How to start a POS business in Nigeria

What is a POS business, and how does it work?

Is the POS business profitable in Nigeria?

Which bank is best for a POS business in Nigeria?

  • First bank
  • Wema Bank
  • Opay mobile bank
  • Bankly POS
  • Monie Point POS
  • Kudi bank
  • GTbank
  • Paga
  • Zenith bank
  • Access bank
  • Quickteller
  • Ecobank
  • Baxibox
  • UBA

Requirements for starting a POS business in Nigeria

  • Recently taken Passport photographs
  • Bank Verification Number (BVN)
  • Account references
  • CAC Certificate
  • Tax Identification Number (TIN)

How to start a POS business in Nigeria

1. Get a good location

How to identify a good location for a POS business

  • The population of people in that area
  • Profile of people in that area (most rich people don’t usually use POS)
  • Closeness to banks (not many people will use POS services when a bank is just a 10-minute walk away)

2. Create your POS business plan

3. Raise the capital required to start your POS business

4. Acquire a POS machine

  • Network or service
  • Cost of POS machine
  • Transaction charges

5. Get a shop

Conclusion

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Adetunji Matthew

Adetunji Matthew

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I’m Adetunji Matthew, an Economist, Social Media Manager, software Developer/Marketer Sales Consultant, and Ecompreneur. Join Us at: AidTheStudent.com