₦airaland Forum

POS business: How operators stay afloat amidst rising competition
Cees Harmon by Cees Harmon 3 hours ago

A recent survey conducted by Nairametrics in Lagos, Abuja, and Port Harcourt sheds light on the thriving Point of Sale (PoS) business in Nigeria.

PoS agents, depending on location, earn between N5,000 and N12,000 daily.

This burgeoning industry, fueled by the simplicity of the technology, has created approximately 1.5 million jobs, surpassing the remuneration of many degree holders.

Operators attest to the profitability, with some earning as much as N360,000 monthly, outpacing salaries in traditional banking roles.

Several operators shared insights into their successful PoS businesses. Notably, strategic location selection plays a pivotal role.


Areas with high foot traffic, such as markets, universities, and commercial districts, prove lucrative. Offering additional services, like bill payments and money transfers, enhances customer attraction and retention.

Partnerships with other businesses and prioritizing exceptional customer service contribute to building a positive reputation in the competitive landscape.

To start a PoS business, obtaining a PoS machine is essential. The cost varies based on factors such as brand, quality, and features. Prices range from N50,000 to N200,000.


Some service providers offer free machines to agents, further reducing the entry barrier. This affordability contributes to the accessibility of the PoS business, making it an attractive venture for entrepreneurs.

An agent, Rose Ubong, told Nairametrics that effective marketing strategies, including location choice, customer service, and incentives, play a crucial role in attracting and retaining customers.

She added that overcoming challenges such as network issues, fraud, high commissions, competition, and regulatory compliance demands careful planning and continuous adaptation.

Starting a PoS business involves several key steps. Thorough research to understand industry dynamics, requirements, and challenges is crucial.

Raising start-up capital, choosing a prime location, and selecting a reliable PoS service provider are foundational steps. Registration with the chosen provider, advertising the business through various channels, and ensuring compliance with Central Bank of Nigeria (CBN) regulations complete the setup process.

The PoS business in Nigeria has experienced significant growth since the implementation of the agent banking system by the Central Bank of Nigeria in 2013.

As of July 2021, there were 986,252 registered PoS terminals in Nigeria, and the industry recorded N1.15 trillion in transactions by March 2023.

Globally, the PoS market is projected to grow from $80.8 billion in 2018 to $155.6 billion in 2028, showcasing its importance in the retail industry.

That is an indication that there is still a wide room for growth in Nigeria.

Moniepoint claims leadership in the market with over 600,000 agents, followed by OPay and Palmpay.

However, merchants have begun to overtake agents in the PoS market, with over 1.3 million merchants on the Moniepoint platform.

The market continues to thrive due to the convenience it offers in providing various financial services, from accepting payments to managing inventory.

There is no doubt that the PoS business in Nigeria presents a viable and lucrative opportunity for entrepreneurs. Its affordability, coupled with the potential for high daily earnings, positions it as a competitive alternative to traditional banking roles.

Success in this business hinges on strategic location selection, effective marketing, and adapting to industry dynamics.

As the PoS market continues to grow globally and in Nigeria, entrepreneurs entering this space should prioritize customer service.


On his part, Chinonso Akudinobi, who operates two machines in Alaba International Market, said he makes up to N12,000 some days.

Dieye Wilson, a resident of Port Harcourt, and PoS operator in Diobu, said like everywhere else in Nigeria, she charges N100 for every N5000 deposit or withdrawal transaction.

Wilson said her PoS business affords her a good life. She said has been in the business for the past three years and has been able to buy a small car from her proceeds.

According to the Nigeria Inter-Bank Settlement System (NIBSS), as of July 2021, there were 986,252 registered PoS terminals in Nigeria.

According to the National President, of the Association of Mobile Money and Bank Agents in Nigeria, Victor Olojo, there are over 1.4 million mobile money and banking agents across the country.

Nairametrics reported that the number of PoS terminals deployed by merchants and individuals rose to 1.8 million in March 2023.

This represents a 75% increase year on year when compared with the number of deployed terminals in the same period last year, which was 1.04 million.

