POS Business – How To Start A POS Business In Nigeria

POS business, also known as Agent banking business, is a legitimate way to make money in Nigeria. It is a profitable business in communities with no banks and cities where ATMs are insufficient to serve the community’s financial needs. If you prefer to learn by video, watch the full video here.

See Also: Start Your Business in 30 Days.

POS or Agent banking business is an extension of the services offered by financial institutions to enable easy service offering to a wide range of customers.

Are you considering this business? Then visit our shop page to get the comprehensive guide which contains the cost breakdown of starting the business. Also, to learn how to structure your business right and ensure success, enrol for the Start Your Business in 30 Days Course.

Services Offered By POS Business Agents

POS (Point of Sale) business offers services like funds transfer and withdrawal, airtime sales, and bill payments like GOTV, DSTV, Startimes, PHCN, and other utility bills. It is used in several places where goods and services are sold/rendered: retail shops, offices, supermarkets, fuel/gas stations, pharmacies, eateries, etc.

By creating easy access for financial transactions in different localities, the POS business has given individuals and business owners additional income. As a result, they are sometimes called bank agents.

Although not serving as direct employees of a bank, they deliver banking services on behalf of banks on an agreed commission. It is a profitable business and one of the best passive income sources.

Statistics Show That The POS Business Is Viable

Can you believe 2021 rounded off with a total of N6.43 trillion recorded POS transactions in Nigeria? According to NIBSS, this figure is in sharp contrast to N1.41 trillion recorded in 2017, N2.32 trillion in 2018, N3.2 trillion in 2019, and N4.73 trillion in 2020

The increase in e-payment transactions in Nigeria, a direct consequence of the rise in POS business operations, is wealth making opportunity that has come to stay. This development impacts millions of lives positively. Therefore, it’s time you take advantage of this opportunity and start the POS business.

Are you looking to start a POS business in your locality? Then, this article contains all the information you need to fully set up as a bank agent.

If you prefer to learn by video, watch the full video here. And subscribe to our channel for more business ideas and insights.

Overview Of The POS Business

The POS business began in 2013 after the Central Bank of Nigeria released its guideline on operations and management. Since then, it has remained one of the retail channels of several commercial banks to make their banking services reach many people.

A banking agent owns and operates a retail outlet. They conduct the financial transaction and allow clients to deposit, withdraw, transfer funds, pay bills, recharge airtime, inquire about customers’ account balances, and other related services.

POS business is thriving in rural and urban centres, with a higher volume of transactions recorded in the cities due to population density. It is similar to any other remote banking channel.

The banks equip the agents with a point-of-sale (POS) card reader, mobile phone, barcode scanner, personal identification number (PIN) pads, personal computer, etc. POS business operators are third-party agents and can serve as many banks as possible.

If you have an existing small business that brings in cash daily, you can diversify your revenue streams by venturing into the POS business.

Reasons Why The POS Business Is A Viable Business

POS or Agent banking services are becoming Nigeria’s mainstay of financial transactions. Here are the reasons why the business is lucrative for millions of Nigerians.

• The inadequate number of functional ATMs which leads to long queues
• Poor network service at ATM points and banking halls has pushed many customers to find alternative means of performing their transactions.
• And for the business operators, the low barrier entry requirements in starting POS business points provide the much-needed employment opportunities amid high unemployment rates.

 Aside from this, it also helps consumers easily withdraw money when the nearest ATMs are far away.

See Also: Distribution Business – How To Start A Wholesale Distribution Business

How To Start POS Business In Nigeria

As I have earlier stated, the POS business thrives more in rural areas or semi-urban centres, where there are no banks or few ATMs to serve the people. Hence, if you intend to venture into this business, the first thing is to ensure that the number of banks in your location cannot serve the community. This way, you are sure of making a profit.

In this article, I have highlighted a step-by-step plan for starting a POS business in Nigeria and the basic things you need to get started.

Are you considering this business? Then visit our shop page to get the comprehensive guide which contains the cost breakdown of starting the business.

Step 1: Have An Existing Business

The POS business has to do with finance and must be approached carefully. Besides, the Central Bank of Nigeria is very particular about the business entities qualifying as agents. So, commercial banks take extra care before authorizing an agent for their retail banking.

