₦airaland Forum

jfkenny:
Feed well, u will meet up.. The chicks grow real fast.. See 36day old

I for buy too but I'm staying in a rented house with no fence in eat I'm scared of thieves stealing them

Xytheghost:
Please I’ve lost all hope cause I’ve been trying but all my efforts seems to be in vain but they say “suicide isn’t an option”. I’m ready to work or do anything to survive. Please if you know any HK in Abuja looking for boys , help me out. Thank you.

It's in Ghana that I know HK

AidlifeOnline:
If U need extra cash, start kunu, zobo business and thank me later.

But I don't know how to do kunu

PrudentBlogger:
POS business in Nigeria is currently one of the hottest businesses to start for the average Nigerian. Because of its ease of use and convenience, it is gradually taking over ATMs. In exchange for a fee or commission through a POS machine, a POS business or mobile money representative makes cash available to customers.

Due to the lack of ATMs in certain remote locations and the queues that people face at ATMs in Nigeria, people now prefer to look withdraw from the closes POS agent near them.

This post will provide a detailed look at the POS business in Nigeria. There are common issues and disadvantages to starting a POS business in Nigeria. We will also discuss the cost and how lucrative it can be. If you are interested in this business, then read on.

What is POS in Nigeria?

A POS (point-of-sale) machine is a device that allows merchants, retailers, and businesses to collect payment without having to use cash. POS machines, also known as terminals, are being used by Nigerian banks and fintechs (financial tech companies) to increase financial inclusion and provide financial services to the underbanked and unbanked populations of Nigeria.

With a POS center, you don't need to go to a bank for most financial transactions. All you need to do is locate a nearby POS centre and you can perform your cash transactions there.

People who don't have access to banks in their location can now enjoy these services, provided there is a POS centre nearby. This is especially important for rural and remote communities. This is why POS businesses are gaining popularity in Nigeria.

People who open a POS business in Nigera are often referred to as POS agents. POS agents earn commissions for completing authorized financial transactions on behalf of customers/consumers.

You don't only have to make payments, withdraw, or transfer money with a POS in Nigeria. It can also be used for DSTV & GOTV payments, airtime recharge, and tax payments.

Services of a POS Business Agent in Nigeria

These services can be offered by a POS agent in Nigeria:

Open new bank accounts
Banks allow you to deposit and withdraw money.
Send money
Pay your bills for electricity, cable TV, tax, and airtime.
Is POS business in Nigeria profitable?

Starting a POS business is a good investment. Particularly if you have a business that is already in operation at the same location. It will reduce the capital required to start your business.

This is because POS centres are increasingly popular with people who want to avoid the stress of banks and do their financial transactions at a POS.

A POS business in Nigeria is very profitable because many remote areas don't have banks branches. Therefore, POS agents have been the de facto banks. A POS agent or business does not need to market because they are visible in the public eye. Customers will always turn to them for their ease.

POS agents are now a viable alternative to visiting the bank, especially when it comes to cash withdrawals or transfers.

A POS business in Nigeria requires very little capital. You can make money as soon as you start the business. You will need a good location. Depending on where they are located and how trust is built with their customers, POS agents in Nigeria make between N7,000 and N10,000 per day.

How can you make money in Nigeria with a POS company? Every customer who uses your POS machine earns you a commission. Let's say a customer wishes to withdraw N5,000. The transaction will be charged at N100 and shared with your POS Provider. The bank or company will take N40 and you can take N60 for your commission.

What is the cost of starting a POS company in Nigeria?

Starting a POS company in Nigeria is not expensive. The cost of starting a POS company will depend on whether you have secured a shop or not. It also depends on whether you are getting a POS system for free.

For a POS business to be established in Nigeria, the main expense is cash. These costs can be anywhere from N250,000 to about N150,000.

To get a new POS machine from some fintech companies or banks will cost between N65,000 and N140,000 only. However, some banks offer POS machines for free but you must meet their requirements.

What is the cost of a POS Machine In Nigeria?

The cost of a POS terminal in Nigeria will vary depending on which bank you are an agent for or where you buy from. There is no set price for POS terminals in Nigeria.

Prices can vary from N45,000 to N75,000 or more, depending on the model. Different POS machines can have different specifications, such as 2G, 3G or 4G.

POS charges in Nigeria

Below is a list of POS charges for Nigerian banks and companies. These charges may not reflect what you see when visiting your preferred mobile money agent service.

Most POS agents in Nigeria charge differently depending on the bank or company they are affiliated to. However, there is a trend in charges we have noticed across most POS centers irrespective of their banks.These charges are mostly either paid to the POS agent in cash or they deduct it from your account.

PS: Always ask the POS agent if the bank will still charge you after you have paid their charges because at times, even after paying the money, the bank also charges you.

