₦airaland Forum

Akinmail:
Let's say you sell a "luxury good" something that isn't really needed.
like all these wireless mouse but your focus is on how stylish they are and more importantly the price being very very close to 1000 naira plus or minus.

it's not food so anything costlier than that range will put the business in trouble.
Now that it's costlier to buy maybe buying and selling some other stuff is the solution.
But identifying what to buy and sell now is a big problem especially when you keep your market in mind

1. Don't sell something that you can scale. Sell what people really need.

2. Search for cheaper source. I use to import some stuff for $18 per unit when Naira slump in value, I search for other source with the same quality and now buy it for far less than that $18.

3. Negotiate for free shipping via DHL with your supplier. Pass the cost savings from your supplier to your customer.

4. Expand your product offering. Have a cash-cow product or a complimentary product that sell your "Luxury goods"

5. Buy in bulk.

1 month ago I stumbled upon the book the 4 Hour Work Week. And that book has challenged my way of thinking in so many ways in the past few days … My views on work, life and success all changed. I just got to Chapter 14 and the first story was just like wow!

THE STORY

An American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked. Inside the small boat were several large yellowfin tuna. The American complimented the Mexican on the quality of his fish and asked how long it took to catch them.

The Mexican replied, “only a little while. The American then asked why didn’t he stay out longer and catch more fish? The Mexican said he had enough to support his family’s immediate needs. The American then asked, “but what do you do with the rest of your time?”

The Mexican fisherman said, “I sleep late, fish a little, play with my children, take siestas with my wife, Maria, stroll into the village each evening where I sip wine, and play guitar with my amigos. I have a full and busy life.” The American scoffed, “I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat. With the proceeds from the bigger boat, you could buy several boats, eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small coastal fishing village and move to Mexico City, then LA and eventually New York City, where you will run your expanding enterprise.”

The Mexican fisherman asked, “But, how long will this all take?”

To which the American replied, “15 – 20 years.”

“But what then?” Asked the Mexican.

The American laughed and said, “That’s the best part. When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions!”

“Millions – then what?”

The American said, “Then you would retire. Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siestas with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your amigos.”

Source - ofilispeaks.com

Akinmail:
Hello everyone please here is a thread for mini importers to discuss problems they face as a result of slump in naira value.

How do you men/women survive.

Abeg your input is needed.

Merry Christmas

You sell what you buy. It is an opportunity for smart investing and returns.

What are your challenges with the slump in Naira. Share and people will help out.

LOUIS6:
How much does DHL charge per Kg ?....

I don't have an idea sir.

My suppliers usually borne the responsibilities of shipping via DHL.

eph12:
Well am sorry for what you experiencing right now.I really don't get why your case is like this considering the fact that many others have shipped goods within this same time frame and have gotten theirs. I believe yemi2plus should be able to get an explanation for you and probably get it solved.

Yemi2plus don get me explanation which was a relief. The guy (yemi2plus) is fantastic sha with is timely feedback and update.

yemi2plus:
PM replied.

A chat on WhatsApp will be preferable.

I have replied your mail with the details you asked for.

Sorry I can't chat on whatsapp now I don damage my phone and jumia never deliver my new phone

Adwexky:
You good should have been shipped, depending on the nature of the goods but is yet to be cleared, mine was shipped through Normal shipping on the 1st of Dec. And I was informed that it has not been cleared by NAHCO.

*But bro. Seems there is hope, Mr Patrick said they are quarrelling with them and on 27th of Dec. The goods would be cleared - hopefully.

I pray they don't fail again this time. I have been given dates but yet all was fruitless. Hopefully, this won't be fruitless.

If they have some challenges they should at least communicate not mute.

Patrick isn't replying my email and favour is clueless about the whole shipping operation. I sometimes pity the poor girl when I called her because I have nearly rake for her once. I don call tire.

Simple update and feedback will do it better. Nobody is giving me that. I have to beg my supplier to extend my escrow payment confirmation time till January because she don deliver my goods na me dey delay payment now and I can't confirm payment when I haven't even receive the goods.

yemi2plus:
What shipping method did you opt for?

Kindly forward your information to me privately. Others I same shoe should do same.

