If you want information on how to start a POS business in Nigeria, then you are in the right place.

POS business is a cash minting business that has silently been going on without much awareness but now gaining serious popularity.

This is due to an increase in the number of consumers who are spreading the news to others who want a life of convenience and ease.

If you have ever gone to ATM post and queue under hot sun or under showers it should tell you that this business will thrive well any day any time.

 People now have a good substitute to banks cash withdrawal and transfer through pos.

 Account opening and BVN registration. POS business 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.

Pos business is very lucrative. It is a known fact that trading on money or money related venture is very profitable.

This is a business that can provide jobs to thousands of people especially the youths.

That is why this post is coming up in other to encourage people to go into this viable business.

How to start a POS business in Nigeria

The POS business is a business that have provided jobs to thousands of people especially young entrepreneurs and business people who venture into it.

Another advantage of the POS business is that it requires less capital and will swiftly grow if you put all measures in place to start the business.

Below are the steps to take in order to set up a successful POS business that will sequel be profit-driven.


If you have been looking for opportunity to earn money through POS or you want to do a MOBILE ATM CASH BANKING business in Nigeria an opportunity has presented itself a step by step detailed guide is outlined in this post. So many small businesses are now using POS machines for their transactions.

Example shops, supermarkets, hair dressing saloon, boutique etc.

For those who want to go into Pos business in Nigeria as their main business. Here are the criteria;


You have to get a shop this is very important because as a business there must be a place to establish it.

One good thing about Pos business is that it doesn’t require large space, a small place is just enough.

 You can rent it or use you house for the transaction. In any enterprise, the business place is very consequential, due to the fact that it gives your business precision and easy recognition.

When locating your POS shop, it’s best to situate it in a business and commercial area, so as to increase patronization and profit.

So immediately after getting the finance needed to start your pos business, go secure that shop.

In a situation where there are no shops available there, you can get a container and mount it there.

Containers are very expensive these days so if you’re on a very tight budget, you can meet a welder to help you come up with something good.

That you should be around ₦70k max.

Furthermore, if you can’t afford ceilings, for now, you can reach out to selling refrigerators for cartons you can use.

It’s just a temporary means of reducing heat. Don’t forget to have your shop well painted.


For you to thrive in the business, it’s advisable to choose a location with limited banks or places with few ATMs.

Also, choose strategic locations like the bus stop, public market, event centers, etc. All of these factors will have much effect on your daily profit.

Once you have a good location, either construct a shed or shop but create enough spaces for swift movement for you and the customers.

Have a banner displayed at the entrance to show the retail banking services you offer. It should be a place that is visible and accessible for people.


The cost or amount needed to start a pos business differs based on three principles

The scale of the business (small, medium or large)

Services rendered

Type of pos machine.

I’ll explain:

You’ll agree with that the amount needed to start a micro & small scale business will differ from that of medium scale.

For example, if you’ll need like 150k to start a pos business on a small scale, at least around 250k will do for medium scale.

For services, the more the services you intend to render, the more investment you’ll need.  Example; you can start a pos business with just ₦50,000 – ₦100,000 if you only focus on withdrawal service.

 You don’t even have to rent a shop.

All you need to do is seek a small space at the front of a well-patronized complex or beside it; mount your umbrella. With just your pos machine and cash at hand, you’re good to go.

For pos machine type, the basic difference is on the preferred network type.

A pos machine with 2G and 3G will differ from that 4G in terms of speed and price.

However, the cost to start a pos business in Nigeria should be around ₦250,000 at least.

 If you intend to offer just one service (e.g withdrawal) ₦150,000 will do.

Note that you’ll need some cash at hand to make the withdraws possible. Also, prices of starting are subject to change on your location.

It depends on the services you want to be rendering and the kind of pos you want to acquire.

If you are getting it from the bank you will need from ₦100,000 and above for transaction.

That is outside the shop. But if you are buying from an agency company then you need ₦300,000.

So, ₦100,000 can take care of the POS machine while ₦200,000 will be for money payment for withdrawal.

Remember you must have cash in your bank account for transfers.


They’re three ways you can probably acquire a pos machine.


Agency banks.

Consideration while getting a pos machine.

Good network/service

Check their transaction charges:

some pos charges 0.65% plus ₦10 for any transaction below ₦10,000. And they charge ₦50 for any transaction above ₦10,000. Meanwhile, there are others that only charge ₦10 for any type of transaction. Whether you’re sending or receiving the service charge doesn’t change.

In case you don’t want to collect the pos machine from bank, you can purchase from Companies who are licensed to sell them.

They are registered aggregators with CBN licensed PTSP (issuers of pos terminal in Nigeria. You stand to gain a lot from possessing your own pos machine.

PRO TIP: Because these charges are subject to change, take your time to find out or investigate to know more about their current charges and their services.

Do this the exact time you want to start a pos business.


Pos machine varies in prices depending on the agency company you are buying from and the type of point of sales machine in question.

The prices of the machines are coming down from what it used to be. We now have some machines that cost #45,000, #65,000, #75,000 etc.

The difference here is just like having 2G, 3G and 4G so the higher the money, the better the service.


Zenith Bank,

First Bank,

Access Bank,


Skye Bank,


Diamond bank etc. Each bank has its own mode of operation you just have to go to them one on one to get details on what is required.


Rural Communities: you will agree with me that rural communities have less number of banks or financial institutions as such establishing a POS business will be a great success.

Many parents that want to send money to their kids for school fees, upkeep and other commitments will gladly embrace this business.

Others who travel downtown to carry out financial transaction will be relief.

Places Where ATM are always crowded or in places where there are shortages of banks/ATM post.

Human beings are always in a hurry as such not everyone likes queuing up in ATM post if they see alternative they will gladly accept not minding the charges.

I discovered that the business thrives well close to markets and banks. Sometimes bank ATM will show insufficient fund at that time many people who wants to make use of money will rush you.

In your business premises especially if you handle a large amount of money or have a good number of clients.


Do not collect high charges. You can put #300 for a ten thousand Naira transaction that is 3% on every monetary transaction.

Always be available at all cost in your location because if you keep absenting yourself clients will think that you are not serious.

since it involves money you have to position it in a place that is safe.

 So that hoodlums will not use you shine by robbing you.

Don’t accept large amounts for security reasons except you are well secured because if some bad guys know that you handle large amount, they may strike.


Firstly, it is very pertinent to read everything from the basis till the final notes for easy comprehension and understanding of the concept.

Secondly, try to create a good relationship with just not your customers but with other business owners around you and this is where customer relations management comes in.

Be aware that POS business is a prolific one and maintaining a good customer relationship can be pointer to your increase in the business.

Because when their customers are short of cash, they can happily refer them to you.

 And when you are also short cash, you can easily transfer cash to their account while they give you the cash.

Thirdly; successful businesses are well managed. So embrace proper management techniques.


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