This is a very explanatory and estimated cost of starting POS business in Nigeria in 2021 for any business person that wish to invest into POS business.
In recent time, POS business is one of the most popular small scale businesses in Nigeria that has so much profit in it.
If you wish to start POS business in Nigeria, then this is a well designed business plan and the cost analysis that you should start and walk with if you really want to make it big in the business.
What is POS Business in Nigeria all About?
POS which stands for Point of Sales is a common financial business in Nigeria that has to do with cash transaction. With a POS machine, one can easily transfer money from one bank to another.
POS dealers carryout transaction and get paid for that. There is a price range/service charge range per amount or number of transactions.
There are different POS dealers and outlets. You can choose to start from or with OPay POS platform, or with other commercial banks POS business platform.
How Much Does it Cost to Start POS Business in Nigeria?
Starting a POS business in Nigeria in 2021 is very easy and less expensive to start. If you wish to know the amount that you need to start POS business, then here is it;
The cost of starting a POS business in Nigeria start from as low as Fifty Thousand Naira (N50,000) to as much as One Million Naira (N1,000,000) depending on your budget.
Note: the amount you need start your POS business depends on how much you wish to start with. But if you have as low as fifty thousand naira, you can start a POS in Nigeria.
In general, you may also need some cash to acquire or construct your business outlet and flex and other minor expenses which may not be taken into account.
How to start a POS Business in Nigeria
To start a POS business, you will need to register with any financial institution such as banks. You can register with a commercial bank or any other financial dealers like Opay.
Some of the most popular platforms and banks to start your POS business with includes but not limited to;
- Opay POS
- Firstbank POS
- UBA POS
- Access POS
- Zenith Bank POS
- GTbank POS
- Union Bank and so on.
How to start:
- Download the Opay app on Google play store
- Install the app
- Launch the app
Check the requirements and register as an agent.
How Much Profit Can Someone Make from POS Business
Generally, POS business is very profitable in Nigeria. With this kind of business, you can make so much profit in a very short period of running it.
A small scale POS business dealer can make as much as Thirty Thousand Naira (N30,000) to Hundred Thousand Naira (N100,000) monthly profit.
Meanwhile, a large scale POS business dealer can make as much as Hundred Thousand Naira (N100,000) to Five Hundred Thousand Naira (N500,000) monthly profit.
As such, the profit one can make from POS business depends on the scale of the business. The higher the amount invested in POS business, the better the profit that will come from it.
Another good factor that will also determine the amount that one could make from POS business depends on the following factors;
- Location of the business
- Population at the very location
- Level of unavailability of bank
- Rate of customers
- The level of competition with other dealers
Finally, the cost of starting a small scale POS business in Nigeria that will give up to N30,000 monthly profit ranges from Fifty Thousand Naira (N50,000) to (N100,000).
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