Thanks.

I have send you a PM or do you prefer I called you on mobile?

iMerchant:
You are not alone brother.

I used St. Patrick Logistics for the first time and my experience is simply horrible.

My supplier had delivered my orders with total weight of 22kg to St. Patrick Logistics since Nov. 28th, 2014 but to my utmost dismay and surprise my goods are yet to be delivered.

I have contact Patrick via email - no response yet, Wang claimed via Whatsapp that my goods had been sent but Favour said my goods hadn't arrived since Nov. 28th, 2014.

I contacted Patrick before asking my supplier to deliver and he/she said Express Shipping is 1 day whereas normal shipping is 10 days. My supplier deliver the goods and Patrick is not answering my email again.

I have called Favour several time, the lady is even frustrated with my phone calls.

I guess this 3rd shipping things is really overrated and hype.

First experience bad experience.

solbash11:
Your story is touching and it's a pity what you're going through at the hand of the shipping company mentioned by you. But frankly speaking not all 3rd party shipping company will disappoint you.

You should also note that express air-freight shipping option is better to use at this time, Instead of using normal cargo shipping option due to the recent problem with the customs and clearing agents at Nacho.

Well this is my first time using any 3rd party shipping company and my experience is worse. I don't think I will like to go through this again.

Beside I really don't think it is cost effective using 3rd party shipping.

According to my supplier, if I use DHL it will cost me $260 to ship my goods to my door step in Nigeria.

3rd party shipping agent charge $9 per kg and #450 clearing fee per kg.

Use my 22kg to do the calculation:

3rd party shipping agent:

$9 x 22kg = $198 ($198 x #190 = 37,620)
#450 x 22kg = #9,900

# 37,620 + # 9,900 = #47, 520

DHL Shipping (7 days confirmed delivery time with tracking)

$260 x 190 = #49,400

Note that DHL delivers to my doorstep anywhere in Nigeria whereas the 3rd party shipping agent call me to come pick my goods at there office somewhere around airport (I don't know where yet)

So please tell me the advantage of 3rd party shipping?

Adwexky:
You had a good and smooth experience - I think. I am also yet to receive my package via St Patrick Normal shipping, he informed me that the package was shipped to Nigeria on 1st of December & as at today, The goods that ought to have been sold, this festive period but are yet to be cleared. Or am I the only person in this situation?

#Fed-Up!

You are not alone brother.

I used St. Patrick Logistics for the first time and my experience is simply horrible.

My supplier had delivered my orders with total weight of 22kg to St. Patrick Logistics since Nov. 28th, 2014 but to my utmost dismay and surprise my goods are yet to be delivered.

I have contact Patrick via email - no response yet, Wang claimed via Whatsapp that my goods had been sent but Favour said my goods hadn't arrived since Nov. 28th, 2014.

I contacted Patrick before asking my supplier to deliver and he/she said Express Shipping is 1 day whereas normal shipping is 10 days. My supplier deliver the goods and Patrick is not answering my email again.

I have called Favour several time, the lady is even frustrated with my phone calls.

I guess this 3rd shipping things is really overrated and hype.

iMerchant:
I think the 3rd party shipping company are really overrated. To be sincere I have been using DHL since I start this business but I made the mistake of my life by using the services of St. Patrick Logistics.

My supplier had delivered my goods (100 wristwatches with watch boxes) with a total weight of 22kg to St. Patrick Logistics office in China since November 27th, 2014.

The products are for Xmas sales but could you believe that the product are yet to be delivered.

I have contact Patrick, chat Wang and called Favour several times yet no result.

Wang claimed by goods had been sent, Favour claimed my goods had not arrived almost a month.

This is my biggest regret and I really think I should stick to my DHL after I finally collect my goods from St. Patrick Logistics.

Attached is the boxes of the wristwaches and the tracking details on SF Express showing that St. Patrick Logistics had collected my goods since November 28th, 2014.

