Pos business: How to Start it [2022]

The Pos business is one of the most hottest businesses to start for the average Nigerian. It is slowly taking over ATMs because of the ease and convenience it provides consumers.

Nigeria has a lot of businessmen who are very popular for the lucrativeness of the POS business currently. Hence, it is important to note that the sole purpose of a business is to make a profit.

Cost to start a POS business in Nigeria?

How much to start a POS business in Nigeria is perhaps the most asked question. The cost of a POS machine in Nigeria depends on the bank or company you want to be an agent of or you’re buying from. There is no fixed price for POS terminals in Nigeria.

The cost of a new POS machine in Nigeria ranges from N80,000 and N120,000 only. However, certain banks like First Bank Nigeria grants free POS machines to anyone that meet their requirements. Different POS terminals have different specs like 2G, 3G and 4G as well as other types of features.

List of POS Companies and Banks

Here is a list of companies and banks and Their Charges

BAXI BOX POS CHARGES0.65% FLAT FOR WITHDRAWALSN30 FLAT FOR TRANSFER – NO STAMP DUTIES

Payforce POS ChargesDeposit: N25Withdrawals: (0- ₦5000) = N30, (₦5,001- ₦16,500) = 0.6%, (₦16,501- ₦100,000) = N110, (₦100,001 and above) = 0.11%

Kudi POS ChargesWithdrawal: (below ₦4500) = ₦25, (₦4,501- ₦25k): = 0.6%, (Above ₦25k) = ₦150Transfer: ₦45

Paycentre POS ChargesWithdrawals: (0 to ₦10,000) = 0.55%, (N10,001 to ₦15,000) = N65, (₦15,001 to ₦20,000) = ₦75, (₦20,000 Above) = ₦80.For transfers: (0 – ₦5,000) = ₦10.5, (₦5,001-₦50,000) = ₦26.25 , (₦50,000 and above)=₦50.00

Moniepoint POS ChargesWithdrawal: 0.5% (₦1000 – ₦19900), 100 Naira Flat for (₦20K – ₦1,000, 000)Deposit: ₦12

NairaKashzoo POS ChargesWithdrawals: ₦1,000 to ₦5,000 are charged at ₦30, ₦5,001 to ₦10,000 are charged at ₦45, ₦10,001 to ₦20,000 are charged at ₦76, ₦20,001 to ₦40,000 are charged at ₦85, ₦40,001 to ₦100,000 are charged at ₦110, ₦100,001 to ₦200,000 are charged at ₦150

Kolomoni POS Charges0.5% for withdrawal from ₦1000 – ₦19900,₦30 for Deposits 100 Naira flat from 2000 Naira and above.

Steps on How to Start a POS Business

Choose a location

A suitable location will be a place that is densely populated. It should be a place where a lot of people stay in and where there isnt easy acess to banks or lots of ATMs.The location of your new business determines to a large extent whether you will succeed or not.

Raise Your Capital.

you now how much you need to start. It is time to raise the funds to begin the business. You can raise capital through several methods including:

Personal savingsBank loansLoans from family members and friends.

Apply to become a POS Agent.

You can apply for a POS machine online or go the the bank or companys office. The application process to become a POS agent is slightly different from one provider to another.

this process can take from 2 weeks to a month

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