To be eligible, you must have an existing business in operation at least for 12 months. Also, you must have a shop or office from which you operate. Then, you must have been registered with the Corporate Affairs Commission as any of the following entities;

• Limited Liability Company
• Sole Proprietorship
• Partnership
• Cooperative Societies
• Public Entities
• Trusts or any other entity aside from faith-based or NGOs.

If you have any of the above requirements, doing a POS business or serving as a bank agent is possible.

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Step 2: Approach A Bank

Virtually all Nigerian banks allow agent banking services. As soon as you decide on the bank of your choice, the next thing is to approach the bank and get details of their requirement. The CBN guide allows being an agent for as many banks as you can serve.

You will need to fill out some documents/agreement forms on the transaction conditions. Then, the bank reviews the application in line with CBN internal criteria and agrees with you if you meet all requirements.

Also, you must have an account for a direct deposit for the business and provide some documents as part of the requirements for the proposal.

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Popular POS Service Providers

Some of the popular POS service providers include banks and other mobile money operators like:

1. GTbank
2. Polaris  bank
3. First Monie POS Agency
4. Flutterwave
5. Opay POS Agency
6. Monie Point POS
7. Nomba (formerly Kudi) bank
8. Wema bank
9. Paga
10. Zenith bank
11. Access Closa Agency
12. Quickteller
13. Ecobank
14. Baxibox
15. PalmPay
16. UBA Monie POS agency

Requirements For POS Business

Some of the required documents include;

• Valid means of identification, e.g. Driver’s license, National ID card, International passport or voter’s card.
• BVN
• 2 passport photographs
• 2 current account references
• Evidence of business registration (CAC Certificate)
• Tax Identification Number (TIN)
• Memorandum and Article of Association.
• Credit Bureau Report
• A minimum working capital of N50,000

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Step 3: Get The Equipment For Your POS Business

Once your application is considered, the bank supplies the needed tools and equipment for the business. Aside from the mobile phone, the following materials are usually provided by the bank:

• Point of Sale Terminal; a portable device that facilitates payments of goods and services at bank agent locations using payment cards.
• Card reader
• Barcode scanner to scan bills for bill payment transactions
• Personal identification number (PIN) etc.

Are you considering this business? Then visit our shop page to get the comprehensive guide which contains the cost breakdown of starting the business.

See Also: Podcast Making: Step-By-Step Guide On How To Start A Successful Podcast

Step 4: Location Of Your POS Business

To thrive in the business, it’s advisable to choose public places with high human traffic volume like markets, busy streets, shopping malls, event centres, etc. The high volume of people movement will affect your daily profit as more customers patronize your service.

Once you have a good location, construct a shed or shop but create enough spaces for swift movement for you and the customers. Have a banner at the entrance to show the retail banking services you offer.

Factors To Consider Before You Choose A Location For Your POS Business

Network Connection.

A good network service is very crucial to the success of your POS business. This is because the POS machine you will use for your business transactions is powered by a telecommunication network service, just like your mobile phone.

And as a result, a location with good network connectivity access will help the smooth and fast confirmation of transactions with your customers and their banks.

Crime Rate Level.

You also need to consider the safety factor when settling for a particular location for your POS business. This is because your business activity involves cash handling, and you may want to spend some time researching the crime rate of your intending business location.

In addition to the above, you can also have a special purse/pouch around your neck or a safe with a solid lock to prevent theft and burglary.

Proximity to ATM Points.

Positioning your POS business point close to existing ATM points is not bad. Often, those machines break down or are not loaded with cash, especially on weekends and public holidays. If you notice that an ATM is not dispensing cash, you can go there to advertise your service. Some people there in urgent need of cash might subscribe to your service.

Step 5: Render Services

The business is rendered through POS terminals, card readers, mobile phones, and bank-linked mobile wallets for real-time transaction processing.

The next step is to provide the service as soon as you have these.

