How To Start POS Business In Nigeria And Requirements
Recently due to the current wave of the upturn in the world and the economy, POS business has now become the new order of the day. The acronym POS stands for ‘Point Of Sale’.
The POS is also the point where a retail transaction is completed; it is also referred to as a point of service because it is also a point of return or customer or order. The POS machine is used to carry out debit and credit transactions.
POS Businesses thrive mostly in areas where banks are scarce, interior villages and also where there is high population. With the POS machine, easy transfers, withdrawal of money and payment of services is made available to every person.
How POS Business Started in Nigeria
The POS system started in Nigeria in the year 2012. It was initiated by the Central Bank Of Nigeria [CBN] in a bid to implement the “cashless” economy. This policy was implemented to enhance Nigeria’s payment system. This has become one of the most effective means of retail banking. The Pos terminal is a portable machine used to accept bank card of payments for goods and services, it allows the card holder to have real-time online access to funds and information in your bank account, debit or cash cards. The various types of POS includes;
- Mobile Pos
- Retail Pos
- Quick Serve Restaurant {QRS} Pos
- Starting A POS Business
Steps to A Profitable POS Business
How To Start POS Business In Nigeria
Step 1: Have An Existing Business
The POS business has to do with finance and must, therefore, be approached carefully. Besides, the Central Bank of Nigeria is very particular about the business entities that qualify to be agents. So, extra care is taken by commercial banks before they authorise an agent for their retail banking.
To be eligible, you must have an existing business in operation at least for a period of 12 months. Also, you must have a shop or office from which you operate. Then, you must have been registered with the Corporate Affairs Commission as any of the following entities;
- Limited Liability Company
- Sole Proprietorship
- Partnership
- Cooperative Societies
- Public Entities
- Trusts or any other entity aside faith-based or NGOs.
As long as you have any of the above requirement, doing a POS business or serving as a bank agent is possible.
Step 2: Approach A Bank
Virtually all Nigerian banks allow agent banking services. So, as soon as you decide on the bank of your choice, the next thing is to approach the bank and get the details of their requirement. The CBN guide allows being an agent for as many banks as you can serve.
You will need to fill some documents/agreement forms on the transaction conditions. Then, the bank reviews the application in line with CBN, internal criteria, and enters into an agreement with you, if you meet all criteria.
Also, you must have an account for a direct deposit for the purpose of the business and provide some documents as part of the requirements for the proposal.
POS Business Requirements in Nigeria
- Valid means of identification e.g Driver’s license, National ID card, International passport or voter’s card.
- BVN
- 2 passport photographs
- 2 current account references
- Evidence of business registration (CAC Certificate)
- Tax Identification Number (TIN)
- Memorandum and Article of Association.
- Credit Bureau Report
- A minimum working capital of N50,000
Step 3: Get The Equipment
Once your application to the bank has been considered, the bank then supplies the needed tools and equipment for the business. Aside from the mobile phone, the following materials are usually supplied by the bank:
- Point of Sale Terminal; a portable device that facilitates payments of goods and services at bank agent locations using payment cards.
- Card reader
- Barcode scanner to scan bills for bill payment transactions
- Personal identification number (PIN) etc.
Step 4: Location
For you to thrive in the business, it’s advisable to choose a location with limited banks or places with few ATMs. Also, choose strategic locations like the bus stop, public market, event centers, etc. All of these factors will have much effect on your daily profit.
Once you have a good location, either construct a shed or shop but create enough spaces for swift movement for you and the customers. Have a banner displayed at the entrance to show the retail banking services you offer.
Then, for security measures, you can have a special purse/pouch around your neck or a safe with a strong lock to prevent theft and burglary.
Also, if you notice that an ATM is not dispensing cash, you can go there to advertise your service. Some people there in need of cash might subscribe to your service.
Step 5: Render Services
The business is rendered through the use of POS terminals, card readers, mobile phones, and bank linked mobile wallets for real-time transaction processing.
As soon as you have these, the next step is to start providing the following services;
- Cash deposit and withdrawal
- Balance inquiry
- Funds transfer services (local money value transfer)
- Bill payment (taxes, utilities, tenement rates, subscriptions, e.t.c)
- Generation and issuance of mini statement
- Cash disbursement and cash repayment of loans
- Agent mobile payments/banking services
What you need to know about POS Business
With a POS business, banks now reach a larger demographic. Also, they offer more flexible and convenient access to existing and new customers. In addition, they ensure the safety of customers and help reduce traveling long distances to have access to banking. Most importantly, it plays a big role in boosting financial inclusion especially to people in rural areas.
Also, the business has provided job opportunities and financial stability by helping the agent make money in the following ways;
- Commission; Banks pay agents commission based on the volume of transactions carried out on their behalf.
- Service Charges; By rendering service to customers, you can also charge them a particular amount especially on bills payments, taxes, and subscriptions.
- Float; Depending on your cash management policy, you can also make use of cash deposits, net of withdrawal for your primary business.
By operating this business, you are not only increasing your stream of income, but you are also serving the needs of the people in your community.
RF Team.
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