A POS business can only be approved by a financial institution licensed by the CBN to manage agents. Familiar license owners are commercial banks who equally share the right to have an agency banking outlet. Examples include First Bank, Wema Bank, GTBank, Zenith, UBA, EcoBank, and Access Bank.

There are licensed fintech companies with CBN licenses to manage POS agents. They include Infibranches with the FaziPay POS, Bankly POS, OPay, Kudi bank, Moniepoint, PayCentre, and Paga. They vary in rates, features, targets, network coverage, and services.

Approval from these financial institutions means that the POS agent can help customers with cash deposits, withdrawals, transfers, and bill payments. Therefore, a vital step in starting a POS business is choosing a licensed agency to work with. Read how to become a mobile money agent to learn more about what you need to start a POS business, and read how to become a mobile money agent.

Click to link below to complete reading:
https://infibranches.com/blog/how-to-start-a-pos-business-in-nigeria-a-complete-guide/