How to venture into a profitable POS business in Nigeria




Starting a Pos business in Nigeria is one of the most profitable businesses in Nigeria. Today a lot of people don’t actually like the stress they pass through going to the bank to carryout transactions. A lot of firstmonie agents have brought banking close to everyone. In Nigeria today there are a lot of firstmonie agents known as Pos business close to your house. If you actually want to transfer funds, withdraw money, payments of bills like DSTV, GOTV, STARTIMES, NEPA BILLS, etc. you can just walk to any of the firstmonie agent around you and carryout your transactions. Most Nigerians that are firstmonie agents are really making profits from the business. On this article we are going to look at how you can venture into Pos business in Nigeria. The following are the step by step;

    1. Visit any First bank around your area: The bank in Nigeria that own firstmonie is First bank. Just walk to any First bank around your area. The following are the requirements on how to become firstmonie agent from First bank;
-         2 passport photography
-         A valid ID card
-         A minimum deposit of #50,000.
-         There should not be any firstmonie agents close to the place you want to operate. These are there requirements. If you can meet up with all these requirements, you will be given the Pos machine in two weeks.

      2. Choose a name for the business: Make sure you choose a unique name for the Pos business.

      3. Rent an office in a good location: To make money in this business, rent an office in a strategic location. Make sure your office is located in a busy environment. The location of your office will really determine the success of the Pos business.

     4. License and permit: Every business in Nigeria today requires license and permit to operate. Try and secure the necessary license and permit from the state or local government you are operating.

     5. Promoting the business: Promoting the Pos business is very paramount. You can carry out word-of-mouth marketing around your neighborhood. You can also print flyers and business cards.

Like I said earlier, Pos business in Nigeria is a very profitable business if it is done in a proper way. Pos business is like any other business in Nigeria that actually requires capital to start. There are a lot of transactions you will be doing for your customers. Although the minimum deposit from first bank to start is #50,000, but just try and secure a reasonable capital to start.

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