Today, there is a POS store where you can conduct various forms of transactions on nearly every street in Nigeria. Point of sales, or POS, has developed into a popular and successful business in Nigeria. And like any new business initiative, everyone wants to be a part of it. So what do you need to know before opening a POS business in Nigeria?
A POS service provider, such as a bank or a provider of financial technology, employs POS agents. For transactions that will result in a bank charge fee, the agent keeps cash on hand.
Customers have several transactions to choose from at the POS, including withdrawals, transfers, bill payments, and even opening a personal bank account. All cash transactions can be completed by the agent using the customer’s debit card and a POS device. The agent chooses the amount and transaction type on the POS terminal. The customer’s four-digit pin and debit card are then sequentially entered.
If the transaction is approved, the GPRS network establishes a connection with the bank’s server and prints out receipts for the agent and the customer, respectively.
What Is the Income of POS Agents?
A daily return of 5,000 to 20,000 NGN or even more is possible for POS enterprises. The business’s location, however, plays a significant role in doing this.
The cost that POS agents charge for each transaction that a consumer makes, from withdrawals to the purchase of airtime, is how they make their money. The POS service provider will occasionally pay the agents a commission as well.
The agent typically collects a charge fee of 100 NGN when a customer comes in to complete a transaction, such as a withdrawal of 5,000 NGN, from which the POS provider deducts a specific percentage and the remaining amount goes into the agent’s wallet.
Every transaction a POS agent completes on behalf of a customer is entitled to a service fee, which the customer must pay. A significant portion of the POS agent’s income comes from the payment of this charge.
As was already mentioned, the agent receives daily or weekly compensation from the bank or POS supplier. This commission varies according to how many transactions an agent has made with their wallet or service.
Services that POS Business provide
Below are a few services provided by POS businesses:
1. Taking money out of a bank account
2. establishing a bank account
3. Deposit of Money
4. Paying bills such as electricity, cable or satellite television, airtime, and others
5. Money movement
6. BVN enrollment
Finding a Job as a POS Agent
A POS agent is permitted by a financial institution to provide consumers with mobile money services like withdrawals, transfers, and bill payments.
You must decide on a POS service provider before signing up as a POS agent. These are widespread in Nigeria. the following list:
a. Wema bank
b. First bank
c. Mobile bank Opay
d. Monie Point Bankly POS
e. Kudi POS bank
f. GTbank
g. Bank Paga
h. Zenith bank
i. Ecobank
j. UBA
In conclusion, Opening a bank account with the financial institution you want to work with or working for a bank you already have an account with is a requirement to become a POS agent. While choosing a preferable bank to start your POS business, consider your past transactions which can make you more suitable to be hired as their representative.
