₦airaland Forum

Inspite of the very harsh economics realities ND astronomical increases in the cost of living, majority of the POS ppl still under charge for the value of their services...

Take this for example...

In 2019:

Cost of sms = 4 naira

Cost of withdrawal on the ATM = 35 naira

Cost of receiving money above 10k = 0 naira

Minimum Amt withdrawable from a bank = unlimited

Pos charges on operators from the bank , example = 20


Withdrawable amt from one card at a time= 60k

Charges on transactions from POS operators to customers =

5k = 100

10k = 200

Etc


Now let's compare it to current rates in all listed parameters as at 2025 ( 6 years later)

Cost of sms = 6 naira

Cost of withdrawal from the ATM 107:50

Cost of receiving money above 10k = 50 naira

Minimum Amt withdrawable from a bank = 500k per week

POS charges on operators from the bank = 35 naira

Withdrawable amount from one ATM card at a time 40k

Charges on transactions on customers by pos operators =

5100

10200


..now additional cost increasment since 2019..

Cost of house rent

Cost of pure water

Cost of ur pos stand

Cost of food

Imagine that more than 70% of Nigerians don't HV bank app at the time...

Now about 85% has either app or use code to mk transfers..

Almost every grocery shop has a pos machine for transactions

Again..more mad more ppl delved into the business , meaning almost all the operators can't guarantee 30 transactions per day..

With all this factors combined and an apparent begging for transactions by it's excess operators..ND the near stagnat charges over 6years....

I bet to argue that pos operators will remain poor, if they don't jump out of the busyness now!

Bitter truth but adding other biz to it would be added advantage.

This was my mentality then, but you are wrong...

I know POS operators and I use to ask them them how they are surviving...

Nothing concern POS operators again for bank ATM, they go round the market or shops in the evening and collect cash from Sellers and transfer the money to their bank account...

Go to banks, you hardly find people depositing money, they sell it to POS operators because, they make money from it, and it serves them time too.

I know POS Operator that has 3 points and pays her workers more than 30k a month

She says she makes 30k in 3 days

What are you talking about?

If you are PoS Operator, you don't need bank that charges sms, you need fintech app that gives in-app messages like Opay, monie point etc...

So don't write them off yet

bigpicture001:
Inspite of the very harsh economics realities ND astronomical increases in the cost of living, majority of the POS ppl still under charge for the value of their services...

Take this for example...

In 2019:

Cost of sms = 4 naira

Cost of withdrawal on the ATM = 35 naira

Cost of receiving money above 10k = 0 naira

Minimum Amt withdrawable from a bank = unlimited

Pos charges on operators from the bank , example = 20


Withdrawable amt from one card at a time= 60k

Charges on transactions from POS operators to customers =

5k = 100

10k = 200

Etc


Now let's compare it to current rates in all listed parameters as at 2025 ( 6 years later)

Cost of sms = 6 naira

Cost of withdrawal from the ATM 107:50

Cost of receiving money above 10k = 50 naira

Minimum Amt withdrawable from a bank = 500k per week

POS charges on operators from the bank = 35 naira

Withdrawable amount from one ATM card at a time 40k

Charges on transactions on customers by pos operators =

5100

10200


..now additional cost increasment since 2019..

Cost of house rent

Cost of pure water

Cost of ur pos stand

Cost of food

Imagine that more than 70% of Nigerians don't HV bank app at the time...

Now about 85% has either app or use code to mk transfers..

Almost every grocery shop has a pos machine for transactions

Again..more mad more ppl delved into the business , meaning almost all the operators can't guarantee 30 transactions per day..

With all this factors combined and an apparent begging for transactions by it's excess operators..ND the near stagnat charges over 6years....

I bet to argue that pos operators will remain poor, if they don't jump out of the busyness now!

The same pos people wey nearly choke Nigerians with high billings during money scarcity period, I hope all of them have bought private jets already....

With all due respect @OP, you have no idea how the majority of POS owners are running the business!


You might be surprised that they make way more than you. Dont be fooled by the poor dressing and sale's girl appearance o OR how they will drag you for 20 naira. They are making major money.

