How to start a POS business Nigeria / First Money Agent To Make Money Daily

You must have been seeing posters of First Money POS Business in some strategic locations but don’t know how to about itYou must have been seeing posters of First Money POS Business in some strategic locations but don’t know how to about it. Is it viable? Should I venture into such business?

POS business can be otherwise known as agent banking business. It involves the transfer of funds, withdrawal of funds, sale of recharge cards and bill payments like GoTv, DStv, Startimes, and PHCN Bill services.

This business is an extension of services offered by financial institutions like banks through which customers get convenience. Therefore the fee you charge customers for these services is called convenience fee.

The central bank of Nigeria in a bit for financial inclusion has thrown opens this opportunity. An avenue to create wealth.

The truth is, if you are in a location where no banks, or ATM point, this business will thrive because people will always be in need of money and won’t hesitate to pay the additional minimal charges on top.

Why is it Profitable in Nigeria?
It is profitable because you as the agent will make money from the extra fee charged on every transfer, withdrawal, bill payments and lots more. You must have readily available cash to give out because customers will come more for withdrawals than fund transfers.

What You Need to Set it UP

You can start POS business in Nigeria by getting a HOST. A host is a financial institution through which you extend their services to your customers.

This includes; First Bank, Quickteller, PAGA etc.

Getting POS Machine:

Getting a POS machine in Nigeria is absolutely free of charge, provided you get yours from one of the reputable commercial banks in the country.

In case you’re wondering what the bank stands to gain from giving you the machine for free, get this clearly: the issuing bank makes money on the long term by charging a fixed commission (between 0.25% and 1.5%, depending on the bank) per transaction done through each POS terminal issued.

To get a POS machine from any bank, all you need is to have an account  with the bank.

Note, however, that there are now some other organizations issuing POS machines at a one-time fee.

Location: A location where they are limited or no ATMs or Banks will do. Apart from that, there should be enough room to contain your customers, a furniture divider between you and your customers. Create a place where customers will feel free to carry out transactions.

Get Quality Banner: For your business to be known and the people within that vicinity to be aware that you create such services, you should get a banner with the inscription boldly written “POS Withdral and Fund Transfer”.

Breakdown /Commission Structure of POS Agent Banking Business

Transaction Amount             Fee paid by Customer

1 Deposit (own FirstBank A/C)

1- 5,000                                                             N50

5,000-30,000                                                     N100

30,000-100,000                                                N150

100,000 +                                                         N200

2 Transfer to FirstBank

1- 30,000                                                            N100

30,000-100,000                                                N150

100,000 +                                                           N200

3 Transfer to Other Banks

1-20,000                                                             N100

20,000-100,000                                                N200

100,000 +                                                          N250

4 Cash Withdrawal

1-10,000                                                            N100

10,000-100,000                                                N200

100,000                                                               N300

5 Bill Payment                                                    N100

To become a First Money Agent with First bank please check this link here

Are you into this business already? Let us know what you think.

1 Comment

1 Comment

  1. Anonymous

    April 19, 2020 at 2:36 am

    I like this business how can someone going this business please

Leave a Comment Here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

To Top