Services Provided By POS Business Agents:

POS Agents provide the following services:

• Cash deposit and withdrawal
• Balance inquiry
• Funds transfer services (local money value transfer)
• Bill payment (taxes, utilities, tenement rates, subscriptions, e.t.c)
• Generation and issuance of a mini statement
• Cash disbursement and cash repayment of loans
• Agent mobile payments/banking services

See Also: 10 Networking Tips To Build And Grow Your Business Network

How Does The POS Business Work?

In a POS business, the client first request transaction like withdrawal, transfer, or bill payment and presents the debit card.

Next, the Agent selects the type of transaction on the POS terminal device, enters the amounts, inserts the debit card into the machine, and asks the client to enter the four-digit pin secretly.

Then, using the network, the General Packet Radio Service (GPRS) connects with the bank’s server to authorize the transaction. When successful, it immediately prints out the receipt.

This process can be repeated for as many customers as possible, as long as you abide by the transaction rules of your host (bank).

Type of POS Machines.

The mobile POS machine is the most popular version of the POS machine. However, there are other types like countertop POS and Tablet PC-based POS machines. These types can be more expensive to acquire and are commonly used in big supermarkets.

See Also: Top Business Opportunities In Lagos And How To Clinch Them

The Importance Of POS Business

With a POS business, banks now reach a larger demographic. Also, they offer more flexible and convenient access to existing and new customers.

In addition, they ensure customers’ safety and help reduce travelling long distances to have access to banking. Most importantly, it significantly boosts financial inclusion, especially for people in rural areas.

How Do POS Agents Make Money?

The business has provided job opportunities and financial stability by helping the Agent make money in the following ways;

Commission

Banks pay agents commission based on the volume of transactions on their behalf.

Service Charges

By rendering service to customers, you can also charge them a particular amount, especially on bills, taxes, and subscriptions.

Float

Depending on your cash management policy, you can use cash deposits and net of withdrawal for your primary business.

By operating this business, you are not only increasing your stream of income, but you are also serving the needs of the people in your community. And with a location that sees high human traffic, you can be making as much as ₦7,000-₦15,000 daily.

Advantages Of POS Business.

Low Barrier Entry

POS business offers low barrier entry for individuals as the startup capital requirement is not as much as that required by other businesses. Therefore, you can start your POS business with a sum of N50,000 or less.

It Does Not Need An Expensive Structure 

Everyone knows how expensive it is to afford annual shop rent in most places in Nigeria. But for POS business, there is no need for a fancy structure, at least while starting. Because, most POS businesses use a simple wooden kiosk as their business office.

Customer Traffic

Large financial transaction volume pass-through POS agency banking business in Nigeria and means significant business turnover for operators

Multiple Streams of Income: 

POS business is a good way of expanding your income net for those that may have a regular job that is not meeting their financial needs. In addition, the business offers a sustainable means of income and may even transition to a primary source of income if adequate attention is paid.

Disadvantages Of POS Business

As they say, everything that has an advantage has a disadvantage. Hence, you must contemplate the cons of a POS business before starting one.

Insecurity

POS business is a high-risk business as operators can be a target for robbery attacks. Hence it is crucial to be security conscious at all times.

Fraud

Some individuals with criminal intentions sometimes patronize POS business operators intending to carry out fraudulent transactions. Therefore, you may need to be on the lookout for individuals with suspicious behaviours and also set up a KYC register where you will record customers’ phone numbers.  

Poor Network Service

Poor network connectivity is a significant threat to the smooth operations of your POS business. You will need to secure a location with a reliable network connection. Also, go for a smart POS machine with a 3G or 4G network capability.

Poor Electricity Supply

Unstable electricity supply is another critical challenge confronting most POS business operators here in Nigeria. The POS machines need to be charged as they run on rechargeable batteries, and this might prove difficult if your business location lacks adequate electricity supplies.

We will now look at how to start the POS business with different financial operators.

How To Start a POS Business With First Bank.

First bank POS agent is also known as Firstmonie agent.

According to First Bank Plc, The Firstmonie agent network is a bespoke channel through which FirstBank expresses its passion and commitment to broadening the opportunities and access to financial services for every Nigerian and African, especially within the low-income segment (the unbanked and under-banked population).