St. Patrick Logistics Ltd (China Contact Person) Wang Yan 15920468789 claimed the goods had been sent, (Nigeria Contact Person) Favour - 08101951252 claimed my goods had not arrived in Nigeria from china.

solbash11:
I don't think so but may I ask why would u want to use dhl which will likely be expensive? you can use a 3rd party shipper with express shipping method by Air and your items will land in Lagos from China within 24-48 hours, I believe the cost will be cheaper compare to dhl... I can assist you with this service if it seems to please you. Kindly email me (see my signature below)

I think the 3rd party shipping company are really overrated. To be sincere I have been using DHL since I start this business but I made the mistake of my life by using the services of St. Patrick Logistics.

My supplier had delivered my goods (100 wristwatches with watch boxes) with a total weight of 22kg to St. Patrick Logistics office in China since November 27th, 2014.

The products are for Xmas sales but could you believe that the product are yet to be delivered.

I have contact Patrick, chat Wang and called Favour several times yet no result.

Wang claimed by goods had been sent, Favour claimed my goods had not arrived almost a month.

This is my biggest regret and I really think I should stick to my DHL after I finally collect my goods from St. Patrick Logistics.

roqrules04:
I tried to List my product on my store on konga market place bt the couldn't go through.. I was stucked in the 2nd stage of product listing.

Secondly, how can I get my konga rep to.

What is the error message you are getting at the 2nd stage.

Usually, your Merchant Service Officer/Manager will have contact you via email to welcome you to Konga SellerHq.

However, you can call Konga SellerHq Helpline as advised by Oga Mastercee.

lyvin:
Do merchants deliver the products to konga for delivery to customers or you deliver it to customers urself. Can u explain this aspect to me if u know how it works.

You deliver your order (Product that customer bought from your storefront) to Konga (At one of their dropoff center in lagos) for onward delivery to your customer.

Konga & Jumia also do pick-up for a fee.

Mrkuvuki:
Is it location based?must one live in lagos to sell on these platforms?

It is location based for now. You have to be in Lagos to sell on both Konga & Jumia. Although Konga plans to diversify to other states soon.

If you are outside lagos, you can list your product on Kaymu.com.ng

spoilerx:
like new

How much is iPhone 5s?

What is the memory capacity 16GB or 64GB?

If you have an M.Sc in Finance or a degree in economics, you can skip this piece. The point of it is to try to explain what the CBN did today at the MPC meeting and how it all relates to the wider Nigerian economy.

The communique they released is here

Larry Summers, I think it was, who once said that it is not so easy to understand how the economy works. And Summers has more than one brain. Everything below is a simplification to get the basic points (as I understand them) across.

Increase the MPR by 100bps from 12% to 13%

First thing to know – 100 basis points equals 1%. It really is as simple as that – the CBN increased the Monetary Policy Rate (MPR) by 1%. But what is MPR anyway?

Every Central Bank in the world has a broad goal that it seeks to achieve. For most central banks, this goal is controlling the rate of inflation usually around a certain target. This is known as – wait for it – inflation targeting.

If there is only one guy in a village with enough money to buy a motorcycle, it’s safe to say the motorcycle seller cannot easily increase the price of his motorcycle. But if a bunch of other rich guys suddenly move to the village and they happen to like motorcycles too, the motorcycle seller now has an opportunity to make more money by increasing his selling price. In other words, there is now more money in the village chasing the same amount of motorcycles. That’s a simple definition of inflation and the downside of it is that it makes people poorer. If the motorcycle seller increases his prices overnight it means you could possibly afford the bike yesterday but not today.

It’s possible that those new rich guys in the village borrowed money from the bank which they are now flashing in front of the bike seller and turning his head (making him increase his prices). This is where the central bank can tackle inflation – by increasing the MPR – which is the interest rate at which the central bank lends to other banks – it can set off a chain reaction that means those new money miss road guys have less money to throw around. CBN lends to the banks, the banks lend it to money miss roads, money miss roads flash it in front of bike seller i.e. CBN is at the top of the food chain, in theory and is throwing meat down at everybody else. The economic principle at work here is the simplest one – if the price of something increases, people will demand less of it (with the exception of a few types of goods). If you think of interest rates as the ‘price’ of money, by increasing the MPR, CBN is trying to reduce the demand for money.