The value of transactions over the PoS terminals also increased to N1.1 trillion in the month, the highest monthly record on the platform.

Indeed, the simple PoS technology has opened up to the general public.

https://nairametrics.com/2023/11/24/pos-business-how-operators-stay-afloat-amidst-rising-competition/

President Bola Tinubu has approved the sale of more oil and gas fields abandoned by the international oil companies, IOCs.

The President has given the greenlight for conduct of fresh marginal field bid for the gas fields which have been lying fallow for over a decade.

This was disclosed by the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, during a facility tour of Waltersmith Petroman Oil Limited’s modular refinery in Ibigwe, Ohaji-Egbema Local Government Area of Imo State, on Wednesday.

https://.ng/2023/11/23/tinubu-approves-sale-of-more-oil-and-gas-fields/

Another oil and gas field purchase loading for O-AND-O BOiS

BARGAIN HUNTERS TAKE NOTE!

PETERiCHY:
The last DIVIDEND I got from OANDO was in 2015.
30k +70k =#1.00k That's 8ys ago.

SOME of us have BEING in this GAME for almost 25ys and do PERCEIVE what will LIKELY HAPPEN from AFAR.

WALE TINUBU can't GIVE you ANYTHING on a PLATTER of GOLD in order words OANDO will go PLACES but not on a PLATTER of GOLD.

FOOD 4 THOUGHT only for those their THINKING FACULTY is still functioning PROPERLY .

As for the UNSCRUPULOUS ELEMENTS that wants to become RICH OVERNIGHT with their PEANUTS their case is IRREDEEMABLE.

"BARGAIN HUNTERS TAKE NOTE'!

We made the ABOVE SUBMISSION 👌 about OANDO on Sept 27th 2023 and it's about to GO DOWN 👇


"WALE TINUBU can't GIVE you ANYTHING on a PLATTER of GOLD in order words OANDO will go PLACES but not on a PLATTER of GOLD"- *ThE OcToPuS* 🐙

BARGAIN HUNTERS TAKE NOTE!

onegentleguy:
Following request from several folks, I have since added 3 new names to the outline so it's now been modified to "8 treasured/explosive select equity names with great value accretive potential."

The bonus names have also been increased to 4 bringing the total No of stocks in the outline to 12.
Again, outline will where applicable, include other stock/market driven information with high ROI/value add plausibility.

Brief description...

It is an investment guide with a careful selection of where you need to put your money for a possible high ROI in the near to mid term. (a period of 6--15 months as benchmark TF) following series'of in-depth analysis, extrapolations and forecast using proven financial models and my derivative tools.

The outline also includes all but not limited to the equity Trade Setup, Reward Margin from Target Entry Prices & Possible Exit Prices, Recommended Portfolio weighting, Expected Time Horizon, Risk Level (ref: RRM)... etc

The additional has already been sent to those who had previously requested for an order.
For newly interested persons, you can Indicate by using the mail in my profile or sending a message across.

N.B: Not a free service.

Regards

OGG your service is not for free but you are using nairaland forum for free

PETERiCHY:
Whatever DECISION you are making REMEMBER that 🧧 XMAS BONANZA SALES 🎁 is around the CORNER 🎁🧧🎁🧧🎁🎁🧧 don't be left ◀️ out


BARGAIN HUNTERS TAKE NOTE!

Christmas Bonanza is around the CORNER

BARGAIN HUNTERS TAKE NOTE!

Locotrader:
If I manage to get 5m units of multiverse,I will keep it for long term because I know where the price will get to because of the size of OS.

I have enough money to trade other stocks for Jijo.

This time I have got a dividend stock to hold.
I will be adding more of it at any pullback until I get my target units.

How will I appease the gods when I am loaded on cash than you which is my returns from Japaul?