What You Need To Be A POS Agent With First Bank

To become a Firstmonie Agent, you need to have:

• An existing business
• A visible and accessible business location
• A valid means of identification (Voters’ card, National ID card, Drivers’ License, International Passport)
• BVN
• Utility bill not more than three (3) months old
• Business registration documentation for corporate bodies
• How to become a First Bank POS Agent

Go to the FirstMonie agent banking website and fill out the form. Then, click on the “Send” button to submit your request to FirstBank.

To fast track your application, visit any FirstBank branch to check the status of your application. Remember to go along with the required documentation.

How To Start a POS Business With OPay.

To start your OPay POS business, you need to first sign up as an OPay agent on the OPay Agent Portal before you can then apply for a POS machine.

To request an OPay POS machine here are the requirements.

Download The OPay App To Your Device

You can find the app on Android and the Apple stores.

Sign In To Your Profile

This is after signing up on the app.

Upgrade Your KYC Status To Level 3

To upgrade your OPay KYC status to Level 3, follow these steps:

• Go to ‘Me’
• Click the picture icon (top left) to go to Account Details
• Click Upgrade to Level 3
• Upload your picture
• Upload a valid ID Card (Intl Passport, Voters’ Card, National ID or Driver’s License)
• Upload a recent utility bill (PHCN bill, water bill, rent receipt, LAWMA waste bill)
• Upload your BVN
• Submit

The OPay team will review your update within 24-72 hours for either approval or a decline, and you will be notified through email and SMS.

Switch Profile To Merchant

Once your level 3 KYC update is accepted, you will need to switch your account profile to Merchant. To do that:

• Go to ‘Me’ on your account profile
• Click the picture icon (top left) to go to Account Details
• Click Upgrade to Merchant
• Fill in your Business Information (Name of business, address, etc.) and click Next
• Fill in the required information
• Click Upgrade

Merchant Apply

Now that you have switched to the Merchant profile, you can apply for a POS terminal for your business by following the steps below:

• Log in to the OPay app on your device.

• Choose the ‘Merchant Apply’ icon
• On the next page, enter all the necessary information as requested
• Upload your business transaction history for the past 3 months
• Upload a valid ID Card (Intl Passport, Voters’ Card, National ID or Driver’s License)
• Take a snapshot of your business place and upload it to the portal
• Submit for review and approval.

OPay POS Cautionary Fee.

Opay POS attracts zero cost for agents with good transaction records with Opay, but a caution fee of NGN20,000 applies once your POS machine is approved. This amount must be available in your wallet.

New Opay agents who do not have sufficient transaction history can pay for and buy an Opay POS machine.

The prices are as follows:

1. NGN50,000 for OPay Smart POS
2. NGN35,000 for OPay Traditional POS
3. NGN8,500 for OPay Mini POS.

How To Start POS Business With Bankly.

Bankly, a Nigerian fintech company founded in 2018 by Fredrick Adams and Tomilola Adejana provides a virtual savings wallet for the informal sector of Nigeria. Bankly POS agents register and operate their business under Bankly.

You can carry out the following transactions with Bankly POS.

1. Transfer of funds
2. Cash withdrawal
3. Utility bills payment like airtime, data, electricity, etc
4. Deposit cash to bank accounts
5. Transfer funds to other beneficiaries

How To Become a Bankly Agent.

Download Mobile App

To get started, you have to download the Bankly Agent mobile application from the app store.

Create An Account

Sign up on the mobile app by providing the required KYC details.

Verify Your Account

Wait for a support personnel to verify your registration.

Set To Go

Go forth and start transacting and offering customers access to financial services

How To Request For Bankly POS Machine

To Request for Bankly POS machine, follow these steps.

• Login to your agent dashboard and click on Request POS
• Accept the POS Terms and Conditions.
• Continue reading to see the Daily POS Transaction Targets.
• Select the number of terminals you wish to use.
• To confirm your POS (point-of-sale) request, enter your transaction PIN.
• Click Done.

Requirements To Obtain a Bankly POS Machine.

• A valid means of identification such as your national ID card, Driver’s license, Voter’s card or international passport.
• Utility Bill
• Business certificate for registered businesses.
• BVN
• Bank Account number
• Email address
• Telephone number

Bankly POS Transaction Charges

Bankly charges 0.3% for POS withdrawals and a flat rate of N35 for all transfers. In addition, you will be charged 5 naira for every 1000 naira that you withdraw on behalf of a customer. Furthermore, N10 will be charged for any transfer between N100 and N2000, while N20 will be charged for any transfer above N2000.

