Reading today’s business guide, we shall give you ideas on how to start a pos business in Lagos.
The POS business is quite a profit-making one in Lagos.
It is even more profitable in places where there is no ATM or banks, or the ones available cannot serve a lot of people fast enough.
It offers services such as funds transfer, withdrawal, bill payments, and even airtime sales.
The other name for the POS business is the agent banking business. Here is how you can go about it.
Read also: Business Ideas In Africa.
How Much Does It Cost To Start A POS Business In Lagos, Nigeria
When starting a POS business, it is essential to buy a POS machine that costs between 85,000 Naira and 100,000 Naira.
Some banks give certified business owners the POS machine for free as long as they meet the requirements.
Right Steps To Follow When Starting A POS Business In Lagos
Here are some steps you must follow to start a POS business in Lagos:
1. Have an already existing business in a place that has been running for at least twelve months.
2. You are also required to be registered with the CAC, Corporate Affairs Commission.
3. The next step is to go to the bank.
4. Visit the bank you want to work with and know their requirements of being an agent banking business.
5. You will then need to fill in some documents, and once they have been reviewed and approved, the bank will grant you the agreement to work with them.
6. Get the required equipment.
7. Once you have been approved, the bank will give you all the needed materials to work with.
Recommended guide: Palm Oil Business In Nigeria.
Services You Can Offer As A Pos Mobile Money Agent
Once you acquire the POS machine, you can offer the following services to your esteemed customers in Lagos:
- Recharge card printing
- Enroll for BVN
- Withdrawing of money from any bank account
- Send money to all banks
- Deposit money
- Pay for bills
- Opening of bank accounts
Is POS Business Profitable In Lagos, Nigeria
The business is very profitable, especially in rural areas where there are few banks and ATMs; thus, many people use the POS.
The other benefit is that the business requires close to no capital to start as long as you have a running business.
Challenges Facing The POS Business
The main challenge that faces the POS business is robbery or theft.
Some people will look to steal the POS machine or threaten you to surrender all the money or finances that you will have made during the day.
The best thing to do is locate an area that is secure for your business and always transfer all funds to the bank on time.
That is exactly what you need to know on how to start a POS business in Lagos.
We will do our best to update this guide regularly, so kindly come back to read more.
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