In Nigeria, POS business is one of the most booming business in every part of the country and majority of our youths are into this POS business. How to start POS business in Nigeria is one of the question many people who want to enter into the business normally ask. POS business has been giving Many people daily bread everyday. Also note that POS business is approved by CBN
In our daily lives now, POS has made it easy for many of us when it comes to financial transaction. Before, you need to visit a bank or ATM machine before you can make some transactions. Now, you can make many transactions using POS in the street which includes Opening of Account, Checking of Balance, Deposit, Withdrawal, Bill payment like Electricity bill, DStv, Gotv, Startimes and some other online transaction.
Starting a POS business in Nigeria is a profitable business which you can go into if you have the basic requirements which is needed to start up the business. In this post, we will talk about the requirements needed to start up a POS business and how much that you need to be able to start up a POS business.
Qualifications Needed to Start POS business In Nigeria
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
- Trustso any other entity aside faith-based or NGOs.
As long as you have any of the above requirements, doing a POS business or serving as a bank agent is possible.
Requirements Needed to Start POS business In Nigeria
- 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
- Evidenceo business registration (CAC Certificate)
- Tax Identification Number (TIN)
- Memorandum and Article of Association.
- Credit Bureau Report
A minimum working capital of N50,000
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).