because once your potential customers know you always have bad network they will go somewhere else to do their transactions, making you loose customers and to redeem this can be very difficult.

2. Customer service: This is one point a lot of agent overlook but they don't know it's very important because if you have a dispute either with your customers or from your machine and there is no one to talk to help out in resolving the issue as quick as possible this can cause a lot of harm to your business.
So while choosing an agency to work with make sure they can always be reached and they are always ready to assist you at any time.

3. Their charges: This is what almost every agent look out for. Yes You should be concerned about it because it will affect your profit if your agency is charging you too much for every transactions. So make sure your desired agency have a good charge structure before going for it.

This is basically the three most important thing I think is VERY IMPORTANT before choosing an agency to work with.

After getting your pos machine the next is to start making money......

Yes oooo who no like to make money??


Recommendations on pos that are beginners friendly:

Dotpay:. Owned by Changan RTS Microfinance Bank. Dotpay is a secured point of sale(POS) agency banking service device that allows customers carry out withdrawals, deposit, bill payment and lots more without having to go to the bank.

My reason for making dotpay number one is that it is sooooo beginner friendly as new there is no target or extra charges the agents have to go about making sure they meet up with. Customer support is just too massive as they respond to customers almost immediately.

The pos is an android pos that does everything without having to connecting it to your phone.

Second on the list is

Readycash: This company is a wow... Very good for deposits as all deposit is charges just #9 no matter the amount.
The network is very swift and customer service is topnotch.
A beautiful thing is they have no target at all and their mpos is outrightly sold.

Moniepoint: Agents should only go for moniepoint if they are sure they can meet up with the daily Target of #50,000 on withdrawals only. If they fail to meet up with this consistently the terminal will be retrieved and only #10,000 will be refunded to such agent.

I hope this have made starting a pos business less cumbersome for someone.

You can reach me for any help, support and assistance. I will be glad to help in my little way.

Those asking how they can get dotpay or Readycash pos you can contact me on 09083292225. I am a verified aggregator. If you also need moniepoint pos you can contact me for help.

First two images are that of dotpay Android pos
Third image is that of Readycash mpos and the last one is moniepoint android pos.

Hi Ibukunstar At what rate can someone get the POS machine and is 200k enough to start the business including payment for a spot. Location Is Lagos.

Ibukunstar:
First two images are that of dotpay Android pos
Third image is that of Readycash mpos and the last one is moniepoint android pos.