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How to Start a POS Business in Nigeria and Make Steady Daily Income

Moniepoint company logo in blue and white colors, representing a trusted POS and financial services provider in Nigeria.

In recent years, the Point of Sale (POS) business has become one of the fastest-growing ventures in Nigeria due to the demand for cash withdrawals, transfers, and bill payments, especially in underserved areas. If you're looking for a low-capital business with high potential returns, this guide is for you.

What is a POS Business?

A POS business involves offering financial services to customers using a Point of Sale machine. Services include cash withdrawals, deposits, transfers, airtime top-ups, and utility bill payments.

Benefits of Starting a POS Business in Nigeria

  • Low startup cost
  • High daily customer demand
  • Earn commissions from banks
  • Easy to operate
  • Support from major banks

Requirements to Start a POS Business in Nigeria

  1. Capital of ₦30,000 to ₦150,000
  2. Valid means of identification (NIN, Voter's Card, etc.)
  3. Bank account number
  4. Utility bill or proof of address
  5. Two passport photographs
  6. A small shop or kiosk

Steps to Start a POS Business

Step 1: Choose Your Location

Choose a location with high foot traffic such as markets, motor parks, or rural areas with limited bank presence.

Step 2: Register with a Bank or Fintech Company

Apply as a POS agent with banks like Access Bank, First Bank, or fintechs like Opay, Moniepoint, Palmpay, or Baxi.

Step 3: Submit Required Documents

Ensure your documents are valid and your business location is well-prepared to receive the POS device.

Step 4: Get Trained and Receive POS Machine

Most banks or fintechs will provide a short training session and then give you the POS machine.

Step 5: Fund Your Wallet and Start Operating

Load money into your agent wallet to start handling transactions. You earn a commission per service rendered.

How Much Can You Earn Monthly?

Your earnings depend on your transaction volume. On average, POS agents make between ₦50,000 to ₦300,000 monthly based on location and daily activity.

Tips to Make More Money in the POS Business

  • Offer additional services like airtime sales, bill payments, or betting recharge
  • Promote your business locally with banners or signs
  • Be polite and trustworthy to build a loyal customer base
  • Operate for long hours, including weekends

Best POS Providers in Nigeria

  • Opay POS
  • Moniepoint POS
  • Firstmonie by First Bank
  • Access Closa
  • Palmpay POS
  • Baxi Box

Frequently Asked Questions (FAQ)

What is the minimum capital to start a POS business?

You can start with as low as ₦30,000, but ₦100,000 is safer to cover all costs and working capital.

Do I need a shop to start?

No, but having a small shop or kiosk attracts more trust and keeps you safer from weather and theft.

How can I apply for Opay POS?

Download the Opay app, register, and follow the agent onboarding process. You’ll be contacted for further steps.

Which POS pays the highest commission?

Moniepoint and Opay are currently among the highest-paying POS providers in Nigeria.

Is POS business profitable in rural areas?

Yes! Rural areas often lack banks or ATMs, so the demand for POS services is very high.

Can I operate more than one POS terminal?

Yes, you can operate multiple POS machines from different providers for better service and backup.

Is a license required?

No special license is required aside from registering as an agent with a bank or fintech.

How long does it take to receive the POS machine?

It usually takes between 3 days to 2 weeks depending on the provider.

What services can I offer with POS?

Cash withdrawal, fund transfer, airtime recharge, bill payments, and betting account top-ups.

Is POS business safe?

Yes, but take safety measures like installing CCTV, using a kiosk, and closing early in unsafe areas.

Posted by: Noorwise Team

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