Have you ever wondered why there are Point Of Sale (POS) kiosk all around the nooks and crannies of the streets? In case you do not know, the business of helping people withdraw and deposit money is now a big hit in Nigeria. In this post, we will guide you on how to start a POS business in Nigeria. Just read carefully till the end.
When you see people struggling to erect a metal container or wooden kiosk in your area, don’t be surprising to see them using it for POS business because it is a good way to make money now in Nigeria. If you are reading this article now, then you are very lucky to be here.
In this post, we will teach you how to start a POS business in Nigeria and make a lot of money daily. Without wasting of time, let’s delve into the nitty-gritty of starting a POS business in Nigeria.
What is POS Business?
The Point of Sale, known as POS, began in 2013 after the Central Bank of Nigeria (CBN) approved a policy for the management and operations of small businesses in Nigeria. Just after this approval was announced, banks became open to the idea of deploying POS machines to ease the business of banking. This idea was specifically designed to cover the unbanked areas in the country.
How to start a POS business in Nigeria
Since the POS business is basically about money, the CBN has certain requirements that anyone intending to start the business must meet. First, you are required to register with the Corporate Affairs Commission (CAC) as any of the following:
• Sole Proprietorship
• Limited Liability Company
• Cooperative Societies
• Public Enterprises
Visit Any Bank Of Your Choice
Once you have decided the bank you want to work with, the next line of action is to head for the bank to declare your interest for agent banking services. The bank will give you a form to fill and submit. This form represents a business agreement between you and the bank. After this stage, the bank will require you to provide the following documents:
• Valid means of identification (National ID card or International Passport).
• Bank Verification Number (BVN).
• 2 current account referees.
• Proof of business registration.
• Minimum capital of N50,000.
• Tax Identification Number
Get equipment for your POS business
Upon the approval of your application, the bank will provide POS machine for you and other necessary equipment that will aid your service delivery.
It is expected that you must have had a location in mind before you applied to the bank. If, however, you do not choose a place before your application, then you need to look for an area where there is less banking. Ensure that there are few or no ATMs in such an area to allow you to make more sales.
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