POS which means Point Of Sale is a common word used to refer to money withdrawal and money transfer activity in Nigeria. It usually involve a customer take their ATM card to any available POS agent to withdraw cash.

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Paycentre POS machine
It is a stable business especially in areas where ATM machine or Bank is not close-by.

Depending on your transaction volume, you can be making steady ₦5000 Naira and above everyday.

Steps to start POS(Money withdrawal and Money Transfer) business in Nigeria

1. You will need a POS machine to setup this business. You can approach Nigerian banks eg Zenith Bank, Access Bank etc. They give POS machine to interested customer. NB: you can either buy it and it becomes yours, or they give you freely but it remains Bank’s property.

2. Also, there are private business organization that also issue out POS though you have to pay to acquire it. e.g Paycentre gives out POS and as I write this post, you pay ₦14,000 Naira to get their POS. I prefer their POS, because each transaction drops into your account immediately unlike Nigerian banks that sends money into your account the next day or till Monday.

3. StartUp capital: You could start the POS business with any amount, the bigger the capital you have to run the business, the easier the business becomes for you.

4. Location: In the POS business, a good location is very important. You will need to locate your POS shop where people are readily available, a school environment, where ATM machine is not available or not working.

5.There will be more customer that will be coming for withdrawal than money transfer, so you will make sure you have enough cash to meet customers demands.

What people searched for:
- what is pos - point of sale, mean withdrawing and sending, transferring money
- how lucrative is pos business
- when to start pos business
- best location for pos business - where bank is not close, school environment, large population environment
- what are the charges for pos business - 100 naira per transaction, withdrawal or sending money