There’s a smaller point as well. If you increase the price of money, obviously it becomes more valuable and anyone who has it suddenly becomes a big(ger) boy. So, if banks were willing to offer you 5% for you to keep your money with them before, they might now be willing to offer you 6% for the same money. All of a sudden, simply keeping your money in the bank has become more attractive than spending it. The new money miss roads in the village won’t be able to buy the bikes anymore and the former local champion will now rather keep his money in the bank given that he will get more for it. And motorcycle seller? With no customer in front of him, he has to drop the price of his bikes.

Inflation down.

Increase the CRR on private sector deposits by 500 basis points from 15 per cent to 20 per cent with immediate effect

Imagine you just opened a bank called Dorobucci Bank. You rent an office, buy a generator and hire a couple of staff to run the place. The cost of the office, diesel and staff salaries on a monthly basis is N1,000. The first customer to come to your bank, Mr Jonathan (Jona for short), deposits N10,000 with you in a savings account. You offer to pay him an interest rate of 5%, say monthly. So at the end of the month, if Jona turns up to demand his money, you need to hand over N10,500 to him. Don’t forget your N1,000 for running the bank i.e. in total, at the end of the month, you have to pay out N11,500. Also you have to make a profit to make it all worthwhile so let’s say N500 is a good profit for you. We are now up to N12,000. Jona is your only savings account customer so somehow you need to turn that N10,000 he gave you to N12,000 before he comes back i.e. a rate of return of 20%. One way of doing this is to buy chemical that turns paper to money but this is very risky and it might not work. Luckily for you, just after Jona gave you the money and left the bank, one guy walked in, Mr Bagajan and says he needs a N10,000 loan.

That’s when you remember that CBN says you can only lend out a maximum of 85% of deposits that customers keep with you. You must keep the rest as cash. So now, out of Jona’s N10,000 you can only lend out N8,500 and he’s coming back to ask for N10,500 in 30 days time. Hmmm.

You already have N1,500 to return to him since you kept it in cash so you need to find another N9,000 for him plus your own N1,500 for running costs and profits. In other words, you need to turn N8,500 to N10,500. You now need a 24% return and not 20% as you earlier thought.

You then tell Bagajan that you can only lend him N8,500 for 30 days at an interest rate of 24%. He’s a bit desperate so he agrees. This is banking simplified. That 15% that the CBN says you must not lend out is what is known as the Cash Reserve Ratio (CRR).

So what happens when CBN hikes the CRR from 15% to 20%? In simple terms, it means you as a banker have to make your money work harder. Now you have only N8,000 to lend out but you still need a total of N12,000 by the end of the month. You now have N2,000 in cash waiting for Jona when he comes to collect his money and you need to find another N8,500 for him plus your own N1,500 to cover profits and running costs. If you lend N8,000 to Bagajan, you now need him to return N10,000 to you – the interest rate you charge him now goes up to 25%.

When you take this hike in CRR together with the increase in MPR discussed earlier you can see what CBN is trying to do – reduce the demand for money.

Why so harsh? Why is the CBN squeezing the money supply from both sides in this manner? Who hurt them? The answer is the banks. They have been naughty and CBN is not happy with them.

By increasing the MPR and CRR, the demand for money will reduce. So Bagajan might get annoyed and walk away when you increase the interest rate from 24% to 25% (and make it worse by telling him you can only lend him N8,000 and not N8,500 as you earlier agreed). As he is walking out, you grab his jacket and rub his head then offer him 22.5% instead. This means he will return N9,800 to you. Now you are short of N200. Where will this N200 come from? Jona will raise hell if you try to give him N10,300 instead of N10,500 as agreed (he knows people in SSS and Police).

Your only option is to reduce your profit from N500 to N300.

Listen to what the CBN is complaining about (Page 14):

However, available data indicates that banking system liquidity has been lavishly deployed in pursuit of speculative foreign exchange trading at the short-end of the market. While the Committee remains fully committed to the goal of promoting inclusive growth through lower interest rates in the medium- to long-term, banks as agents of financial intermediation have a critical role to play in the nation’s development process. A banking system with an overly high profit motive negates the core tenets of banking and purpose of a banking license

In simple English, the banks have refused to fear God and are using all their profits to play lottery. So the CBN has decided that the ‘solution’ to this problem of lottery playing is to punish the banks by squeezing their ability to make profits.

