4 easy steps to start a POS business as CBN’s cash withdrawal policy takes effect

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Nigeria's Central Bank (CBN) Governor, Emefiele explain 4 easy steps to start a POS business in Nigeria.

More Nigerians will have to rely significantly on electronic transactions as the CBN cash withdrawal policy is ready to fully launch.
Despite the increase in PoS operators in Nigeria, anyone can still enter the industry.
Here are four easy steps to launch a POS firm so you can get a piece of the expanding market.

He informed the MPs that there are more than 900,000 POS terminals and that every local government in Nigeria is represented by an agent.

Why POS business now

As of December 2021, there were 191.4 million bank accounts in Nigeria, of which 133.5 million were active, according to the Nigeria Inter-Bank Settlement System Plc (NIBSS).

According to the NIBSS, there are 179.2 million individual accounts, 12.4 million business accounts, 8.9 million savings accounts, and 49.8 million current accounts.

The aforementioned figures demonstrate a sizable market in conjunction with CBN efforts to create a cashless society.

How to Become a POS Agent

If you meet the requirements of the host bank, joining the POS business is a straightforward process that can be concluded in two weeks to a month.

Startup Capital

Starting a business could cost between N80,000 and N100,000, including cash for the POS equipment.

Strategic Location

A strategic location is one where there are lots of people who need to do simple financial operations. It may be best to launch a business in remote regions, student environments, markets, and locations with few banks and automated teller machine (ATM) locations.

Get a Shop or Kiosk

This will serve as the local or closest financial institution for the public, where they may carry out basic transactions like withdrawals, payments, bank transfers, and so on. The design of your store or kiosk should make it clear to customers that you are a point-of-sale company. You can do this by posting a simple sign in front of your establishment to alert customers who are driving by and looking for a POS terminal.

Nigeria's Central Bank (CBN) Governor, Emefiele

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Get the POS Machine

This will serve as the local or closest financial institution for the public, where they may carry out basic transactions like withdrawals, payments, bank transfers, and so on. The design of your store or kiosk should make it clear to customers that you are a point-of-sale company. You can do this by posting a simple sign in front of your establishment to alert customers who are driving by and looking for a POS terminal.

Requirements to obtain a POS machine

According to the CBN, opening a POS business requires either an active driver’s license or a passport from another country. Additionally needed are a bank verification number, a registered business name, a POS location, passport photos, an account number, a phone number, and a company email address (BVN). Passport pictures, a Bank Verification Number (BVN), references to current accounts, and evidence of business registration are additional crucial requirements (CAC Certificate) After your application is approved, you will receive the POS hardware and be ready to start offering your services to clients.


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Isreal Idowu

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