Even with all charges, nothing spoils for them. Their only worry is that there are too many POS operators. FINISH!

henrycloud:
With all due respect @OP, you have no idea how the majority of POS owners are running the business!


You might be surprised that they make way more than you. Dont be fooled by the poor dressing and sale's girl appearance o OR how they will drag you for 20 naira. They are making major money.

Even with all charges, nothing spoils for them. Their only worry is that there are too many POS operators. FINISH!

Those are the words to console someone who is dieing out in business... See, business HV ethics... It can be calculated, nothing like making secretly... If u make money, it will show....

Pos is a dying business ND ppl like u like to praise them so u can manipulate them into under charging u... But will frown at ur daughter trying to marry one of them...

POS is a poor ppl business , end of quote!

bigpicture001:
Those are the words to console someone who is dieing out in business... See, business HV ethics... It can be calculated, nothing like making secretly... If u make money, it will show....

Pos is a dying business ND ppl like u like to praise them so u can manipulate them into under charging u... But will frown at ur daughter trying to marry one of them...

POS is a poor ppl business , end of quote!

With time, POS will eventually end up like the newspaper business. It will quietly fizzle out. How many people dey read newspaper again?

Most newspaper stands are drying up

Most pos biz are for money laudering and illegal runs

Omihanifa:
With time, POS will eventually end up like the newspaper business. It will quietly fizzle out. How many people dey read newspaper again?

Most newspaper stands are drying up

Your facts and forecast is very wrong, POS business can never fizzle out, go to the market place and u will know why, some market women were forced to have bank account during Chashless era of emefele

Now these women don't have any business going to bank, they make all their deposit through the POS people in the market, fintech industry like Opay and money point has even make life easier for them, personally I didn't go to the bank throughout last year, in fact since covid 19, I haven't gone to bank for deposits or withdrawal, only for other purposes, I don't even use ATM machines, I prefer using the POS or making transfers from my bank app. So dead that thought P.O.S will be here for a long time unless a more modern way of making transactions is discovered

Is anyone doing POS business to become rich? No be just to survive?

POS agents made it when it wasn't saturated. It's an occupation for people to get by and most of them do something else alongside. Nobody does POS business to be wealthy.

You didn't research OP before opening your thread.
They mop up cash from businesses. Businesses would rather sell cash to them as they're easily accessible than going to a bank to deposit.
When last did you see a long queue for deposit in the bank after naira redesign?

bigpicture001:
Inspite of the very harsh economics realities ND astronomical increases in the cost of living, majority of the POS ppl still under charge for the value of their services...

Take this for example...

In 2019:

Cost of sms = 4 naira

Cost of withdrawal on the ATM = 35 naira

Cost of receiving money above 10k = 0 naira

Minimum Amt withdrawable from a bank = unlimited

Pos charges on operators from the bank , example = 20


Withdrawable amt from one card at a time= 60k

Charges on transactions from POS operators to customers =

5k = 100

10k = 200

Etc


Now let's compare it to current rates in all listed parameters as at 2025 ( 6 years later)

Cost of sms = 6 naira

Cost of withdrawal from the ATM 107:50

Cost of receiving money above 10k = 50 naira

Minimum Amt withdrawable from a bank = 500k per week

POS charges on operators from the bank = 35 naira

Withdrawable amount from one ATM card at a time 40k

Charges on transactions on customers by pos operators =

5100

10200


..now additional cost increasment since 2019..

Cost of house rent

Cost of pure water

Cost of ur pos stand

Cost of food

Imagine that more than 70% of Nigerians don't HV bank app at the time...

Now about 85% has either app or use code to mk transfers..

Almost every grocery shop has a pos machine for transactions

Again..more mad more ppl delved into the business , meaning almost all the operators can't guarantee 30 transactions per day..

With all this factors combined and an apparent begging for transactions by it's excess operators..ND the near stagnat charges over 6years....

I bet to argue that pos operators will remain poor, if they don't jump out of the busyness now!