The problem here is that the weapons of CRR and MPR that the CBN is using are not ‘guided missiles’ where you can speak incantations into a ram’s horn and it goes directly to the person you’re targeting. They are grenades, so when you throw it in a room to target one particularly annoying guy, there is no guarantee that you won’t hit an innocent bystander. We see here that the motorcycle seller, the money miss roads and Bagajan have all been affected even though the grenade was aimed at the banks.

Oh well

Move the midpoint of the official window of the foreign exchange market from N155/US$ to N168/US$

The Nigerian naira is not a freely traded currency. If you travel to Australia or Japan or Nauru and you have US dollars with you, you will definitely find someone to change it into the local currency. This means that the US Federal Reserve doesn’t really worry itself about the exchange rate of the dollar. It is traded globally and the price is open. It is hard for one person to control the exchange rate.

On the other hand, if you turn up with Nigerian Naira in Bolivia and demand that they be converted to bolivars for you, depending on the mood of the person you meet, you might either be arrested or slapped. Or both. Outside of Nigeria, you can’t really do anything with the Naira. This gives the CBN great powers to determine the exchange rate of the Naira, afterall it is the one who prints it and controls the supply. The US Fed is also the only one who prints the dollar but the supply is so plentiful across the world that Ecuador and Zimbabwe have adopted it as their currency and they don’t even need the permission of the Americans to do so.

At the beginning we talked about life goals of a CBN. Most of them focus on inflation. But for central banks like Nigeria’s, they have the added work of controlling (or trying to control) the rate at which the local currency trades with foreign currencies. For an import dependent economy like Nigeria’s, this work is quite hard and important. There is no day that people will not want dollars to buy one thing or the other from abroad.

So what the CBN has been doing is to set a ‘band’ at which it will buy or sell dollars to banks and others. For a few years the middle of the band has been N155 to $1 with a 300 basis point ‘slack’ around this. This means that the CBN will allow the Naira move between N150.35 and N159.65 to the dollar i.e. 3% up or down around the midpoint of N155.

How does this work? Quite simply in theory. If people start demanding a lot of dollars and are willing to pay more for it, the price will obviously go up. Once it hits that N159.65 upper limit, the CBN will release more dollars into the system to calm everybody down. If you have been hearing the CBN ‘defending the Naira’ in the papers, this is it. When Nigeria sells oil, we get paid in dollars for it. These dollars flow to CBN. The Nigerian government spends Naira so the CBN gets to keep these dollars and gives naira to everyone instead. When the time to defend the Naira comes, it starts to dip into those dollars until the naira falls below that upper limit of N159.65.

Recently this defence work has been harder than that of a San Marino defender facing Lionel Messi. Our stock exchange is dominated by a lot of foreign investors. Recently they have been selling their stocks and running away because they are worried that you people will break bottles during the elections (and also the US Federal Reserve ending QE…ignore this for now). When they sell their stocks, they need to take their money back to their countries of course. As we have said above, they cannot take the Naira outside Nigeria so they need to change it to dollars in Nigeria before running off with it. More and more people thus need to buy dollars from CBN.

If CBN does not do anything, people will get desperate and will be willing to pay whatever it takes to get the dollars they need. In no time, the upper limit of N159.65 will be broken and the CBN will lose control totally. The investors are attacking, CBN is defending. This thing is tiring and after a while you are bound to concede a goal.

So today, the CBN allowed the attackers to score. At least, in the time it will take to remove the ball from the net, attackers celebrating the goal and getting the ball back to the centre circle, the CBN can rest small before the game starts again.

Now the mid-point is at N168 to $1 and instead of 3% ‘slack’, the CBN will now allow a 5% slack. So the naira will be allowed to move between N159.65 and N176.40. As you can see, the (former) end is now the beginning. In short, the CBN has devalued the Naira by 8.4%.

