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How to Start A POS Business in Nigeria – Dataway Agent

post January 3, 2022
110 Comments

Introduction to POS Business in Nigeria

POS terminal business has been one of the profitable and hottest businesses in Nigeria. It has gradually taking over ATMs as it offer easy and convenience way of cash withdrawal in the country. POS (point of sale) terminal agents makes cash available to people in exchange for earning commission, profit or fee through the terminal machine.

Due to the scarcity of cash availability on Automated Teller Machines (ATMs) including everyday long queues of individual experience at ATM stands and banking hall. People now look for alternative means by withdrawing cash from POS terminal agents around which made the POS business more lucrative.

Is POS Business Profitable?

The Central Bank of Nigeria (CBN) introduced the POS system in 2013 to achieve financial inclusion and develop a cashless economy.

Data from Nairametrics for Statista shows that the number of POS payments increased significantly from 34 million in 2015 to 438.6 million in 2019. On the other hand, in 2020, NIBSS recorded that Nigerian merchants and mobile money operators (MMOs) processed over 655 million POS transactions valued at ₦4.7 trillion ($13 billion), a 50% increase from 2019.

If you are looking for a more profitable and lucrative business on a small scale with low capital, then consider POS business because a lot of people are patronizing POS terminal agent every day in order to break away from the crowd, to carry out transactions as fast as possible and also avoid stress of going to banking hall or wasting time on queue.

This is a profitable business in Nigeria right now which can be done in remote places that have no bank branches. Unlike other business which may required a lot of marketing, POS business doesn’t have to do any marketing as you are positioned public faces while customers will always find you as long as people deal with financial transactions daily.

Is It Capital Intensive? How Much Can I Make Daily?

Unlike other business that required much investment, POS business doesn’t require so much capital to start running and you can start making profit immediately. All you need is a very good location where people can get access to you easily. On average, POS terminal agent can make between N10,000 to N20,000 daily depending on location and and good relationship with customer.

Type of POS Terminal

POS terminals are used for cash withdrawals, money transfers, utility bill payments, etc. The usage process involves an agent enters information about new transaction before asking customer to enter 4 digit pin in order to finalize the transaction.

When POS terminal completes a transaction using mobile data, it immediately prints a confirmation receipt; it also prints out a ‘Transaction Declined’ receipt when unable to complete the transaction.

A cardless transaction can also be done without debit cards via direct transfers to the designated account.

There are 3 types of POS Terminal with different functions and physical features as seen below.

  • Mini POS Terminal: This terminal looks like a calculator, very portable, more affordable and pocket friendly. You can move around with it anywhere without heavy load or need for bag. It comes with a function buttons and a narrow display screen. It can perform basic POS functions and required being connected to your Internet-enabled smartphone via Bluetooth. It does not have a printer. After inserting a debit card, transaction details are entered through app on a smart phone, on which the transaction is also activated. However, the user enters their four-digit PIN on the terminal.

 

  • Traditional POS Terminal: This is the most common type as they were the first to be introduced to the Nigerian market. More function keys and a wider square display screen allow transaction entry and activation as long as it is connected to the Internet. It automatically prints out a receipt at the end of every transaction.

  • Android POS Terminal: This type is designed to look and act like a 7-inch smartphone. The device can perform all traditional POS terminal functions, show notifications, allow app installation, and scan barcodes, among others. It processes transactions faster because it runs on a robust OS, can connect to WiFi, and has 4G network capability.

Starting Cost And How To Get Started

While there is no fixed amount for starting a POS business in Nigeria, setup location can be vary. Either having a shop, kiosk, of umbrella stand. The major cost required is the cash at hand to make withdrawals possible. Then getting a new POS terminal cost between N85,000 and N100,000. But at Dataway, we offer more affordable, unconditional and refundable caution fee of ₦10,000 only. You can always return our POS terminal when its not serving purpose and get your money back without any damages.

Applying as a POS agent on Dataway will also give you the privileged to:

Become our official agent approved in your location.
You will be able to also sell our registration coupon code and make more profit.
You will be added to our official agent Whatsapp group for timely support and guideline.
You will be able to use our official app as an agent.
You will be listed on our contact page as a verified approved agent in your location as well.

For more details including our charges and application form click on the button below to get started. You will not gain access if you are not yet a subscriber on Dataway. Click here to register and gain access, including other benefits.

Apply Now

Categories: Dataway Business

Responses

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    1. Yusif sheka kano February 17, 2022

      We thanks to you alot for helping us about the p o s , so pls remain Smile Voice recharge thanks

  24. John Gbenga Olalekan January 9, 2022

    Pls I want to apply for POS.
    My phone number is 09038588324.
    Location: Ipaja Ayobo

  31. Abdulgafar Mustapha zailani January 14, 2022

    I need it this POS is a very way to make money help how to a chief of this I like it now what do you want to do

  52. Sa'adu Muhammad Sambo January 28, 2022

    Good morning Sir I need
    POS and printer please how can I appa From Sokoto

  57. Muhammad yakubu February 3, 2022

    Please 🙏 immediately I need POS, already now have an account buying DATA.
    Help me with POS I need it, I need it!!!
    I’m from kano state, Doguwa local government

  61. NJOKU EDITH February 18, 2022

    I have plan to Purchase the POS but I want the one that prints receipts. How do I get that and how much is it?

  62. Yusuf Mustapha Adam February 22, 2022

    Wow! That’s awesome may Almighty God bless you, am. Interested on recharge selling online

  81. Regina April 9, 2022

    I would love to state the pos business but my location is at Awka so I don’t know if I could be reached

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