How to start First Money POS Business in Nigeria, Make Money Using First Bank POS

How to start a POS business Profitably in Nigeria / First Money Agent

Have you been wondering how to Start and make money in Nigeria doing POS business? If Yes, Then relax and read through as I reveal how you can start First Money POS Business in Nigeria.

POS business popularly referred to as agent banking business is one of the few lucrative things to venture into in Nigeria, It simply involves the transfer of funds, withdrawal of funds, sale of recharge cards and bill payments including DStv, Startimes, GoTv, and PHCN Bill services.

This business is an extension of the services offered by banks through which customers get convenience. Therefore the fee you charge customers for these services is called convenience fee.

For you to thrive with First Money POS Business in Nigeria, You need a location where there are limited or preferable no banks or ATM point, Afterall what’s the use of an agent if one can easily walk into any bank to withdraw or transfer.

Why is it Profitable in Nigeria?

It is profitable because you as the agent will make money from the extra fee charged on every transfer, withdrawal, bill payments and lots more. You must have readily available cash to give out because customers will come more for withdrawals than fund transfers.

What You Need to Set it UP

You can start POS business in Nigeria by getting a HOST. A host is a financial institution through which you extend their services to your customers.

This includes; First Bank, Quickteller, PAGA etc.

Getting POS Machine:

First Money POS

Getting a POS machine in Nigeria is absolutely free of charge, provided you get yours from any of the reputable commercial banks in the country.

In case you’re wondering what the bank stands to gain from giving you the machine for free, get this clearly: the issuing bank makes money on the long term by charging a fixed commission (between 0.25% and 1.5%, depending on the bank) per transaction done through each POS terminal issued.

To get a POS machine from any bank, all you need is to have an account with the bank.

Note, however, that there are now some other organizations issuing POS machines at a one-time fee.

Things to Get Started

Get enough room space to contain your customers, a furniture divider between you and your customers. and Create a space for customers to carry out transactions.

Get an Appealing Banner: For your business to be known and the people within that vicinity to be aware that you create such services, you should get a banner with the inscription boldly written “POS Withdral and Fund Transfer”.

Breakdown /Commission Structure of POS Agent Banking Business

Transaction Amount             Fee paid by Customer

1. For Deposit (own FirstBank A/C)

1- 5,000                                                             N50

5,000-30,000                                                     N100

30,000-100,000                                                N150

100,000 +                                                         N200

2. Transfer to FirstBank

1- 30,000                                                            N100

30,000-100,000                                                N150

100,000 +                                                           N200

3. Transfer to Other Banks

1-20,000                                                             N100

20,000-100,000                                                N200

100,000 +                                                          N250

4. For Cash Withdrawal

1-10,000                                                            N100

10,000-100,000                                                N200

100,000                                                               N300

5. For Bill Payment                                            N100

To Get started with your First Money POS Business in Nigeria You need to register as an agent, Kindly use this link here and don’t forget to feedback.

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