10 Things You Need to Start a POS Business in Nigeria

Have you had thoughts of starting a POS business? Maybe you’ve seen those guys under umbrellas or small kiosks making cash withdrawals, transferring funds, or selling airtime, and you’re wondering how to jump in. You’re in luck. 

I’ve compiled a straightforward guide on the 10 things you need to start a profitable POS business in Nigeria. Whether you’re trying to escape the 9-5 life or need an extra income stream, this will get you going.

READ ALSO: Struggling with Business Finances? These Accounting Tools Make It Easy

Before you rush off to buy a machine or rent a spot, take a few hours or a day to understand how the POS business works. You shouldn’t dabble in a business you do not know about. So, ask yourself these questions to get insights into the business;

• What exactly are you offering? (Cash withdrawal, deposits, airtime, bills, etc. or all)

• How does money move?

• What’s your role as an agent?

If you have a friend already in the business, hang out with them for a day. Trust me, one day of observing can save you weeks of confusion.

You don’t need millions, but you need something to start with. Here’s a rough idea of what you might spend.

So yeah, budget around ₦100k–₦300k to be safe.

While you can start without registering, having a CAC certificate gives you an edge, especially if you’re thinking long-term. Here’s why;

• Registration makes you look more legit.

• Some POS machine providers prefer it.

• You can open a business bank account.

You can register for around ₦10k – ₦15k online at cac.gov.ng.

If you get this wrong, nothing else will matter. Your location is EVERYTHING.

You want somewhere with:

• Constant foot traffic.

• Little or no bank or ATM presence.

• Safety and visibility.

Bonus tip: Before choosing a spot, spend some time watching the flow of people. Are there already three agents side by side? Do people stop to use their services? That’s your hint.

This is your money-making machine. So, be picky.

You can get your POS from:

• Banks (GTBank, FirstBank, Access, etc.)

• Fintechs (Opay, Moniepoint, PalmPay, etc.)

Some give it for free, but you’ll need to meet daily targets. Others sell it to you outright.

You’ll use your float to pay customers when they withdraw, transfer to their accounts, and top up airtime/data.

Start with ₦50k – ₦100k if you can. As you grow, you’ll understand how to balance what stays in your wallet vs what remains in your bank.

Even if your POS has a screen, you’ll still need a smartphone to:

• Monitor transactions.

• Recharge your wallet.

• Chat with customer care when necessary.

You’ll also need stable internet. If you’re using a Fintech POS, everything works through an app.

8. Customer Service 

People will trust you with their money. Don’t give them a reason to regret it.

• Always say “Good morning” even if your mood is off.

• Be quick, especially during rush hour.

• Print receipts.

• Smile. It’s free and effective.

Happy customers = loyal customers = money in your pocket. That’s the trick.

You don’t need to be an accountant, but you need to know:

• How much you made in a day.

• What’s left in your wallet/bank?

• Any unresolved transactions.

Use a notebook or free apps like Kippa or Bumpa. It'll help when you need to expand or settle disputes.

Available on Google Play Store

Available on Google Play Store and Apple Store

Don’t let light or poor network connections mess with your business.

• Get a small generator or power bank.

• Use a multi-SIM phone or get multiple POS providers (Opay + Moniepoint, for example).

• Keep a small notebook in case you need to record manually.

Being prepared = more transactions = more cash.

READ ALSO: KUDA POS: Everything You Need to Know Before Getting One

Bonus Tip: Don’t Just Do the Bare Minimum

Once you settle in, consider the following:

• Selling recharge cards or data.

• Paying NEPA, DSTV, GOTV, WAEC, and other bills.

• Opening accounts or helping with BVN (some platforms let you do this).

These extras bring in more money without additional stress.

The POS business is one of those hustles that can start small and grow surprisingly big. But, like anything, you need the right tools, attitude, and consistency.

So take your time, get your setup right, and don’t hesitate to ask for help or connect with others already doing it.