How to start POS business in Nigeria

 Starting a POS (Point of Sale) business in Nigeria can be very profitable, especially in areas where banking services are limited. Here’s a full step-by-step guide on how to start a POS business in Nigeria

✅ Step 1: Understand What a POS Business Is

A POS business involves providing financial services to people using a POS machine. Services include:

Cash withdrawal

Cash deposit

Funds transfer

Bill payment (NEPA, DSTV, etc.)

Airtime/data top-up

Account opening (in some cases)

✅ Step 2: Requirements to Start POS Business

To get started, you’ll need:

1. Capital

Minimum of ₦50,000 – ₦250,000 depending on your scale

₦20,000 – ₦50,000 for POS machine (sometimes free from banks)

2. Valid ID Card (e.g. NIN, voter’s card, or driver’s license)

3. BVN (Bank Verification Number)

4. Passport Photograph

5. Utility Bill (to confirm your business address)

6. A Physical Location

A shop, kiosk, or strategic roadside location with high foot traffic

✅ Step 3: Choose a POS Provider or Bank

You can get your POS machine from:

💼 Commercial Banks:

Access Bank

First Bank (FirstMonie)

UBA

Zenith Bank

GTBank

📱 Fintech Companies (agents faster):

Opay

Moniepoint

Palmpay

Kuda

Baxi

Paga

> Moniepoint and Opay are very popular because of their fast payment network and low charges.

✅ Step 4: Apply for the POS Machine

Visit their office or apply online with:

Your details (ID, utility bill, passport photo)

Business location verification

Some providers may require a refundable caution fee (₦10,000 – ₦30,000)

✅ Step 5: Fund Your Wallet

Before you can start transacting, you need to fund your POS account or wallet, which is used to process withdrawals and transfers.

✅ Step 6: Start Your Business

Once you have your POS terminal:

Set up your kiosk or table in a visible, safe location

Display your price list (₦100 for ₦5,000, ₦200 for ₦10,000, etc.)

Begin attending to customers

Keep transaction records daily

✅ Step 7: Tips for Success

1. Choose a good location – crowded areas like markets, motor parks, or areas with no banks.

2. Ensure constant cash availability – people need to withdraw anytime.

3. Maintain good customer service – build trust with customers.

4. Be security conscious – keep low cash in hand; use CCTV if possible.

5. Register your business with CAC if you plan to expand.

💰 Expected Profit

You can earn ₦500 – ₦3,000 per day

That’s ₦15,000 – ₦90,000 per month depending on traffic

✅ Summary Checklist

Item Required?

Capital ₦50k–₦250k

Valid ID & BVN ✅

Utility bill ✅

Shop/kiosk ✅

POS provider Opay, Moniepoint, etc.

Wallet funding ✅

Good location ✅

Would you like help comparing POS providers like Opay vs Moniepoint or drafting a sample daily profit record sheet?