POS business is a lucrative way to make money in Nigeria. It’s even more lucrative in areas where banks do not exist or insufficient ATMs to meet the financial needs of the people.

Besides being a profitable business you can start, it can also be a vital passive income stream.

By definition, a business is an organization or enterprising entity engaged in commercial, industrial, or professional activities.

Nigerians would, however, define a business as any legit activity that would generally involve a means through which one makes money. Money made for services rendered or goods sold.

Lewis Henry defines business as “Human activity directed towards producing or acquiring wealth through buying and selling of goods”.

Consequently, the business has to do with continuous productivity in a line of interest. A business is usually formed by one or two people who entertain a common idea that should be productive enough to raise profit.

Benefits of POS (POINT OF SALE) Business in Nigeria

The POS Business in Nigeria can be very profitable and here’s why:

1. Security
In as much as the president, and politicians, that rule the country continue to assure the citizens of security, Nigerians know better than to carry a huge amount of cash around. Perhaps, this is due to the pressing presence of theft, robbery, killing etc.

Having a POS (Point of sale) around relieves your customers of the risky duty of having to walk around with physical cash all the time.
Also, the vendor can now credit your account directly at the point of sale.

2. Nigerians want it easy
As of 2019, we had a count of 201 million Nigerians and more than 80% should have bank accounts. This lot also would need to from time to time visit the ATM (Automated Teller Machine) to make withdrawals, transfers etc. Usually, these ATM Spots are crowded.

Therefore, having a POS would fetch your business huge profit because Nigerians want it easy. That is to say that, they would prefer to rush to your point and pay for your service, rather than wait out a machine.

3. Bill payments
The majority of merchants accept payments via bank transfers or at their service centers.

Usually, these service centers are busy and crowded and quite distant from a high percentage of customers. Customers won’t have to stress themselves finding these offices and heading there if you had your POS Business up and running.

In addition, all these bills can be paid for and fully approved from your POS machine, and with the aid of the POS Receipt.

POS Receipt is an archive that regularly contains the date and time of procurement, point of interest of things purchased as well as price tag etc.

Perhaps, to know how to start a profitable POS business in Nigeria, you must first understand what kind of business it is.

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