How Much Does It Cost To Become A Bankly POS Agent?

Signing up to be a Bankly agent is free. However, you will need to set aside a startup capital which can be a minimum amount of N20,000.

How long does it take to get a Bankly POS?

One day to a week.

How To Start a POS Business With Moniepoint POS

Moniepoint, a fast-growing mobile money platform, provides banking solutions that enable businesses to collect payments, access loans, manage operations and ultimately grow their business.

Transactions You Can Perform with Moniepoint POS

1. Cash withdrawal
2. Fund Transfer
3. Airtime Purchase
4. Payment of Utility Bills

How To Become a Moniepoint POS Agent.

1. Visit Moniepoint’s official website.
2. Fill out the registration form for Moniepoint agents and submit it.
3. Make sure your email address and phone number are confirmed, and an agent will reach out to you after 48 hours of registration
4. The Agent would provide you with information on what to do next, after which they would confirm you as an agent
5. You can now log in to your Moniepoint POS dashboard to manage your account.

Requirements To Become a Moniepoint POS Agent.

• Business registration certificate.
• Your BVN
• Utility bill
• Your bank account Number
• Verifiable identity card: National ID, Voters card, Int’l passport, etc.

Moniepoint POS Transaction Charges.

Moniepoint’s transaction charges are considerably low and one of the cheapest in Nigeria. Charges are based on the number of transactions you carry out across all banks. There is a fixed charge of N20 for all banks in Nigeria.

The withdrawal charge for up to N4,000 is simply N6.2. And this amount increases as the amount withdrawn increases.

How To Start a POS Business with Nomba POS (Formerly Kudi).

Transactions You Can Perform with Nomba POS.

• Cash withdrawal and deposit
• Funds Transfer
• Airtime Purchase
• Payment of Utility Bills

How To Become a Nomba POS Agent.

• Download and install the Nomba app from the Google play store
• Launch the application on your android phone
• Sign up using your phone number and connect the app with your bank account
• Start transacting on the Nomba app
• Ensure you use it consistently for basic bills like electricity, airtime recharge, TV subscriptions, and more
• After about two weeks, Nomba will message you about your eligibility to receive a free POS.

How Much Does It Cost To Become a Nomba POS Agent?

To become a Nomba POS agent is free

How Much Does Nomba POS Charge?

Nomba charges 0.7% flat on cash withdrawals.

How To Start A POS Business With Paga

To become a Paga POS agent, email service@mypaga.com or Log on to www.paga.com, select Agent and click on Become an Agent to get started. 

Once you are done, one of Paga’s field representatives will contact you for further instructions on the onboarding process.

Transactions You Can Perform with Paga POS.

1. Cash withdrawal
2. Fund Transfer
3. Airtime Purchase
4. Payment of Utility Bills

How Much Does It Cost To Become A Paga POS Agent?

The agent sign-up is free, but if you want a POS terminal, you must pay N30,000.

Benefits Of Being a Paga Agent.

As a Paga agent, you will receive a commission for every transaction you perform. In addition, bonuses and other incentives are rolled out at intervals. The more transactions you complete, the more money you make.

How Much Does Paga POS Charge?

Paga charges 0.55% on withdrawal and N30 flat on every deposit of any amount.

Paga charges N5.5 on every N1000 a customer withdraws and N30 to transfer any amount on the POS or the app.

How To Start a POS Business With Baxi Box.

Services Available on Baxi.

• Bills and PayTv payments such as Dstv,Gotv,Electricity ,Smile,Spectranet, etc.
• Airtime (Mtn, Airtel, 9mobile, Glo)
• Cash-in and Cash-Out (Money transfer and money withdrawal)
• Account Opening, Insurance and vehicle paper renewal
• Educational products (Waec and Jamb)

Requirements For Getting a Baxi Box POS.

• A verifiable ID card such as International Passport, National ID Card, or Voters Card
• Utility Bill
• Business registration certificate
• BVN
• Bank account number
• Valid email address
• Passport photograph

A cautionary fee of N10,000 for the Baxibox Mpos and N30,000 for Baxibox android POS applies also.