Going back to the CBN’s complaint quoted earlier, it accused the banks of ‘speculating’ against the naira ‘lavishly’. What it is saying is that banks know that when the pressure gets too much, the CBN will concede a goal. So in simple terms, if you bought dollars last week, you can sell it this week for a sweet 8.4% profit. The banks bet has been proved correct.

Of course, the other action film that is going is that oil prices are falling. Imagine that CBN used to spend $2bn a month on this defence work. Also imagine that when oil was $100 per barrel, $4bn was flowing to CBN monthly. This means that the reserves will still manage to increase by $2bn monthly. But then things have suddenly reversed. All those foreign investors running away (plus the banks speculating ‘lavishly’) have caused the CBN to increase the amount it spends on defence to say, $3bn. Meanwhile oil prices have dropped to $75, meaning that the money flowing to CBN monthly is now $3bn. The reserves are no longer increasing. So imagine what happens if say oil drops to $70 and people are still running away and are now asking for $4bn monthly. The situation will completely reverse – $2.8bn coming in, $4bn going out. The CBN will now need to dip into the reserves to withdraw $1.2bn monthly. If you had only $10bn to begin with, it means you will run out of money in about 8 months if things continue this way.

One is reminded of the ‘Micawber Principle‘ as revealed by Wilkins Micawber in Charles Dickens David Copperfield:

Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness.
Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
Conclusion

Nigeria has managed to find itself in an almost perfect storm where practically everything that can go wrong is going wrong. These days the world produces roughly 90 million barrels of oil. But of that amount, only about 30 million barrels are produced by OPEC members. So the weapon of cutting supplies that OPEC used to use to raise prices won’t really work anymore. It’s a bit hilarious to hear the CBN accuse someone of spending money ‘lavishly’ given that this is what the Nigerian government has done for the past 4 years when oil prices have been high.

The banks also now know that if you apply pressure, the CBN will concede a goal and devalue again. It is a matter of when, not if. Within a few weeks, the new trading band for the Naira will be blown apart (if it hasn’t already as we speak). Cost of borrowing will also go up for everyone else due to the MPR and CRR squeeze. Things are going to be a bit rough for the next few months and if you have cash or better still, forex, you’re the (wo)man right now.

As bad as things were for Wilkins Micawber, he never stopped living in hopeful expectation. Indeed he lived by the maxim – something will turn up.

Source - http://aguntasolo.com/2014/11/25/cbn-and-the-nigerian-economy-a-short-story/

ayandee:
I have products I want to sell on jumia and konga. I visited jumia website but there's no information on how to sell. Can someone please help with information?

Jumia MarketPlace - http://www./marketplace/register/

Konga MarketPlace - http://shq.konga.com/account/register

GoodLuck

Krak:
I registered since Saturday, but I am yet to get a reply from them up till this moment.

Okay.

Krak:
Ok. Thank you very much for this.

How long after registration would they contact me?

You can register using this link - http://www./marketplace

Regards

eoadeniji:
abeg can u teach me how, am interested

What exactly do you want to know sir?

Krak:
How did you become a Jumia merchant. I am very interested.

You need to register on their platform.

After registration, Your Jumia Marketplace Account Manager will contact you for your details.

Regards

wasagu:
I think we shouldn't mislead others in marketing our products.. N10,000 worth a capital but not for importation biz. No amount is too small for business, but all businesses have their varies starting amount.
Consider certain things when running a business: Capital, Products and consumers!

Just imagining!

I started with NGN 10, 000 in July 2014.

As at last count, the networth of the business is over NGN 200,000.

I sell basically online, my e-commerce site, konga, jumia and dealdey.

Although I pumped more capitals but the point is you need to start from somewhere.

I started with 10k because I can offer to loss it without a blink.

You need not start with high capital, you just need to start with something plus a determination to succeed.

Regards

How many homegrown African/Nigerian apps do you use on your smartphone?

I am a heavy smartphone and data user but I hardly use any homegrown african/nigerian apps on my phone.

The only homegrown African app I have installed on my mobile is GTBank Mobile Money/Mobile Banking app which I only use whenever i need to buy airtime or do a quick transfer on the go.

My questions are as follows:

1. Do you have a smartphone?

2. Do you have any homegrown African/Nigerian app installed?

3. If yes, how often do you use it

4. If No, Why?

Thanks

Notes - I really like to know why homegrown african/nigerian apps usually fail to reach critical mass?