N100 - N5000 = N100 charge

N5,001 - N10,000 = N200 charge

N10,001 - N20,000 = N300 charge

N30,000 - N40,000 = N400 charge

N40,000 - N50,000 = N500 charge

Where can I find POS Machines?

Only banks and other financial institutions in Nigeria can provide POS machines.

GTBank is one of the most popular financial institutions to obtain a POS machine in Nigeria. Access Bank, First Bank, UBA and Zenith Bank, OPay, Baxi, Monie Point, Kudi, Bankly, Zenith Bank

Which POS Agent in Nigeria is the Best?

These are the top companies that you should consider if you want to be a POS agent in Nigeria.

GTB POS
OPay POS
Firstmonie POS
Zenith Bank mobile money agent
UBA POS
Kudi POS
Ecobank Xpress point
Pay force
Monie Point POS
Paga
Quickteller Paypoint
Steps to Become A POS Agent In Nigeria.

The following steps will show you how to become a POS Agent in Nigeria.

Step 1. Determine the startup cost.

A lot of things can influence the startup cost for your POS business in Nigeria. You will consider factors like Location, Cost of POS machine, Startup Cash, and any other registrations required for you to operate a business legally in Nigeria. Bear in mind that the cost of getting a shop differs from location to location.

Also consider the bank you want to sign up with. Are they willing to give you POS machines for free or do you need to pay? Are their requirements expensive? These are just a few of the factors to consider when determining the cost of running this business.

Step 2. Get A location

Location matters for any business, not just a POS business. If you can situate it in a busy location, you will be better off. So consider a location that has a lot of people in it. Also, consider the proximity of your location to a bank or other ATMs.

Another thing to consider is how secure the location is.

Step 3. Cost Of Rent

Once you have gotten a location you like, search if you can still get a shop in the area. If you can't, find out if you can get a shop in the location. If you can't get a location, you can make a lockup POS tent and situate it in a space within the location.

Step 4. Register to be a POS Agent

Depending on your bank or financial institution, you might need to apply for POS agent status or for a POS device. This could be for outright purchase, lease, or free. Based on the requirements, commissions, and charges, you can determine which one is right for you.

Online applications for POS machines can be made or you can visit the bank or office. This process can take anywhere from two weeks to one month to complete.

Step 5. Raise Your Capital

Now that you know how much it will cost to start the business, you can calculate your startup costs. You only need to raise the cash you will give to people who will want to withdraw from your terminal.

Advantages of POS Business in Nigeria

Both the customers and business owners can reap the benefits of POS in Nigeria:
Business opportunity for those looking for an alternative source of income
Ease of making cash transactions without having to visit the bank.
Encourages financial inclusion within the country
Reduces the risk of theft exposure as people don’t need to have so much cash
Increased sales for merchants who not only accept cash but also cash payments via a POS machine
Disadvantages Of POS Business In Nigeria

There are some disadvantages and challenges to owning a POS business in Nigeria.

Robbery. Due to its nature (deals in cash), it is easy for criminals and robbers to get into the business. Also, on the part of POS agent, this business cannot afford a security guard so you should be careful with with how you move.
Banking Networks can be a problem in this industry. It is important to ensure that the POS agent service that you choose has reliable network services. This is why some people have up to three POS machines.
It is important that your POS devices (due to the unstable power supply) are charged at all times. It might be worth investing in a small generator.
Agency banking lacks regulation: Agency banking is booming because of its lucrative nature. There's no regulation. Some POS shops are located so close together that they can't be seen from one another. The spacing between shops is not controlled by regulations. There is no set fee for POS agents, so charges may vary from agent to agent.
In Conclusion

POS business in Nigeria can be quite lucrative depending on your location. I hope you found this post to be quite helpful. Want to check out other businesses you can do? Check out these hot business ideas you can do in Nigeria.

This article was culled from Ideahub

Other Interesting Topics You Will Find Are:

75 Business Ideas You Can Start In Nigeria >>>> https://ideahub.com.ng/business-ideas-in-nigeria/
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Palm Oil Business In Nigeria >>>> https://ideahub.com.ng/palm-oil-business-in-nigeria/
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How to Make Money Online In Nigeria >>>> https://ideahub.com.ng/how-to-make-money-online-in-nigeria-legit-from-home/
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Thank you very much for this

ezenwaez:
A four-day training programme to establish beneficiaries in Mobile Money transactions has been launched in the Federal Capital Territory and the North Central states.

The training was flagged off on Thursday by the Minister of Humanitarian Affairs, Disaster Management and Social Development Sadiya Umar Farouq at the International Centre for Women’s Development, Abuja.

The Minister said in her keynote address, that the Federal Government has paid more attention to promoting the plight of the poor and vulnerable in the country which she said informed the decision to initiate the National Social Investment Programme (NSIP) as a strategy for enhancing social inclusion.

