Are you searching How to start POS – (Point Of Sale) business in Nigeria and be successful, today on this page I’ll show complete guide on how to start.
Many Nigerian youth do complain of unemployment where they can be self employ and an entrepreneur of their own business. Many want to buy the ideas of being self employ but are usually faced with the challenges of what can they invest into or what can of business they can embark on. If you are one of them I bring you a business idea as the heading rightly state ‘POS business ‘.
POS (point of sale or point of service) business offers services like funds transfer, withdrawal, sales of airtime, bill payment like DSTV, GOTV, PHCN and other utility bills.
POS business thrives more in rural areas or semi – urban centers; where there is no banks, or few or no ATMs to serve the people. Withdrawal, transfer, payment of bills have become part of our daily living, so, this business is profit maximizing especially when there are no sufficient bank to serve the people.
Believe you me, POS business is a business anyone can venture into and I will be highlighting steps to start Pos business in Nigeria.
1. Have an Existing Registered Business
POS business being monetary and financial business, it must be carefully approach. Desiring to start Pos business, commercial banks are very careful and to be eligible, you must have a business that is registered with the Corporate Affair Commission (CAC) under any of the following entities;
• Limited Liability Company
• Sole Proprietorship
• Cooperative Society
• Public entities
2. Approach Any Bank Institute
All banks of Nigeria support agent banking so, if you already have an existing business, you can go ahead and registered with the bank. The CBN allow you to be an agent to as many bank you can serve.
You will need to fill agreement forms on the transaction terms and conditions. If you meet all criteria you will be registered. You will need the following documents for accreditation;
• Identification Card e.g driver’s license, National Identification Card, international passport or voters card
• 2 passport photography
• 2 current account reference
• CAC certificate
• Tax identification Number
• memorandum and article of Association
• credit Bureau report
• a minimum working capital of #50000
3. Get the Equipment
After being registered, you need to get the Equipment to start up the business such as;
• POS terminal
• Card reader
• Barcode scanner
4. Get Your location
What makes a business profitable is getting to the right market target that is a favorable location. As earlier started POS business thrive more where there is no or few banks, ATMs which can usually be rural or semi-urban settlement.
POS also will be good when situated close to tertiary institution.
I believe this article really helped you. The price of the terminals varies depending on the agents and types of machines. It ranges from #45000 to #200000 depending on the specialization.