I commented on a post about POS business, since then I've been receiving calls and messages for more info.

Being a very busy person, I thought it wise to just open a thread where I can refer people instead of attending personally to the numerous calls. Also, others with wealth of experience in the business can contribute to enable all who are interested participate.

I've been in the business for the past 6 years, and so far, I've achieved a thing or two that I can share with confidence.

How does it work?

Its a very simple business. You use a POS machine to debit customers, money leave their account and enters your account, you pay them physical cash (withdrawal).

You transfer from your account to customer account or other account given to you by customer, customer gives you cash (deposit)

You debit one customer and credit another person directly from customer account (transfer).

Other POS/Agent banking services includes: account opening, BVN enrollment, recharge cards/data sales, cable TV subscriptions etc.

What do I need to start.

1. A good Android phone.
2. A shop
3. Laptop (optional)
4. An account (there are special accounts for this business)
6. A capital of 150-200k (could be less)
7. A good head and determined spirit.


1. The phone is for your mobile app, where you control and monitor most of the activities. Most agent account aren't sms enabled. So you have to be monitoring your transactions closely from your phone or laptop if you have one.

2. The shop should be in a strategic environment where there are financial activities. In a place a bit far from the bank. If in rural environment, it should be in an open and busy place. A POS shop shouldn't be located in a hidden or isolated place for whatever reason.

3. There are special accounts designed for agency banking or POS services. These accounts are free from all bank charges. Ranging from stamp duty to maintenance and sms etc.

4. You can start with as little as 50k depending on the POS you're using and the number of transaction you can handle daily. I actually started with 50k, but that's because I operated in my hometown, so people can withdraw and come for the cash later on. Also people who gave me deposits wouldn't mind if they don't see the alerts immediately.
When your trust is built to a level, you can even operate without a capital of your own.

5. This business is not for everyone. You must be smart, calculative and articulated. You must be good with figures and not be a novice in handling cash.

There are different types of POS and different level of configuration. Some POS credit instant for every transaction, some credit at the end of day for cumulative transactions, some credit next day etc.

In this case I recommend instant credit for each transaction.

Also some organizations/institutions charge at % rate, others charge 100 naira for transactions below 10k and 200 for transactions above 10k. For the above charges, some institutions return a commission of 45% to the agent others 50% by the end of the month. There are organizations with far lesser charges as low as 30 naira flat rate for all transactions if you can hit over 200 transactions monthly.

Some banks and organizations train their agents quarterly or periodically. But this training isn't all encompassing. They're far from the true field experience.

Truth is, agency banking is still in its developing stage in Nigeria. Most people who teach about it are only illusive.

Most people assume it's all about operating the POS and counting money. It's much more about that. Issues related to POS business can make you loose money beyond imagination. Issues includes:

-Reverse transactions
-Charge backs
- Delayed or unsuccessful transactions which indicated successful in the receipt.
- wrong figure permutations and mistake of transfer to wrong accounts.
- double impact of transaction for a single frequency.

Now these and many more issues abound. There some that are even so strange that you'll wonder how it happened. For instance, I've withdrawn from a diamond visa card the transaction was successful and impacted in my account, I paid. Next day same amount left my account.

There are other problems of fake currency, money laundry 419 etc.

You have to learn how to mitigate through this challenges and keep your capital intact.

Let me stop here for now. I'll be back shortly.

Hmmm... Thank you for this vital info.

Thanks for this info

Ahh. Fake currency is a big problem.

Thanks for sharing your experience.

I started the business in February and lot of experience gain.......

I started the business in February and lot of experience gain.......

udumosam23:
Some banks and organizations train their agents quarterly or periodically. But this training isn't all encompassing. They're far from the true field experience.

Truth is, agency banking is still in its developing stage in Nigeria. Most people who teach about it are only illusive.