Minister Umar Farouq also stated that the Mobile Money Agents’ Training Programme is designed to empower unemployed youths and develop their competences to operate as registered mobile money agents.

“The training we are starting today will enable target beneficiaries to meet the minimum technical and business requirements for becoming mobile money agents and enhance their entrepreneurial competences to successfully start and manage mobile money businesses.

“Upon completion of the training, the target beneficiaries will be registered with the Shared Agency Network Expansion Facility (SANEF) as Mobile Money Agents and will be provided with Start-up Kits that include a Point-of-Sale (POS) Machine, Fingerprint Scanner and Furniture (chairs, tables and umbrellas) as well as a modest capital of N20,000.00”.

The Minister also thanked Shared Agent Network Expansion Facilities SANEF for their partnership and contributions to the programme.

“This will enable the registration and onboarding of target beneficiaries upon completion of the training. We also deeply appreciate the support of other stakeholders and their contributions to the realization of Mr. President’s vision to lift Nigerians out of poverty.

“We hope that It will also enhance the integration of NSIP by enabling target beneficiaries to join the network of agents providing financial-related services under other components of NSIP, especially the conditional cash transfer and the grant for vulnerable groups, as well as in the enumeration and enrollment of target beneficiaries”.

The minister later made a symbolic presentation of POS machines, Umbrellas, Finger print scanners, furniture and a twenty thousand Naira starting capital to some of the beneficiaries.

In her goodwill message, the Chief Executive Officer of SANEF Limited Mrs Ronke Kuye thanked the Minister for the partnership, adding that the key objectives of SANEF include Agent Expansion, Stakeholder engagement, Financial Literacy and Awareness. Mrs Kuye stated that the purpose is to empower citizens as an intervention programme and provide jobs and livelihood for citizens.

“This partnership with the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development will act as a strong elixir to further deepen and expand Financial Inclusion through Agent Banking to the underserved and unserved, as well as a last mile distribution to hinterlands hitherto reached. “Our role in providing Financial Literacy Training and Awareness for participants during this programme before they are on-boarded as Agents is vital as this will allow the participants to learn the rudiments and dynamics of what they are about to become a critical part of.

“It is such unique partnerships that resonate as major positives in the drive to bring greater development to our communities and we are proud to be part of this”.

The programme is expected to provide job opportunities for 1,850 youths selected from the 36 States and the FCT as well as promote financial inclusion, by providing financial services to under-served Nigerians.

The Mobile Money Agents Programme was introduced in 2020 to sustain the social inclusion agenda of President Buhari’s Administration, consistent with the President’s vision of lifting 100 million Nigerians out of poverty in 10 years. In attendance was the National Coordinator, National Social Investment Programmes Dr Umar Bindir, the National Coordinator Conditional Cash Transfer, the NSIP Focal Person for FCT Mrs Chinwendu Amba and other dignitaries.

NNEKA IKEM ANIBEZE SA MEDIA 21-10-2021

https://m.facebook.com/story.php?story_fbid=4791346237563296&id=100000639003528&m_entstream_source=feed_mobile

How can I join the training

Please i want to start POS business but I don't know how to acquire the POS machine
Please help me on how to get it.

I want to start poultry farm, please I need guidelines for rearing broilers

Cutehector:
clap for yaself. You dey claim u sabi ph but shishi, you no know

See person
So tell me where azikiwe is oga.

Cutehector:
oh , so tell me, where is it in?

Mile 3 �

But coolbreese is not in ozuoba na ? �

Cutehector:
coolbreeze. Check that one first.

Cutehector:
why do you need the info anyways if i may ask

I need them for somebody and it's urgent

I need them for somebody and it's urgent

For somebody

Mention/list them out

Cutehector:
yup.

Mention them

Please any brothels in ozuoba, Rivers State?

timy22:
every goods in this post are currently available.
Buy. With guarantee!

y no pictures of the bale?

ima1616:
my cloths are grade A, its a warehouse. call 08035175384 for more information thank u.

Where are you located

Where are you located

ima1616:
my cloths are grade A, its a warehouse. call 08035175384 for more information thank u.

benz33:
We need Two Category of people. 1. People to serve as Major Distributors and 2. People to serve as Sub-Distributors

The second category of people are young entrepreneurs who wants to go into buying and selling. You will be allowed to get the products for as low as N25,000 and some other PROMOTIONAL MATERIALS WILL BE GIVEN TO YOU.

Regards
Oloyede S
08051744119

Am interested send me the details in my email address sandgwu59@gmail.com

LoudNdclear:
We have roasted died kpomo, for sale in huge quantity...... what ever your need might be, be it just a few or a trailer load of it... we can meet with your demand.

Contact us today on

08149277718

Are you still in the kpomo business?

I want to start the business, where are you located and how will you supply them to me am in rivers state

I want to start the business how can you help me with the supply?

Hmm just passing

Helo can someone put me true please coz am new here