Home Business Steps To Start POS Business – How To Start A Successful POS...

Steps To Start POS Business – How To Start A Successful POS Business In Nigeria

- Advertisement -

Is POS Business Profitable ?

POS business is an authentic method to bring in cash in Nigeria. It’s more productive in networks without any banks and places where ATMs are adequately not to serve the monetary requirements of the local area.

It is additionally called specialist banking business, and it’s an expansion of the administrations offered by monetary establishments to empower simple help offering to a wide scope of clients.

- Advertisement -

POS (Point of Sale) business offers administrations like finances move and withdrawal, deals of broadcast appointment, charge installments like GOTV, DSTV, Startimes, PHCN, and other service bills. It is utilized in a few spots where labor and products are sold/delivered; places like retail shops, workplaces, general stores, fuel/service stations, drug stores, restaurants, and so on

By making simple access for monetary exchanges in various territories, the POS business has given people and entrepreneurs extra method for money. They are some of the time called bank specialists.

Albeit not filling in as immediate representatives of a bank, they convey banking administrations for the benefit of banks on a concurred commission. It is a productive business and perhaps the best mean of getting automated revenue.

Is it accurate to say that you are hoping to begin a POS business in your area? This article contains all the data you need to completely set up as a bank specialist.

All You Need To Know About POS Business

Fundamentally, the POS business otherwise called specialist banking started in 2013, after the Central Bank of Nigeria delivered its rule on the activities and the board of the business. From that point forward, it has stayed one of the retail channels of a few business banks to make their financial administrations arrive at countless individuals.

A financial specialist possesses and works a retail outlet. He/she manages the monetary exchange and permits customers to store, pull out, move reserves, take care of bills, re-energize broadcast appointment, ask client’s record balance, and other related administrations.

It flourishes more in provincial regions, semi-metropolitan focuses, the unbanked and underbanked networks. It is like some other far off financial channel. The banks furnish the specialists with retail location (POS) card peruser, cell phone, standardized tag scanner, individual recognizable proof number (PIN) cushions, PC, and so forth They are outsider specialists and can be a specialist to however many banks as they can serve.

In the event that you have a current independent company that acquires cash consistently, you can differentiate your income streams by wandering into the POS business.

The most effective method to Start POS Business In Nigeria

As I have prior expressed, the POS business flourishes more in rustic regions or semi-metropolitan focuses; in places where there are no banks, or hardly any ATMs to serve individuals. Henceforth, in the event that you mean to wander into this business, the principal thing is to be certain that the quantity of banks in your area can’t serve the local area. Along these lines, you are of making a benefit.

In this article, I have featured bit by bit plan on the most proficient method to begin a POS business in Nigeria and the fundamental things you need to begin.

Stage 1: Have An Existing Business

The POS business has to do with finance and should, along these lines, be drawn closer cautiously. Moreover, the Central Bank of Nigeria is extremely specific about the business elements that meet all requirements to be specialists. Thus, additional consideration is taken by business banks before they approve a specialist for their retail banking.

To be qualified, you should have a current business in activity essentially for a time of a year. Additionally, you should have a shop or office from which you work. Then, at that point, you more likely than not been enlisted with the Corporate Affairs Commission as any of the accompanying substances;

Restricted Liability Company

Sole Proprietorship


Helpful Societies

Public Entities

Trusts or some other element to the side religious or NGOs.

However long you have any of the above prerequisite, completing a POS business or filling in as a bank specialist is conceivable.

Stage 2: How To Approach A Bank For POS Machine

For all intents and purposes all Nigerian banks permit specialist banking administrations. Along these lines, when you settle on your preferred bank, the following thing is to move toward the bank and get the subtleties of their necessity. The CBN guide permits being a specialist for however many banks as you can serve.

You should fill a few records/understanding structures on the exchange conditions. Then, at that point, the bank audits the application in accordance with CBN, inside rules, and goes into a concurrence with you, on the off chance that you meet all models.

Additionally, you should have a record for an immediate store with the end goal of the business and give a few reports as a component of the necessities for the proposition.

A portion of the necessary records incorporate;

Legitimate method for distinguishing proof e.g Driver’s permit, National ID card, International visa or elector’s card.


2 identification photos

2 current record references

Proof of business enlistment (CAC Certificate)

Assessment Identification Number (TIN)

Update and Article of Association.