Most people assume it's all about operating the POS and counting money. It's much more about that. Issues related to POS business can make you loose money beyond imagination. Issues includes:

-Reverse transactions
-Charge backs
- Delayed or unsuccessful transactions which indicated successful in the receipt.
- wrong figure permutations and mistake of transfer to wrong accounts.
- double impact of transaction for a single frequency.

Now these and many more issues abound. There some that are even so strange that you'll wonder how it happened. For instance, I've withdrawn from a diamond visa card the transaction was successful and impacted in my account, I paid. Next day same amount left my account.

There are other problems of fake currency, money laundry 419 etc.

You have to learn how to mitigate through this challenges and keep your capital intact.

Let me stop here for now. I'll be back shortly.

God bless you.... please recommend to us good company that give POS with good charges

Chrisakuneme:
Ahh. Fake currency is a big problem.

Thanks for sharing your experience.

I receive fake #500 last week☹️☹️

God bless u for this thread

More update please

Following....

I'm really interested

As a beginner, I recommend you start with first bank as a first monie agent or access bank as a closa agent.

These banks are far ahead others in agency banking. Benefit is you that you have certification that will give you recognition since they have a wider coverage and they can attend to you promptly should you have any case.

If you're a pro in the business already and can guarantee at least 200 transactions monthly, contact me in person for a terminal that charges you 30 naira flat rate for all transactions.

One of the major reasons why people still shy away from using POS is the high charges in some areas. If you must do well, you have to be coutious about this and take your customer relation very seriously.

For people who are already bank agents, the bank already have a back charge against the customer that covers for both the bank and the agent, so extra charge are unnecessary except for bigger amounts from 20k above.

Although most agents complain that the % isn't enough, so they add extra charges to make it up. Ideally, a customer shouldn't pay more than 100 for every 10,000 and for amounts above 50k, flat of nothing more than 500.

One of the reasons I excel wherever I open a point is charge strategy. I already know banks peg their charge at 100 below 10k, and 200 above 10k. All I have to do is charge 50 below 5k, 100 below 20k, and 200 above 20k.

Since I only pay 30 naira per transaction, I'll still have my commission even if I were to charge 50 naira flat rate for all amount.

Second strategy is I keep deposits at 200 naira flat rate, and even offer free deposit by weekend for amounts above 100k.
The reason is, I'll built a trust that will enable people do more of deposit which will help me pay those who come for withdrawal without necessarily going to the bank. Also, I can delay the deposit till 4pm if it is not urgent, then I must have rotate the money like twice.

Can you drop your contact number I do 70-100 transactions daily.........it will be lovely if I can get the POS that charge #30 flat rate

udumosam23:
One of the major reasons why people still shy away from using POS is the high charges in some areas. If you must do well, you have to be coutious about this and take your customer relation very seriously.

For people who are already bank agents, the bank already have a back charge against the customer that covers for both the bank and the agent, so extra charge are unnecessary except for bigger amounts from 20k above.

Although most agents complain that the % isn't enough, so they add extra charges to make it up. Ideally, a customer shouldn't pay more than 100 for every 10,000 and for amounts above 50k, flat of nothing more than 500.

One of the reasons I excel wherever I open a point is charge strategy. I already know banks peg their charge at 100 below 10k, and 200 above 10k. All I have to do is charge 50 below 5k, 100 below 20k, and 200 above 20k.

Since I only pay 30 naira per transaction, I'll still have my commission even if I were to charge 50 naira flat rate for all amount.

Second strategy is I keep deposits at 200 naira flat rate, and even offer free deposit by weekend for amounts above 100k.
The reason is, I'll built a trust that will enable people do more of deposit which will help me pay those who come for withdrawal without necessarily going to the bank. Also, I can delay the deposit till 4pm if it is not urgent, then I must have rotate the money like twice.

udumosam23:
As a beginner, I recommend you start with first bank as a first monie agent or access bank as a closa agent.

These banks are far ahead others in agency banking. Benefit is you that you have certification that will give you recognition since they have a wider coverage and they can attend to you promptly should you have any case.