Really Japaul that you bought #1.30k and panicked sold @#1.18 before the party started

Locotrader:
The stock I was referring to yesterday is MULTIVERSE.I will not talk about this stock again for now after this write up.It is not a stock for traders but for value investors and dividend lovers.The stock has repositioned to add value to shareholders.It is a stock worth keeping in a portfolio for 8 years of Tinubu administration because they are changing the narratives of solid minerals.Multiverse, after reconstructions, started this year with an interim dividend of 5kobo.This is also a good move.The top and bottom lines of Multiverse will continue to improve and Eps will continue to rise.Below are some of the things I found attractive in the stock this year which will extend to next year and beyond.I will not say precisely where the price of the stock will reach but the Journey will be like that of vita foam, Nahco and Transhotel that delivers above 100% and above.The forecast is going to base on the Numbers going forward

LOCO the PROBLEM is by the time MULTIVERSE share price start going up you would have COLLECT your 2% PROFIT and RUN. 💨

Better GO and APPEASE the gods to "AVERT your NEAR SUCCESS SYNDROME".

I rest my Case !

Come what may don't be caught in the NSE in MAY 2024. It gonna be very bloody ☠️☠️☠️💀💀💀

BARGAIN HUNTERS TAKE NOTE!

*ThE OcToPuS*

PETERiCHY:
For the NEWBIES that aren't in the MARKET yet.. HISTORICALLY November till mid December is often BEARISH.

So keep your FUND on STANDBY to CHERRYPICK when the OPPORTUNITY calls 🌸🍒

BARGAIN HUNTERS TAKE NOTE!

Whatever DECISION you are making REMEMBER that 🧧 XMAS BONANZA SALES 🎁 is around the CORNER 🎁🧧🎁🧧🎁🎁🧧 don't be left ◀️ out


BARGAIN HUNTERS TAKE NOTE!

Locotrader:
We are firmly repositioned and waiting for the bears.
My target is UBA.
Let the bears be fast biko

This was the comment LOCO made on 3rd November after he panic SOLD his Japaul at loss now waiting for BEAR to REPOSITION in UBA with the PROCEEDS.

LOCO can be likened to that man in BIBLE that was FORETOLD that GRAINS will be sold cheap within the next 24hrs but he won't PARTAKE in it .

We've told him SEVERALLY to go and APPEASE the gods but he STUBBORNLY refused.

BARGAIN HUNTERS TAKE NOTE!!

Locotrader:
We no do advert again for Japaul.
I am waiting to cash out 200,000,000.
I am currently navigating my next winning stock.
Japaul has made me and my fellow brothers who identified with me millionaires

LOCO Swear you didn't panic and sell your Japaul holdings when it suddenly traded @ sub #1.20k last week.

You think the gods are crazy

PETERiCHY:
For the NEWBIES that aren't in the MARKET yet.. HISTORICALLY November till mid December is often BEARISH.

So keep your FUND on STANDBY to CHERRYPICK when the OPPORTUNITY calls 🌸🍒

BARGAIN HUNTERS TAKE NOTE!

Let's SHARPEN our CUTLASS for November BLACK FRIDAYS PROMO sales and December BONANZA sales

BARGAIN HUNTERS TAKE NOTE!

*ThE OcToPuS*

Locotrader:
Thank God for that.
Japaul has made me a man.
I was a boy before but now Glory be to God.
Pls advice the guy on the best thing to do.

Japaul sighted @#1.22k

They have left you behind

For the NEWBIES that aren't in the MARKET yet.. HISTORICALLY November till mid December is often BEARISH.

So keep your FUND on STANDBY to CHERRYPICK when the OPPORTUNITY calls 🌸🍒

BARGAIN HUNTERS TAKE NOTE!

yMcy56:
UBA
The so much noised UBA Q3 is out!
Over 250% PAT compared to Q3 2022.........around +287%
Year to date January 01 to September 30......

A good one from UBA

https://doclib.ngxgroup.com/Financial_NewsDocs/39778_UNITED_BANK_FOR_AFRICA_PLC-_QUARTER_3_-_FINANCIAL_STATEMENT_FOR_2023_FINANCIAL_STATEMENTS_OCTOBER_2023.pdf

Like we said earlier UBA will peaked @circa #50 with the release of their 2023 FY results come April 2024 that's 6mths from now.


BARGAIN HUNTERS TAKE NOTE!

