POS business in Nigeria is currently one of the hottest businesses to start for the average Nigerian. It is slowly taking over ATMs because of the ease and convenience it provides consumers. A POS business or mobile money agent makes cash available to people in exchange for a commission or fee through a POS machine.

Because of the scarcity of Automated Teller Machines (ATMs) and the long queues people experience at ATMs. You can now find someone running a POS business everywhere you turn in Nigeria.

That’s why we created this guide on how to start POS business in Nigeria.

In this guide, we will take a thorough look into the POS business in Nigeria. Its common challenges and disadvantages, the cost of starting a POS business in Nigeria, and how profitable and lucrative it can be. And if it is something you should go into and the POS machine you can use and the Agent networks you can join.

What is POS Business in Nigeria?
A POS (point of sale) machine was created to make businesses, merchants and retailers collect payment for goods or services without the need for cash. But since then POS machines aka terminals are now being used by banks in Nigeria and fintechs (financial technology companies) to improve financial inclusion by bringing financial services to the unbanked and underbanked population in Nigeria.

So essentially, you dont need to visit a bank to perform most financial transactions. You can do these transactions at a POS centre.

So people who did not have acess to banks or banking services can now enjoy these services as long as there is a POS business close to them. Especially for people in remote and rural communities. This is why the POS business is gaining popularity in underdeveloped and developing nations.

The people who start a POS business in Nigeria are commonly referred to as POS agents. POS agents get money from the commissions when they carry out any authorised financial transactions on behalf of consumers/customers.

A POS business in Nigeria isn’t just for making payments and transfers. You can use it for airtime recharge, DSTV & GOTV payments and even for paying taxes.

Services of a POS Business or Mobile Money Agent in Nigeria

A POS agent business or a Mobile Money Agent in Nigeria can offer the following services to people around where their business is located.

Open new bank accounts
Deposit & Withdraw Money to and from any Bank
Send money
Make Bill payments like electricity, Cable TV, airtime and tax payments.
Enroll for BVN (Bank Verification Number).


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Source: https://mahlis.com/how-to-start-a-pos-business-in-nigeria-successfully-in-2022/