Start POS Business

POS Business: Complete 2021 Guides To Get Start In Nigeria

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In this article you are going to learn how to start POS businesse in nigeria.

These is complete 2021 guide, i will teach you how to start, how to get best POS machine, how to make more money doing POS business in 2021.

And also show you all what you have take note before getting started.

Let dive into the tutorial.

POS business

What is POS business.

POS is an abbreviation for “point of sales” and the word “POS business” also known as mobile money agent business.

Which was started in year 2013, after CBN (central bank of nigeria) launched its guideline on the operations and management of the POS enterprise.

Since that day, it has remained one of the retail channels of several business banks to make their banking services attain a huge wide variety of people in the country (nigeria).

You may like to read: How To Start VTU Businesse In 2021 [The Definitive Guide]

Mobile money agent owns and operates a retail outlet. he or she conducts the financial transaction and lets in clients to withdraw, transfer, deposit, pay bills, buy airtime, and other transaction.

This business thrives greater in rural regions and the underbanked communities. it’s miles just like any other remote banking channel.

If you have current small business that brings money every day or month, you could diversify your revenue streams with the aid of venturing into this POS business and earn extra income.

Benefits Of Doing POS Business.

Benefits Of POS business

POS business is a cash transaction business, which is silently been take place with out a whole lot consciousness.

However now gaining extreme recognition. Because it now alternative to banks cash withdrawal machine (ATM).

POS commercial enterprise could be very beneficial. it is a known fact that buying and selling on cash or money associated undertaking could be very worthwhile.

You may also like to read: How To Start Selling Phones In Nigeria 2021 [Complete Guide]

That is a business that could offer jobs to lots of people in nigeria. Especially the students.

That is why am writing this article to encourage citizens of nigeria to enter this possible enterprise and earn more income.

In case you start POS business, you may help people in your community to decreased a few rigors and provide convenience in economic transactions and help them to:

  • Achieve financial inclusion.
  • Reduced the usual congestion in their banks.
  • Serving a wider range of clients.
  • Enabled a quick and fast money transaction.
  • Reduced the risk of take large sum of cash to bank.

POS business

And provide other services like:

  • Sales of airtime (Airtel, MTN, Glo, 9Mobile.).
  • Bill payments (GOTV, DSTV, Startimes, PHCN.) and pay for goods and services without being scam.

You may like to read: How To Grow Your business massively and earn more income

And at least, you wull be making N5,000 daily doing this business. Here is your commission per N1,000 transaction.

  • N100 for cash withdrawal.
  • N100 for cash deposit
  • N100 for transfers

So the commission you make on each transaction is all yours. But the POS terminal provider fee is 0.75% for N1,000.

If you want to earn more income, don’t do only transfer, withdraw, deposit. Add bills payment. Here is the bills payment commission.

Apart from the charges you will charge your customer.

POS business in nigeria


MTN Network 3.0%
Airtel Network 4.0%
Glo Network 6.0%
Etisalat Network 3.5%


MTN Network 3%
Glo Network 4%
Etisalat Network 4.5%
Airtel Network 4%

FOR TV Subscription.

DStv 2%
GOgtv 2%
Startime 2%


WAEC Scratch Card 6%
NECO Scratch Card 6%

How To Start POS Business In 2021.

Hope you have know the benefits of this business and the business itself? Now let move to the main tutorial.

Before you can start providing bank services to people, you need to keep these in mind.

POS business has many demanding situations and issues which you have to recognise earlier than going into the business.

let get started.

You may also like to read: 5 Fastest Online Loan In Nigeria [ 2021 Reviews ]

1. Find open areas to place your shop:

Your POS business location is very important. Why? because if you find an open place, it going to increase in the number of patronizers, which is equal more costumer more profit. these factors have much effect on daily profit.

To earn more income from POS businesse, you need to find a place that is visible and accessible. Such as:

  • Bus stop.
  • Public market.
  • Event centers.
  • High institution.
  • Big companies.
  • Hospitals and many more.

Now design your business banners or use the one that will be given to you by the POS machine provider you choose.

To let people know what exactly your shop is about.

The POS business doesn’t require you to get a large space, but atleast get a small space, where you can put chair, table and banner. That’s enough.

You can even use your house for transaction. But make sure it is open place. For earning purpose.

If you are into any business and you have a shop, that’s an opportunity or advantage of getting free POS machine from bank.

2. Get Enough Cash:

Before you can start this business, need to get enough cash to run the business.


And the minimum amount to get started is 100,000 naira. 50,000 cash for withdrawal payment and 50,000 on your POS machine account for transfer and deposit.

Recommended For You: 5 Fastest Online Loan In Nigeria [ 2021 Reviews ]

If you don’t have upto that amount, you can get fast online loan in nigeria, and pay back when you earn income.


3. Get Three ATM card:

Yes you need three ATM card for testing POS machine network. Sometimes, there will be bad network on your POS terminal, and you can’t know if you don’t test the network with your own ATM card.

Naija Mobile Tech

To avoid debited customer without seeing the money.