Ogetogeo:
Good evening house, I would like to know the criteria or requirements for getting a POS machine from our financial institutions.
I am aware that different banks have different criterion, so I would like to know if possible the different requirements for each bank, so as to make a firm decision on which to go with. I think some other people on the forum might also be interested to know being that the economy is moving cashless and soon most businesses would have need for a POS as a means of payment for flexibility sake.
So, I plead with those in the know and insiders to tell us what to expect and how it works with their banks and all.
Hoping to get firm feedbacks
Shalom!

What you need:

1. An Account - Before any bank deploy a POS terminal to your business outlet, you need to maintain an account with them.

2. POS Document and Agreement - You need to collect POS document from your account officer or the nearest branch of the bank.

3. POS Charges - POS terminals and support are free but you pay a fee per transaction. (Typically, 1.25% with a cap or NGN2,000).

Regards

sassygal:
I believe Pos are assigned to businesses alone and not individuals maybe if your savings is for your business but ask your account officer

sassygal:
Once u have a business account with Gtbank, you fill an application form and they bring to your business address in a week or two. They also do maintenance

What you need is a Current Account (Individual, Business or Corporate).

And it’s here.

After months of rampant speculation (and an abnormally high number of apparent leaks), the new iPhone has arrived. In fact, two new iPhones have arrived — the iPhone 6, and the iPhone 6 Plus.

Apple is right in the middle of announcing the new device as we speak, in an auditorium filled with everyone from Stephen Fry and Dr. Oz to mega stars like our own live bloggers Darrell Etherington and Matthew Panzarino.

Curiously, the announcement is being held in Cupertino’s Flint Center. It’s a venue that Apple hasn’t used for an announcement in over 15 years, but it’s the very same place where Apple debuted both the original Mac in 1984 and the first iMac in 1998.

This news is breaking at the very second we’re writing this post, so refresh the page for updates as they roll in.

Here’s what we know so far:

Both phones feature “Retina HD” displays; the iPhone 6 comes in at 4.7 inches (at 1334×750), while the iPhone 6 Plus comes in at 5.5 inches (at 1920×1080)

The glass on the front of the displays now curves into the body, as opposed to the flat edges of all models prior
Apple says these are “the thinnest phones [they've] ever made”, at 6.9mm and 7.1mm, respectively.
Both handsets are powered by Apple’s new A8 processor, which Apple claims is at least 25% faster than the A7 by processing power, and 50% faster by graphic rendering prowess.

Apple is claiming drastically improved battery life across the board; we grabbed a screenshot of the table comparing the battery life across different situations on the 5S, 6, and 6 Plus — see it below.
battery

Both handsets will ship in gold, silver, and “space grey”
Both handsets have 802.11ac WiFi support, a relatively new WiFi tech that carries a theoretical max. transfer speed of ~1 Gbps
VoLTE (Voice over LTE) support allows for simultaneous voice/data over LTE networks, while drastically improving voice quality.
The rear cameras on both phones will keep the 8 megapixel rating found on the 5S, though Apple claims they’ve improved image quality without bumping up the pixel count

Both phones now have “phase detection” auto focus similar to what most SLR cameras use, allowing for much faster photo focusing.
The 6 Plus will have optical image stabilization, theoretically helping the camera counteract the small amounts of blur introduced by the shakiness of your hands

The age-old rumor that Apple would adopt NFC has finally come true! Both handsets will have NFC built-in for mobile payments. Apple has announced that McDonald’s, Whole Foods, Disney, Panera, Sephora (and of course Apple themselves) will support one-touch payments from the device, though “Apple Pay” won’t launch until sometime in October.
The 16GB iPhone 6 will cost $199 on contract ($299 for 64GB, $399 for 128GB), while the 16GB iPhone 6 Plus will cost $299 (or $399 for 64GB, $499 for 128GB)

Pre-orders will start September 12th, with availability on September 19th.

Source - http://techcrunch.com/2014/09/09/apple-announces-two-new-iphones-iphone-6-and-iphone-6-plus/