How To Become a Baxi Box Agent.

• Download the BaxiMobile App from your play store/Apple store. 
• Install the app on your device and complete the sign-up process
• Provide your BVN and verifiable address to upgrade your account to Baxi Flex or Baxi Pro.
• Navigate to Request for MPOS/POS and submit a request for a POS device.

How Much Does Baxi Box POS Charge?

Baxibox POS charges N30 flat for cash deposits and 0.55% on a single withdrawal transaction of N1 – N20,000. The percentage goes slightly higher as the withdrawal amount increases.

How To Start a POS Business With PalmPay

Transactions You Can Perform with PalmPay POS

1. Cash withdrawal
2. Fund Transfer
3. Payment of Bills
4. Check customers’ account balance with their ATM

How To Request For a Palmpay POS Machine For Your POS Business.

1.  Download the PalmPartner app from iOS or Android Playstore
2. Complete the application form in the app
3. Agree to the terms and conditions
4. Upload the required documents and submit them.

Requirements For Getting a PalmPlay POS Machine.

• A verifiable ID card such as International Passport, National ID Card, or Voters Card
• Utility Bill
• Business registration certificate (For registered businesses only)
• BVN
• Bank Account Number

PalmPay POS Charges And Commission Structure

1. Airtime top-up – 3% of the amount
2. N10 only for bank transfers
3. Bill payments are for FREE.

How To Start A POS Business With Wema Bank.

Transactions You Can Perform With Wema Bank POS

• Money transfer
• Bills payment
• USSD on POS 
• Pay With Phone number 
• QR Code 

Benefits of Wema Bank POS To Customers

• Increased sales due to impulse buying by customers
• Reduction in pilfering as cash-handling is reduced
• Availability of multiple network technologies to ensure uptime
• Joint merchandising opportunities

Requirements For Starting Wema Bank Agent Banking Business.

• You need to have a verifiable existing business on the ground.
• You also need to be operating a Wema bank account.
• A valid means of identification such as a national identity card, international passport, driver’s license, and voter’s card.
• A minimum start-up capital is also required.
• A functional android mobile phone with data.

Steps To Get Wema Bank POS For Your POS Business

1. Click here to download the Wema Agent Banking Expression of Interest Form
2. Fill in the required details in the form carefully and correctly.
3. Go with the form and the required documents already listed above to any Wema Bank branch nearest you.
4. Your application will be documented, and they will give you further instructions on how to proceed.

Wema Bank POS Charges

The standard merchant service charge is 0.5% per transaction, capped at NGN1000.

How To Start a POS Business With Zenith Bank.

Zenith bank’s agent banking is a financial inclusion service adopted by the bank to extend its retail reach across all segments. As an agent, you are required to render basic financial services on behalf of the bank.

Transactions You Can Perform With Zenith Bank POS.

1. Account opening
2. Cash withdrawal
3. Cash deposit
4. Funds transfers
5. Bills payment
6. Airtime Purchase

Requirement for Signing Up On Zenith Bank’s Agency Banking Platform.

1. An existing retail/business outlet with a trading name
2. An existing retail/business outlet in a physical geographical location for a minimum of 12 months
3. The outlet can be a school, market, shopping mall, filling station or any business outlet with reasonable human traffic
4. The outlet should accommodate a dedicated desk/counter and a minimum of one (1) staff to handle agent banking services
5. Must have maintained a Zenith bank account for a minimum of 6 months

Implementation Requirements

1. Duly completed registration form with the following documents attached;
   
   For corporate accounts:
   • Proof of address (utility bill)
   • Valid means of identification
   • 2 Passport photographs
   • TIN
   • Certificate of Incorporation
   • Memorandum and Article of Association

For individual accounts:

1. Proof of address (utility bill)
2. Valid means of identification
3. 2 Passport photographs
4. No sign-up fee is required
5. Agent downloads agent banking app on an Android device

Benefits Of Using Zenith POS For Your POS Business

1. Cash Management – opportunity to evacuate Cash off your retail premises
2. Increase in sales/business opportunities as a result of an increase in footfall
3. Additional income from transaction/services fees and commission 
4. Opportunity to cross-sell your products/services to walk-in customers 

How To Start a POS Business With GT Bank.

