Learn how PoS sellers make money in Nigeria. This guide shows you each step to start a PoS business. You can earn 5000-11000 Naira every day. Whether you’re new or already have a business, this guide can help. Start your business journey now
Become PoS Vendor Earn 5000-11000 Naira per day
Nigeria’s PoS (Point of Sale) business has grown a lot because more people want to pay electronically, especially in places without many banks. It lets people pay bills, buy airtime, and handle cash. This article talks about how to get a PoS machine.
A PoS machine is a tool that lets people use their bank cards to put in or take out money and do other electronic payments. After you do a payment, it gives a receipt, except for buying data or airtime.
In Nigeria, small businesses or people can start a PoS business by joining with banks or payment companies to buy a PoS machine.
They often take a small part of the money from each payment as their pay. A study from TechpointAfrica said that 90% of the payments on these machines are for taking out cash.
People like using PoS because it’s easy, quick, and they don’t have to wait in long lines at banks.
How do POS Vendors Earn?
Businesses can be risky. So, it’s important for sellers to choose a good place to set up, especially in areas where few people have banks or smartphones.
In Nigeria, how much a POS seller earns each day depends on things like where they are, how many payments they handle, and the fees they charge. Good places to set up include villages, shopping centers, busy roads, schools, and more.
When a customer uses the POS, they pay a fee. For example, if someone takes out N3,000, they might pay a N100 fee. The POS company takes some of this fee, and the rest goes to the seller.
This fee is a big part of the seller’s income. Also, the bank or POS company might give the seller extra money based on how many payments they handle
How to Start a PoS Business:
To start a PoS business, you need:
- PoS Machine: This is the main tool you’ll use. Its price changes based on who you buy it from and its features. Some machines can use faster internet like 4G, while others use 2G or 3G. Faster machines cost more.
- Location: Choose a good spot where there aren’t many banks but many people. You can set up in a small booth, a container, or rent a shop.
- Internet: You need the internet to use the PoS machine. You can pick different internet plans like daily, weekly, or monthly based on what’s best for your business.
- Cash: A lot of people use PoS for getting cash. So, always have enough cash ready for your customers.
Starting as a PoS Vendor
Remember, the main things you need are the PoS machine, internet, and cash. You can even use your home as the business place if you want.
Once you know how to get a PoS machine, the next step is to get one. First, open a bank account with the bank you want to work with. If you already have an account, make sure you’ve had good transactions so the bank trusts you to be a seller. Later, we’ll mention some popular PoS providers.
Here are some PoS service providers:
Getting a Monie Point PoS:
- A valid ID
- A recent bill showing where you live
- If you have a registered business, its license or certificate
- Your Bank Verification Number (BVN)
- Your bank account number
Becoming a MoniePoint PoS Agent:
- Go to Moniepoint’s website: https://moniepoint.com/ and choose to become an agent.
- Click ‘Get Started’.
- Fill out the form they provide.
- Check your email and phone. A manager should contact you in about 2 days.
- The manager will tell you the next steps to become an agent.
Once approved, you can use the Moniepoint dashboard. You can also visit a Moniepoint branch for help. For a Moniepoint PoS machine, ask your manager. It costs N25,000.
They have low fees. They charge based on how many sales you make, not which bank you use. Every month, they charge N20. Taking out up to N4,000 costs N6.2, but the fee goes up if you take out more. They don’t have extra bank fees like some others.
Becoming an Opay PoS Agent:
Opay is a known mobile money service approved by the CBN. They have good fees and are trusted in Nigeria.
An Opay PoS agent works under Opay, sometimes called Paycom. It’s free to sign up. To start, download the Opay app on iPhone or Android. With Opay, you can:
- Get and send money.
- Buy airtime and save money.
- Pay for TV and earn some money.
- Pay electricity bills easily.
Starting an Opay PoS Business:
What you need:
- Bank Verification Number (BVN)
- A recent utility bill (less than 3 months old)
- Valid ID
- Your photo
Becoming an Opay PoS Agent:
If you’re new to Opay, you can’t get their PoS machine right away. First, you need a history of transactions in your Opay account.
- Download the Opay app.
- Ask for a registration form by emailing [email protected], or use the app.
- Fill in your details.
- Add the needed documents.
- Send your form for checking.
Opay PoS machines are free if you’ve been with them for a while and have a good history. But you need NGN20,000 in your account. This money is used after they approve your PoS.
If you’re new and don’t want to wait, you can buy a machine:
- Opay Smart PoS: N50,000
- Opay Traditional PoS: N35,000
- Opay Mini PoS: N8,500
Opay PoS Costs:
Opay takes 5% of each sale. The agent gets the rest, so how much you make depends on what you charge customers.
Becoming a Paga PoS Seller:
As a Paga seller, you get paid for every transaction and get extra bonuses. The more transactions you do, the more money you make. Paga also offers training and other benefits.
To start, it costs N20,000, which includes some starting money and branding. You earn money when you:
- Open an account for someone
- Handle cash (take out or put in)
- Pay bills for someone
- Sell data or airtime
How to Sign Up with Paga:
- Email [email protected]
- Go to www.paga.com and click ‘agent’
- Fill out the form at https://www.mypaga.com/pagaagent.html
A Paga person will contact you to tell you the next steps. It can take up to a week to get a Paga PoS. If no one contacts you in 7 days, email [email protected].
The N20,000 sign-up fee doesn’t include the PoS machine.
Paga takes 0.55% of the money when someone takes out cash. That’s N5.5 for every N1000 taken out. They charge N30 when someone puts in any amount.
Becoming a Quickteller PoS Seller:
To start as a Quickteller PoS seller, you need:
- A photo of yourself.
- A recent bill that shows where you live.
- An ID (like national ID, voter’s card, driver’s license, or passport).
- A business certificate, if you have a registered business.
Once you sign up, put at least N1,000 in your Quickteller wallet. Then, you get a free Android POS and a starter kit. This kit includes a banner and a book to write down your sales
Getting a Quickteller PoS:
- Fill out an application form and give them the needed papers.
- Pay N10,000 to the IFIS bank account.
- An IFIS partner will check your business place.
- Quickteller will start your IFIS account and send you a login.
- You need to learn how IFIS Agent Banking works. Then you get:
- A certificate
- An ID
- A book to record sales
- An agent code
- Branding stuff
- A price list
The Quickteller PoS machine is free.
Becoming a Palmpay POS Agent:
Palmpay offers two kinds of PoS: Android (touch screen) for N41,500 and Linux (buttons) for N21,500. Plus, there’s a N1,500 charge for insurance and PoScare.
How to Start:
- First, speak to an agent. They’ll guide you.
- Give your details: full name, phone number, email, business name, address, BVN, ID, and a recent bill.
- The agent will set up your account.
- You’ll get a one-time password (OTP) on your phone.
- You follow the OTP steps.
- Fill out other details. If everything is correct, they’ll approve you.
- Download the PalmPay agent app and set a pin.
When you get your PoS depends on the agent. Some have many in stock, while others might take a week.
You have to meet daily sales goals: N30,000 for Android and N20,000 for Linux.
There are many PoS companies in Nigeria, but these five are big ones. Most need the same things:
- A valid ID like National ID or Voter’s ID.
- Your photo.
- Your Bank Verification Number (BVN).
- Account references.
- Your business registration certificate.
- At least NGN50,000 to start.
After the bank approves you, they’ll give you a PoS machine, maybe for free or for a fee, and then you can start your business