Get Strong Service Provider SIM Card:

MTN is recommended. You need a reliable service provider to operate the POS machine faster and avoid bad network from service provider.

How To Get POS Machine To Start This Business.

There is a two ways to accumulate the POS machine. Before I talk about them, let me share a briefly about POS.

Like I said earlier, POS stands for point of sales. this gadget is a very good automatic payment machine.

Which reduces the strain of sporting cash round, transacting immediately with cash.

POS machines offer immediately notification of all transactions fee. this is why you get hold of alert whenever you do any transaction like withdrawal or transfer.

Recommended: Top 4 Best POS Machine In Nigeria [2021 Reviewed Rated]

POS is not for deposit, transfer withdraw money only. but It can be use to pay customer bill payment such as: DSTV, GOTV, Startime, FreeTv.

Two Ways To Get POS Machine In 2021.

(Am going to list the top e-pos that is easy to get in nigeria for you.) Keep reading.

  1. From Nigeria Banks.
  2. From Licensed Company.

How To Get POS Machine From Banks.

To get POS from nigeria banks, you have to be eligible, and to eligible for terminal, you must have a small or partnership businesse that launched at least in 12 months ago. Which is one years.

And have office or a shop (for small business owner) in your area or community. And be be registered user with the CAC (corporate affairs commission).

If you have these above requirement, starting a POS business or serving as a bank agent in nigeria is possible for you.

Free POS machine in nigeria

How To Get Free POS Machine In nigeria banks 2021

The next thing to do is to approach your bank

Without a doubt all nigerian banks offer POS machine. so, as quickly as you decide on the bank of your preference, the following issue is to method your bank and get the info of their requirement.

Visit your bank branch, you can go where the branch where you account was issued and talk to your account officer.

No matter what, you need to fill some agreement forms at the transaction conditions.

Then, the bank evaluations the software in line with central bank of nigeria, internal criteria, and enters into an settlement with you, in case you meet all the criteria they listed.

Here are some of the required documents you will need to provide when filling the agreement forms.

Ibrahim Musa Damilare

  • Valid means of identification.
  • Bank verification number
  • Two photographs passport.
  • Two active account references
  • CAC businesse Certificate.
  • Account Number.
  • Mobile phone number.
  • A minimum amount of N50,000.

Once you submit the form, they will tell you to come back after your request to the bank has been considered by banks management.

Also Read: 5 Online Business You Can Do With Your Smartphones In 2021

The bank will give you the needed equipment for the POS business. Include a portable device (POS terminal) that facilitates payments of goods and services from your office or shop using payment cards.

Top 7 Bank That Offer POS Machine In 2021.

  1. GTBank.
  2. First bank.
  3. Skye Bank.
  4. Zenith Bank.
  5. Wema bank
  6. Fidelity bank.
  7. Ecobank bank.

How To Get POS Machine From Licensed Company.

You might not want to go through the stresse if collecting the POS machine from nigeria bank, fortunately, you can buy POS terminal from licensed companies.

Don’t buy POS machine from company that are not licensed to sell them. Find a company that is a registered aggregator with central bank of nigeria.

Pos machine price in nigeria is low. There is machines that cost N25, 000, N40,000, N50,000, #75,000. depending on the agency company you are buying yours from.

Top 4 Company That licensed To Sell POS Machine In 2021.

  2. Opay.
  4. Cpay.

Read Moniepoint: Reliable And Trusted Mobile Money Platform 2021 review

And Kudi: The Most Affordable Financial Service  2021 review.

How POS machine Works.

In pos business, the purchaser first request transaction like withdrawal, deposit, or invoice payment and gives the debit card to the agent.

And the agent will selects the type of account (ether Saving or current) at the POS device and input the amounts the client.

POS business in 2021

Then, insert the card into the terminal device and ask the client to input his/her four-digit PIN and tap on enter.

Immediately the terminal will proceed and connects with the bank server to authorize the transaction and prints out the receipt.

This the procedure to withdraw. And it can be repeated for as many clients you have that moment.

My Conclusion.

POS commercial enterprise is an extra way of getting income in nigeria since 2013. aside from your current enterprise.

POS terminal

It’s a good idea to start POS business. Because it increase provider services and one of the excellent techniques to go-sell your products/services to stroll-in customers any where in nigeria.

Note: this business needs to situated in places that has no bank, ATM machine or busy environments with sufficient safety features in region.

It possible to boom your every day sales if you get the whole lot proper.


Are you considering this enterprise or you already start? I would like to pay attention your thoughts through the comment section below.

You may also like to read: Best 5 Money Transfer Apps [International And Local]

Please share this content with your audience on social media, if you discovered it useful.

Thanks for taking your time to read this awesome article from


Notice: All Naija Mobile Tech Content Will Be Move To Our New Website "" on 15th Of April 2021. While We will turn naija mobile tech to forum. Click here For more info.

4 thoughts on “POS Business: Complete 2021 Guides To Get Start In Nigeria”

  1. Avatar of Peace

    Good evening Sir,please how long does it take to get monie point Pos? how much is it? and how do I apply to get please??

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