I know a pos operator who is making upto 50k everyday she is building an upstairs in lagos

Sucre6:
Your facts and forecast is very wrong, POS business can never fizzle out, go to the market place and u will know why, some market women were forced to have bank account during Chashless era of emefele

Now these women don't have any business going to bank, they make all their deposit through the POS people in the market, fintech industry like Opay and money point has even make life easier for them, personally I didn't go to the bank throughout last year, in fact since covid 19, I haven't gone to bank for deposits or withdrawal, only for other purposes, I don't even use ATM machines, I prefer using the POS or making transfers from my bank app. So dead that thought P.O.S will be here for a long time unless a more modern way of making transactions is discovered

We have not talked about whether u patronize them or not...

What we are saying is ur steady argument against them in their stand to under charge u and u feel so entitled that the charge of 2019 should still b same as charge of 2025...

It's their profit we are talking about...

Esthered:
POS agents made it when it wasn't saturated. It's an occupation for people to get by and most of them do something else alongside. Nobody does POS business to be wealthy.

You didn't research OP before opening your thread.
They mop up cash from businesses. Businesses would rather sell cash to them as they're easily accessible than going to a bank to deposit.
When last did you see a long queue for deposit in the bank after naira redesign?

Remember, u said "rather sell it"..

There is still a cost... All I analyzed was how cost affect its megre income from the biz...this making them even in tighter corner..

Ezmans:
I know a pos operator who is making upto 50k everyday she is building an upstairs in lagos

One day for sure.. u will know where her funding comes from..

That was how I was busy analyzing a particular boutique bizness guy who owns a big one and is driving two cars.. alot of yahoo guyz visit there to shop...

Alas! He didn't getting as much as I thought, but his three sisters in Canada supports him...

Las las he travelled bro Canada after obi lost election..

Do not b fast to think just pos is giving him such amount

bigpicture001:
Remember, u said "rather sell it"..

There is still a cost... All I analyzed was how cost affect its megre income from the biz...this making them even in tighter corner..

Some may not sell. As POS agents if they pay for the cash they collect from traders. I know they used to sell during cash crunch.

Esthered:
Some may not sell. As POS agents if they pay for the cash they collect from traders. I know they used to sell during cash crunch.

So as a pos biz person.. u wait for cash crunch Wich happens like once in 3 years..? So u can make profit..?

Bro, trust me, the biz is dying because of undercharge forced by customers and aided by unhealthy competition

bigpicture001:
So as a pos biz person.. u wait for cash crunch Wich happens like once in 3 years..? So u can make profit..?

Bro, trust me, the biz is dying because of undercharge forced by customers and aided by unhealthy competition

It's profitable for some people but it's not sustainable as it's now saturated.

bigpicture001:
One day for sure.. u will know where her funding comes from..

That was how I was busy analyzing a particular boutique bizness guy who owns a big one and is driving two cars.. alot of yahoo guyz visit there to shop...

Alas! He didn't getting as much as I thought, but his three sisters in Canada supports him...

Las las he travelled bro Canada after obi lost election..

Do not b fast to think just pos is giving him such amount

she is getting a huge cash from hausa people at mile 12 market

Ezmans:
she is getting a huge cash from hausa people at mile 12 market

U failed to listen or read what I wrote up there...

Cash is not the problem of pos, but undercharge...

The charges are too low cuz of unhealthy competition and customers entitlement mentality...

If u hold one million as capital and makes say 6k from it daily

And if u hold 300k and make same 6k from it daily...

Which is better... In that analysis, does much cash matter..?

bigpicture001:
U failed to listen or read what I wrote up there...

Cash is not the problem of pos, but undercharge...

The charges are too low cuz of unhealthy competition and customers entitlement mentality...

If u hold one million as capital and makes say 6k from it daily

And if u hold 300k and make same 6k from it daily...

Which is better... In that analysis, does much cash matter..?

POS is never supposed to be a business in the first place. Mention a country where her citizens buy their national currency with cash. It is only in Nigeria.

POS business is not meant to be sustainable.

bigpicture001:
We have not talked about whether u patronize them or not...

What we are saying is ur steady argument against them in their stand to under charge u and u feel so entitled that the charge of 2019 should still b same as charge of 2025...

It's their profit we are talking about...

Check the comment I quoted, the person was saying the POS business would go instinct. I pointed out facts to him that he is wrong, I ain't referring to the topic exactly