In Nigeria, POS is one of the hottest business to begin for a average Nigerian. It is taking over ATM gradually because of the ease and comfort it gives customers. A POS business or mobile money agent allows cash to be available to people for a fee through a POS machine.
Because of the scarcity and long queues people experience at ATM, people now run a POS business everywhere in Nigeria. Here, we’ll skim through POS business in Nigeria, and how profitable it can be.
HOW MUCH IS POS MACHINE IN NIGERIA?
The cost of a POS machine in Nigeria relies on the bank or company you wanna be an agent with.There is no fixed amount for POS machines in Nigeria. But,the amount may range from #45,000 to #65,000 to #75,000 and can get as high as #200,000 depending on how the POS machine is specified. POS terminals have different specs such as 2G,3G and 4G as well as other features.
IS POS BUSINESS PROFITABLE IN NIGERIA?
On average,to begin a POS business can be lucrative and profitable. Especially,if you have another business that is being run in the location you are in currently. Because,it will reduce the amount you’ll need to begin the business.
POS business is a profitable business in Nigeria because a lot of remote places do not possess a bank branch, so,agents of POS have become a de-facto. The business does not have to do with any marketing because of the customers and the public will frequently come to them for the convenience they’ll provide.
WHERE TO GET POS MACHINE FROM?
POS can be gotten from banks and other financial institutions. Examples are First bank,Access bank,Zenith bank, UBA bank, Opay, Money point, Kudi and Bankly.
STEPS ON HOW TO BECOME A POS AGENT IN NIGERIA
Depending the cost of starting a POS business.
1. Raise your capital.
2. Enroll to become a POS agent.
ADVANTAGES OF POS BUSINESS IN NIGERIA
1. It provides ease and comfort to customers.
2. Promotion of financial inclusion in the country.
3. It is a good source of income for petty business owners.
4. Reduces theft,as people don’t have much money to carry about.
5. increases sales for merchant as they to both cash and card -carrying customers.
DISADVANTAGES OF POS BUSINESS IN NIGERIA
1. Lack of regularization in Agency banking.
2. Inability to get the POS machine charged always.
3. Network failure.
4. Robbery attack might be inclusive.