Credit Bureau Report

A base working capital of N50,000

Stage 3: Get The POS Equipment

When your application to the bank has been thought of, the bank then, at that point supplies the required instruments and gear for the business. Beside the cell phone, the accompanying materials are typically provided by the bank:

Retail location Terminal; a compact gadget that works with installments of labor and products at bank specialist areas utilizing installment cards.

Card peruser

Standardized tag scanner to check bills for charge installment exchanges

Individual ID number (PIN) and so forth

Stage 4: POS Location

For you to flourish in the business, it’s fitting to pick an area with restricted banks or places with not many ATMs. Additionally, pick vital areas like the bus station, public market, occasion focuses, and so forth These components will have a lot of impact on your every day benefit.

When you have a decent area, either develop a shed or shop however make enough spaces for quick development for you and the clients. Have a pennant shown at the passage to show the retail banking administrations you offer.

Then, at that point, for safety efforts, you can have a unique tote/pocket around your neck or a protected with a solid lock to forestall robbery and theft.

Additionally, in the event that you notice that an ATM isn’t apportioning cash, you can go there to publicize your administration. A few group there needing money may buy in to your administration.

Stage 5: How To Render POS Services

The business is delivered using POS terminals, card perusers, cell phones, and bank connected portable wallets for ongoing exchange handling.

When you have these, the subsequent stage is to begin offering the accompanying types of assistance;

Money store and withdrawal

Equilibrium request

Assets move administrations (nearby cash esteem move)

Bill installment (charges, utilities, apartment rates, memberships, e.t.c)

Age and issuance of smaller than expected articulation

Money dispensing and cash reimbursement of advances

Specialist versatile installments/banking administrations

How POS Business Works ?

In a POS business, the customer first solicitation exchange like withdrawal, move, or bill installment and presents the check card. Then, the specialist chooses the sort of exchange on the POS terminal gadget and enters the sums, then, at that point, embed the charge card into the gadget and ask the customer to subtly enter the four-digit pin. Utilizing the organization, the General Packet Radio Service (GPRS) associates with the bank’s worker to approve the exchange. When effective, it quickly prints out the receipt.

This interaction can be rehashed for however many clients as you can, as long as you submit to the exchange rules of your host (bank).

The Importance Of POS Business

With a POS business, banks currently arrive at a bigger segment. Additionally, they offer more adaptable and helpful admittance to existing and new clients. Moreover, they guarantee the wellbeing of clients and assist with diminishing making a trip significant distances to approach banking. In particular, it assumes a major part in boosting monetary incorporation particularly to individuals in country regions.

Likewise, the business has given open positions and monetary soundness by aiding the specialist bring in cash in the accompanying ways;

Commission; Banks pay specialists commission dependent on the volume of exchanges completed for their sake.

Administration Charges; By delivering administration to clients, you can likewise charge them a specific sum particularly on charges installments, duties, and memberships.

Buoy; Depending on your money the executives strategy, you can likewise set aside utilization of money installments, net of withdrawal for your essential business.

By working this business, you are expanding your flood of pay, yet you are additionally serving the requirements of individuals locally.

Technology is making life more meaningful, improves productivity... We are tech lovers...


Please enter your comment!
Please enter your name here

Must Read


Can a Cheap 2020 Smartphone beat a 2018 Flagship?

Can a Cheap 2020 Smartphone beat a 2018 Flagship? Before the wave of upcoming Flagship Smartphones (Samsung Galaxy Note 20, iPhone 12 Pro, Pixel 5,...

iPhone 13 & 13 Pro HIDDEN Features! New Apple Secrets

iPhone 13 & 13 Pro HIDDEN Features! New Apple Secrets iCloud Bypassing: iCloud Removal fast and easy iOS 14 vs iOS 15 Speed Test! How To Take...

iPhone 13 Pro Max vs Samsung Galaxy S21 Ultra Camera Test Comparison

iPhone 13 Pro Max vs Samsung Galaxy S21 Ultra Camera Test Comparison Comparing 4K/8K, HDR with Dolby Vision, Cinematic Mode, primary, ultrawide, zoom and selfie...

The keyboard that does EVERYTHING – Mountain Everest Max Showcase

The keyboard that does EVERYTHING – Mountain Everest Max Showcase

iPad Mini is IMPRESSIVE – Hands on!

iPad Mini is IMPRESSIVE - Hands on! The NEW iPad Mini 6 review - Battery life, gaming, A15 bionic performance, productivity, and general use all...