POS Business is an agent banking business offered by financial institutions to enable easy banking services. POS business is more profitable in areas or communities with no banks or where ATMs are not enough to serve the community’s financial needs.
POS began to spread in Nigeria in 2013 after the Central Bank of Nigeria introduced the agent banking system 2013.
Aside from withdrawals, POS business can enable funds transfer, airtime sales, and payment of utility bills. POS can also be used in shops, offices, and supermarkets to make payment easy for people.
The good thing about the POS business is that you can combine it with other businesses.
To start a POS business:
1. You need to do a feasibility check and know if you have the resources needed to start a POS business.
2. Get a strategic location. POS business strives more in areas with fewer ATMs or banks and areas where many people live. POS business can be done in a little space with a table and chair or a small kiosk.
3. Visit any bank of your choice and get details of their requirements. The requirements for every bank may not be the same. Fill documents and agreement forms with banks.
Note: you must have an account for a direct deposit for the business.
At least, you should have a Valid Identification card, passport, Bank Verification Number, and a working capital of about #50,000 to start up.
4. After you register with a bank, you’ll get your point of sale terminal ( the portable device used for facilitating payment), a card reader, personal identification number (PIN).
It’s that easy.
You can start-up POS Business under several agencies such as:
- First mine
- Kudi
- Pay force
- Okay POS
- Monie point POS
- Weeks POS/agent banking
- And a lot of others.
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