Why Startup A POS Business Service In Nigeria

POS business service is a legitimate way to make money in Nigeria. It’s more profitable in communities with no banks and places where ATMs are not enough to serve the financial needs of the community. It is also called agent banking business, and it’s an extension of the services offered by financial institutions to enable easy service offering to a wide range of customers.

POS (Point of Sale) business offers services like funds transfer and withdrawal, sales of airtime, bill payments like GOTV, DSTV, Startimes, PHCN, and other utility bills. It is used in several places where goods and services are sold/rendered; places like retail shops, offices, supermarkets, fuel/gas stations, pharmacies, eateries, etc. By creating easy access for financial transactions in different localities, the POS business has given individuals and business owners additional means of income. They are sometimes called POS agents, Partners Or Merchants.

Although not serving as direct employees of a bank, they deliver banking services on behalf of banks on an agreed commission. It is a profitable business and one of the best means of getting passive income. Are you looking to start a POS business in your locality? This article next contains all the information you need to fully set up as a merchant and bank agent or simply sign up here with the phone number of your business to get cashback and also for all the help you need.

Basically, the POS business also known as agent banking began in 2013, after the Central Bank of Nigeria released its guideline on the operations and management of the business. Since then, it has remained one of the retail channels of several commercial banks to make their banking services reach a large number of people. A banking agent owns and operates a retail outlet. He or she conducts the financial transactions and allows clients to deposit, withdraw, transfer funds, pay bills, recharge airtime, inquire customer’s account balance, and other related services.

It thrives more in rural areas, semi-urban centers, the unbanked and underbanked communities. It is similar to any other remote banking channel. The banks equip the agents with point-of-sale (POS) card reader, mobile phone, barcode scanner, personal identification number (PIN) pads, personal computer, etc. They are third party agents and can be an agent to as many banks as they can serve. If you have an existing small business that brings in cash on a daily basis, you can diversify your revenue streams by venturing into the POS business. Wishing you success in your endeavors.