If you're a pro in the business already and can guarantee at least 200 transactions monthly, contact me in person for a terminal that charges you 30 naira flat rate for all transactions.

please I need that pos that charge 30 flat rate am also an agent

Thanks for sharing your experience here, pls I have interest in the business but I'm thinking of putting someone there. What are my chances.

heryour64:
Can you drop your contact number I do 70-100 transactions daily.........it will be lovely if I can get the POS that charge #30 flat rate

08066016141

udumosam23:
As a beginner, I recommend you start with first bank as a first monie agent or access bank as a closa agent.

These banks are far ahead others in agency banking. Benefit is you that you have certification that will give you recognition since they have a wider coverage and they can attend to you promptly should you have any case.

If you're a pro in the business already and can guarantee at least 200 transactions monthly, contact me in person for a terminal that charges you 30 naira flat rate for all transactions.

how much is the first bank POS and what's the requirements for getting the POS

Legitz:
how much is the first bank POS and what's the requirements for getting the POS

Absolutely free. Just register as a first-time agent. Fund the account with a little amount which you can withdraw later on.

nice work

udumosam23:



08066016141

Are you on WhatsApp with this number?

ostopsmich:

Are you on WhatsApp with this number?

Yea

udumosam23:


Yea

I will contact you as well

udumosam23:


Absolutely free. Just register as a first-time agent. Fund the account with a little amount which you can withdraw later on.

Can you guide me on this?
Thanks.
I will definitely appreciate it

heryour64:
I receive fake #500 last week☹️☹️

You can add your experience to this topic. Many people have been asking for information about POS business but only a few people know about it or are at least, willing to talk.

On your fake note experience, I once worked as a filling station attendant and I tell you, there is no way you can ever recognize fake money unless it is given to you several times.

I received several fake 500 and 1,000 notes back then. Over time, I got so good that I recognized the notes even before it was handed over to me. I always told the payee that their note was a fake while it was still in their hands.

I used to think only fake 500 and 1,000 notes existed until someone gave me a fake 200 naira note. The note looked so real but I continued looking at it suspiciously.

I later let my guard down when the man who gave it to me (a tricyclist) told me it wasn't fake that it only appeared darker because it was washed with clothes. I dumbly agreed since I never believed fake 200 naira notes existed anyway.

A colleague later told me that it was fake after seeing it in my hands. (He didn't even touch it.)

I decided never to let my guard down again that day. I scrutinized everything including polymer notes. Someone later gave me a fake 100 naira note and I quickly returned it to him and told him it was a fake.

All these happened within the three months I spent on the job. It's funny thinking about it now. Those days when I chased danfo drivers to return their fake notes to them before they entered the expressway.

Sorry for your loss. But the key is to learn from it. Observe the note very well and compare it to the original notes. You will adapt with time.

BrightShineSky9:



Can you guide me on this?
Thanks.
I will definitely appreciate it

Just walk into any first bank close to you, ask for agency banking department. Tell them you want to be a first-monie agent.

They'll give you a form. Fill and submit.They'll guide you on the rest.

Just ensure you have a shop because they'll visit before they dispatch POS to you.

udumosam23:



Just walk into any first bank close to you, ask for agency banking department. Tell them you want to be a first-monie agent.

They'll give you a form. Fill and submit.They'll guide you on the rest.

Just ensure you have a shop because they'll visit before they dispatch POS to you.

Thanks

Wow! I never knew somethings measured here. Question: Which is the preferred, individual or business POS?

udumosam23:


Absolutely free. Just register as a first-time agent. Fund the account with a little amount which you can withdraw later on.

Pls after d aforementioned steps,what duration will I get d Pos?

olawunmi400:


Pls after d aforementioned steps,what duration will I get d Pos?

After enrollment, you'll be asked to install an app with which you can start transaction. Ideally, the POS is given to you if they assess your activities and see you're very active. Could take two weeks to 3 months depending in the branch.