Mfunkynation:
Why are you witch hunting Locotrader like this!
Locotrader is not an INVESTOR but 10O0% TRADER!
but least I forgot, you have been on point this 2023 oooo..
Are you privileged for inside information

LOCO na my man
"We RISE by LIFTING others"

BARGAIN HUNTERS TAKE NOTE!

PETERiCHY:
DANGOTE refinery will soon come on stream and their bankers will start to benefit.

So for your health sake leave kobo kobo stocks and join the latest corruptions . GTB. ZENTH. ACCESS & UBA. as we await their Q2 results cum interim dividend.

A WORD is enough for the WISE!

We gave the above CANDID advice on 25th MAY when UBA was still trading @ circa #8

Today UBA closed @#19.90k making it over 120% profit from the time we made the above post while LOCO is busy chasing winds

songus:
Please which stockbroking Platform is this?

Morgan Capital

PETERiCHY:
UBA COMFORTABLY sitting on the #19 SPOT.

Meanwhile on or before next week Friday we are CRUSHING the #20 BARRIER.

BARGAIN HUNTERS TAKE NOTE!

Few units of UBA available @#19.80
ENJOY the OFFER while stock LAST.

BARGAIN HUNTERS TAKE NOTE!

After 6months WAIT for GENERATIONAL low

UBA COMFORTABLY sitting on the #19 SPOT.

Meanwhile on or before next week Friday we are CRUSHING the #20 BARRIER.

BARGAIN HUNTERS TAKE NOTE!

Mfunkynation:
Hope you know that your projection can't move in a straight line!
but you never EXPLAIN EXPLAIN EXPLAIN tire without EVIDENCE why e never enter #20 as you you projected 2 weeks ago

Wait till their SUPERLATIVE Q3 results is OUT.
UBA heading to FULL BID!
Currently sighted @#19.00k

BARGAIN HUNTERS TAKE NOTE!

PETERiCHY:
Today we added some units to our super Dividend paying UBA stocks.

LOCO follow who know road you say na fast lane business you wan do. You see your life now

After LOADING afolabi units of UBA 4weeks ago @#13.60k some of us are COMFORTABLY sitting on 2m PAPER PROFIT after pocketing #225k INTERIM DIVIDEND.

Today UBA closed @#17:95 we should EXPECT it @#40 junction after release of their 2023 F/Y results in April 2024.

Better join the MOVING TRAIN 🚂 now else you go EXPLAIN EXPLAIN EXPLAIN tire without EVIDENCE like LOCO

BARGAIN HUNTERS TAKE NOTE!

UBA sighted @#17.50k
Their SUPERLATIVE Q3 results is around the CORNER.

BARGAIN HUNTERS TAKE NOTE!

Phlinx:
Mine also arrived this night but already sold all my UBA last week. Will do a quick transfer Monday morning to buy more Oando.
Then will follow that fresh newbie into the stock he mentioned by week ending.
And I still think I will be in time for twice as much UBA! And I will not wait for N30 will come down way before.

Why sell at this point of UBA TURNAROUND

Do you know their Q2 2003 EPS around #10.50. infact if UBA is to be liquidated today each of their shareholders will be paid around #100 per share


BARGAIN HUNTERS TAKE NOTE!

DrAwo:
Now we know your full name... Black tax go full your inbox and Facebook messenger... Loool...

When boys come know your address join am like this ehn, nah kidnap remain...

#JustKidding...

More reason I don't leave a dime in my personal accounts everything stays my domiciliary or corporate account .

Locotrader:
While I agree with UBA I don't agree with Fidelity because you only shew us your account balance.It is like your Fidelity is less than 100k self but why are you behaving like a baby aby you want us to start displaying account balance in a faceless forum?You have a chicken change in the name of dividend jare.

0LODO as you can see the previous #501k deposit on my account yesterday was withdrawn that simply tells you that I don't leave a dime my savings acct.

Meanwhile next week we top up our UBA and still patiently wait for OANDO @t circa #5

BARGAIN HUNTERS TAKE NOTE!

PETERiCHY:
For those looking for WHERE to HIDE their OANDO loots.
UBA is now available #16.40k.

