Why POS Business Growing Faster In Nigeria

By Sunday Akintoye

POS business is a money making business in Nigeria which has been going on without much awareness.

No doubt the POS business is very lucrative and profitable.

Aside this, it is a business that can provide jobs to thousands of people, especially for the Nigerian youths.

Our correspondent, who moved around Lagos State, observed that at each bus stop or street, one would see at least two or three POS shops to show that the business is one of the fastest growing venture in Nigeria.

A POS shop agent, Miss Sukurat Amao, during an interview with our correspondent, confessed that POS business is a good business she can advise people to venture into.

“POS business is good business that needs small captial to start with. With 200,000 one can start the business.

She gave an insight of how to start the business.

“First and foremost, one need to get good location and build small shop for people to come in and do transaction.”

“After that, one can apply for POS machine from bank at the rate of  N40,000,”

“I think one can start the business. We should not forget that the owners would have N50,000 for transaction and N100,000 for withdrawal.

“It is when you put all these things into consideration, that one can start the business fully, “she said.

Amao, who lives in Alimosho a suburb of Lagos, said that it was during the lockdown that they recorded high profits.

“We made our money very well during the lockdown. We made at least three thousands and above per day.

Presently, I am still making two thousand per day. But if there is no business at all, I will still make a profit of One thousands of naira,” said Amao  who said most of the POS shops are owned by bank officials.

 Emmanuel Adebayo,,who manages his POS business,  said the problem of the business is network failure on POS machine which may bring issue between the POS shop owner and client.

He noted that many clients do come with fake money for deposit which make some shop owners to lose some amount of money at the end of the day.   

“There are some challenges in the business. One should not forget that some customers will bring fake money for deposit. Secondly, the issue of network on POS machine cannot be ruled out because we face this network problem on daily basis,” he said.

Chima, who patronises POS machine on daily basis, told our correspondent that it has been long he has gone to bank for any transaction, saying that he partonises POS agent.

“I don’t go to bank any longer because I cannot go to bank and que for hours. Aside this, at times, the bank ATM machine will malfunction which makes me to patronise POS shop,” he said.


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