GT Bank POS Benefits To Merchants

• Withdraw & deposit cash in bank Accounts.
• Pay bills.
• Customer enquiries.
• Local funds transfer services

Requirements For Getting Gtbank POS For Your POS Business

• You need to possess GTB Current Account.
• Valid identification documents (Passport, voter card, National Identity, or driver’s license).
• You need to have an existing business location.
• You also need a utility bill as proof of your residential address.

How To Become a GTBank POS Agent

1. Visit the nearest GTBank branch
2. Meet the next available customer agent at the banking hall
3. Request for a POS application form.
4. When and if your application is approved. The GTBank will contact you to come and collect your GTbank POS.
5. Alternatively, you can download the GTBank mobile money agent form, fill it and take it to the nearest GTBank branch.

GTBank POS Charges

GTbank charges a fee of 0.75% for each payment or service made with the POS

How To Start a POS Business With Access Bank.

Transactions You Can Perform as an Access Bank Closa Agent

• Cash Deposits
• Cash Withdrawals
• Funds transfer
• Bill Payments
• Airtime Purchase
• Account Opening

Benefits Of Using Access Bank POS For Your POS Business

• Banking services right at your doorstep
• No queues
• Transactions are PIN protected
• Services are available to both Access Bank and other Bank customers
• Access to funds anytime, even after banking hours (weekends and public holidays)
• Save the cost of going to the branch or ATM
• Become an Agent today and make extra income

Minimum Requirements To Become an Access Bank POS Agent:

• A visible business location which is easily accessible
• Minimum working capital of  ₦50,000
• Valid identification – Voter’sVoter’s card, Driver’sDriver’s License, International Passport, National ID card
• Utility bill
• Business registration documents for corporate bodies

Access CLOSA Agents Can Be Any Of The Following:

• Unregistered business – Individuals
• Registered businesses – Limited liability companies, Sole proprietorships, Partnerships, Cooperative societies
• Corporates with retail chains / large distribution network

How To Start a POS Business With EcoBank.

Services Offered By Ecobank Xpress Agents.

• Opening of Ecobank Xpress Account
• Withdraw funds from your Ecobank Xpress Account
• Deposit funds into your bank account
• Transfer funds to any local and international bank in selected locations via Rapid Transfer, Western Union, Ria, Money Gram, Vigo, and Unity Link.
• Pay bills (TV, internet, utilities, etc.)
• Top up your airtime
• Redeem Xpress Cash e-token
• Reload Ecobank Cash Xpress (Prepaid) Card

Requirements To Getting Ecobank POS For Your POS Business

• A desktop with an internet connection
• An Android-enabled device with operation system version 5.0 to enable the download of Agent App
• A feature phone for USSD transactions
• CCTV and printer/copier (for international transfer agents only)
• Passport photograph
• Bank Verification Number (BVN)
• Valid means of identification: National ID (NIN Card), Driver’s License, Permanent Voter’s Card (PVC) or International Passport
• Utility bill of Agent’s operating address (not more than three months)
• Two (2) current/corporate account references or duly completed Character Reference Form

For Corporates/SMEs only:

• Corporate Affairs Commission (CAC) Documents for Registered Companies/certificate of registration
• TIN Number/Tax Certificate for Registered Companies

How To Become An Agent With Ecobank And Start Your POS Business

• Visit the Ecobank Xpress Point registration portal
• Fill out the merchant form
• Select Level of Education
• Enter a contact phone number
• Choose your type of business
• Enter the number of business locations you have
• Choose your device type (desktop, laptop, smartphone)
• Read and agree to the Terms and Conditions
• Tick the reCAPTCHA button to indicate you are not a robot.
• Click Submit.
• Once your application is received, An Ecobank representative will contact you within 72 hours.

How To Start A POS Business With UBA.

Transactions You Can Perform As a UBA POS Agent.