4 weeks from we should EXPECT another SUPERLATIVE FX REVALUATION induced RESULT.

And by this TIME next Friday we should be JOLIFICATING with our INTERIM dividend.

BARGAIN HUNTERS TAKE NOTE!

UBA interim dividend landed safety

PETERiCHY:
It's people like you that will end up chasing UBA @#60.
023
BARGAIN HUNTERS TAKE NOTE!

UBA LOADING LAST PASSENGERS @#16.70k afterwards #20 here we come.

By next week NUMEROUS SHAREHOLDERS will REINVEST their INTERIM DIVIDEND that will PAID this FRIDAY 6th OCTOBER 2023 which inturn will help BOOST our FUEL TANK ⛽

By MONTH END when their SUPERLATIVE FX REVALUATION Q3 INDUCED results will be released then we will be HEADING to circa #30.

BARGAIN HUNTERS TAKE NOTE!

maishai:
Bua on price reduction of cement is simply courting Government concessions to attract probably more tax incentives on the industry.... Most factories in Nigeria are runned like sweat shops....

My own analysis is dat the cost of building a cement factory line in Nigeria using the cheapest technology(Chinese) is $600million dollars, this translates to #600billion using($1 to #1000), this factory specification is to produce 6million tonnes of cement per annum, factor in a capacity utilization of 60% and you get a yeild of around 3.5million tonnes per annum.........
Nigeria being the country that it is plus the use of chinese technology, you had better recover your capital in 2 years.....If not you are in for a long thing as factories ARE not charity organizations........ This translates to the sale of cement @ about #4300 a bag, the market price is @ about #5500, this means that cement manufacturers are trying to recoup their cost in the shortest possible time(18 months)

What bua is trying to do is to recoup his cost in a longer time frame, a good move but @ what cost and in which country.......Cement production is capital intensive and should attract a lot of tax incentives which d Nigerian govt is unwilling to grant also bua new plant are scaled at half this factory specification meaning that they are producing at a higher cost compared to Dangotes plant........
Well, we cross our arms to see where this moves lead to

Ain't you Happy ALHAJI RABIU want to LET the POOR BREATH

BUA Group has decided to being down the price of Cement effective October 2, 2023.

According to a statement from the Cement manufacturer, the organization decided to bring the price reduction forward rather than waiting till when its new production lines were completed as it had earlier promised.

Based on the latest development, the ex-factory price has now been fixed at 3,500 NAIRA per bag, 'so that Nigerians can begin to enjoy the benefits of the price reduction even before the completion of the new plants'.

The statement further revealed that upon completion of the new plants which will increase BUA production volume to 17million Metric tons per annum, the company intends to further review downwards the price of cement by first Quarter of 2024 in line with earlier promise.

See full text of the statement below

BUA Cement reduces ex-factory cement prices to N3,500/bag effective October 2, 2023.

We refer to our previous pronouncements regarding our intent to reduce cement prices upon the completion of our new lines at the end of the year, in order to spur development in the building materials and infrastructure sectors.

As per the commitment made to reduce prices and following a periodic review of our operations for efficiency, the management of BUA Cement Plc wishes to announce and inform our esteemed customers, stakeholders, and the public that effective October 2, 2023, we have decided to bring the price reduction forward. As a result, BUA Cement would now be sold at an ex-factory* price of 3,500 Naira per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants.

Upon completion of the ongoing construction of our new plants, which would increase our production volumes to 17million metric tonnes per annum, BUA Cement PLC intends to review these prices further in line with our earlier pronouncements by the first quarter of 2024.

NOTE: all pending, undelivered orders which had been paid for at the old prices will be reviewed downwards to N3500/bag in line with the new pricing from October 2, 2023. Our licensed dealers are also enjoined to ensure that end-users benefit from this reduction in ex-factory prices as we will monitor field sales to ensure compliance.

Signed:

Management
01 October, 2023

Phlinx:
Why should we pay N16.40 for UBA when we can get it lower?

It's people like you that will end up chasing UBA @#60.

BARGAIN HUNTERS TAKE NOTE!