• Payments for purchase
• Balance enquiry
• Accepts all Cards (Visa, MasterCard, Verve)
• Other Value Added Services (Bill Payments, Air time vending)
• Merchant has access to view transactions online in real-time

Benefits of Using UBA POS For Your POS Business

• Increased Sales: Buyers spend more with cards
• Customer Satisfaction: Cardholders will have the flexibility of payment
• Speed of Checkout: No more queues, no more counting bills, giving change or waiting to write cheques
• Safety: With less Cash, you are less vulnerable to theft and pilfering
• Earn revenue on ”Cash-back” transactions: Buy goods, buy Cash

How To Request UBA POS For Your POS Business

i. Click here to download the registration form

ii. Fill out the registration form

iii. Submit the complete form at the branch closest to you

iv. After your request is approved, you will receive a confirmation email with your login information and contact details for your POS support officer

v. The POS terminal will be delivered to you within 3 – 7 working days.

Requirements For Getting UBA POS For Your POS Business

• A valid means of identification, e.g., international passport, driver’s license, national id card, or voter’s card
• A recent utility bill of your proposed operating site.
• A business location that is easily accessible and not too close to other agents
• A UBA account. You can use your standard individual or a corporate account for this purpose.

How To Start a POS Business With Quickteller Paypoint.

Quickteller Paypoint is the trade name of Interswitch Financial Inclusive Services (IFIS). Quickteller Paypoint agents earn a consistent income, offering services like Bill Payment, Funds Transfer, Cash Deposits, Cash Withdrawals, Insurance, and Airtime Recharge to customers in their community.

Requirements For Getting Quickteller POS For Your POS Business

• Applicant should have an existing business outlet
• A copy of identification card, driving license or international passport
• Proof of address by providing utility bills
• Must possess a functional Android phone
• Financial account bank details or statements
• A passport-sized photograph
• A complete Quickteller Paypoint agent registration form/agreement and account package
• A minimum startup capital of N10,000. The amount is the trading capital, and IFIS deposits it in the Quickteller Paypoint agent wallet upon setting up the business.

How To Become a Quickteller Paypoint Agent.

• Visit the Interswitch website
• Fill out the Quickteller Paypoint registration form correctly
• Deposit N10,000 to an account that will be provided for you
• A Quickteller officer will visit you to verify your office.
• The officer will give you another form to fill out and attach your passport photo
• Your account will be activated, and you will receive Quickteller Paypoint agent login details.

How To Start a POS Business With FCMB

Transactions You Can Perform With FCMB POS

• Payment for goods and services  purchased
• Cash Back services
• Pre-Authorization service
• Cardless transactions
• Air time recharge
• Bill payment (PHCN, DSTV, etc.)
• Payment Reversal option
• End of the Day transaction report

Benefits Of Using FCMB POS For Your POS Business

• Earn monthly commission on service rendered to customers
• Become an FCMB representative in your business community.
• Priority service when there is a need to visit the branch.
• Leverage on FCMB corporate image
• Reduction of cash handling and the associated security risk.

Requirements To Become An FCMB Agent

• The prospective agent shop must be on the ground floor to enhance visibility and accessibility
• The prospective agent location should be in a strategically populated area with high foot traffic
• The prospective agent location should be some distance from the nearest ATM/Bank to establish convenience
• The prospective agent should show passion for driving the business
• Prospects must open an SB101 Account or use a co-operate account for operation.
• Prospects must have a minimum of N100,000 as trading capital to commence business
• The onboarding timeline is one month from the period prospect documentation is completed

How To Become FCMB Banking Agent

To become an FCMB banking agent, visit any FCMB branch in your locality and pick up an FCMB BANKING AGENT interest form from the customer service department.

What Does It Cost To Start A POS Business

We did the cost analysis of everything you need to start the POS business. Find the cost of starting the POS business in the POS business guide in our shop.

Conclusion

A POS business is an additional way of getting income. Aside from your existing business, it is a way to expand service offerings and one of the best methods to cross-sell your products/services to walk-in customers.

The business needs to be situated in places with no bank branches or busy environments with enough security measures. You are sure to increase your daily revenue if you get everything right.

Are you considering this business? Then visit our shop page to get the comprehensive guide which contains the cost breakdown of starting the business.

Also, please share this content with your audience if you find it helpful.

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