Win 50,000 Cash Towards Starting A POS Business in Nigeria – Wetinuneed

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Win 50,000 Cash Towards Starting A POS Business in Nigeria

Win 50,000 Cash Towards Starting A POS Business in Nigeria

What Is The POS Business?

The POS (Point of Sale) business in Nigeria today is a legitimate business that is recognized by financial institutions and a sure way of making a living or additional income. It works most in areas or communities with no banks or enough ATMs to serve the financial needs of that community. A POS service provider will offer services such as withdrawal or transfer of funds, sales of airtime and bill/utility payments. Although they are not direct bank employees, they are often called banking agents because they deliver banking services on behalf of banks on an agreed commission. The POS business is a lucrative business and also one of the surest means of earning a passive income.

Why Is The POS Business Important

The POS Business plays a very important role in our society today because it offers individuals and business owners more flexible and convenient access to their funds. It also helps them reduce traveling costs and time spent in trying to access banking facilities. With the POS business, banks are now able to reach a larger demographic at less costs because they have agents representing them in more areas than they would have been able to physically access. By operating this business, you are not only increasing your stream of income, but you are also meeting the needs of the people in the community. Most importantly, the POS business provides job opportunities and financial stability by helping the agents make money or increase their income as they can earn money in the following ways;

The bank will pay an agent commission based on the volume of transactions carried out on their behalf.

Service Charges
By rendering your services to customers, you can also charge them a particular amount on top of what they are paying especially when it comes to transactions like cash transfers or withdrawals, payments of utility bills, taxes, and subscriptions.

Depending on your cash management policy, you can also make use of cash deposits, net of withdrawal for your primary business.

About The POS Business

The POS business also known as agent banking started out in 2013 and has been regulated by the Central Bank of Nigeria since it released a guideline on the operations and management of the business. It has since become one of the preferred retail channels of several commercial banks because it allows them ensure that their banking services reach a larger number of people most especially in rural and grass-root areas. As an individual who is registered as a banking agent, you can also operate a retail outlet that allows your clients to deposit, withdraw, transfer funds, pay bills, recharge airtime, inquire customer’s account balance, and other related services.
Once you have been vetted and registered, the bank will equip you with a point-of-sale (POS) machine, card reader, barcode scanner, personal identification number (PIN)pads and personal computer(in some cases). As a third party agent, you can be an agent to as many banks as you wish to represent.

How Do I Start A POS Business?

If you have decided to venture into this business, the first thing is to be sure that the number of banks or ATMs in the area you have decided to set it up are not meeting the needs of the individuals or businesses living in that community. The reason is because if you have a whole lot of competition, you will find it more difficult to make a profit. If however they do not have enough banks or ATMs to meet their demand in that area, you are more likely to gain customers and as such make a profit. Once you have ascertained that the area you have chosen to set up will be lucrative, below are a few of the the basic things you need to get started.

Existing Business Owner

The POS business is a CBN(Central Bank of Nigeria) regulated business therefore, the CBN is very particular about those whom they license to become agents. To be eligible, you must have an existing business and shop/office that has been in operation for at least 12 months. Your Business must also be registered with the Corporate Affairs as any of the following entities:

  • A Limited Liability Company
  • A Sole Proprietorship
  • A Partnership
  • A Cooperative Society
  • A Public Entity
  • A Trust or any other entity aside faith-based or NGOs.

As long as you have registered your business under any of the above entities, you will have fulfilled one of the must important criteria required to start a POS business or become a a banking agent.

Find A Bank

Most Nigerian banks are open to the idea of agent banking services. What you need to do is to decide on the bank of your choice, approach the bank and request for their requirements. The CBN guide allows you to become an agent to as many banks as you can serve. You will however be required to complete some documents/agreements relating to their terms and conditions. Once you have submitted your forms, the bank will review your application in line with their terms and conditions and CBN terms and regulations. If you meet all of their criteria, you will be issued a license to operate.

Get The Equipment

Once your application has been approved, the bank will supply( aside from an android mobile phone which you will need to purchase) the following materials:

  • Point of Sale Terminal; a portable device that facilitates payments of goods and services at bank agent locations using payment cards.
  • A card reader
  • A barcode scanner to scan bills for bill payment transactions
  • Personal identification number (PIN)


In order to run a successful POS Business, your location will play a very important role. You will need to find a location with not enough banks and ATMs to meet the needs of the residents. Consider choosing strategic locations with a lot of foot traffic such as bus stops, markets, event centers and shopping malls. In doing so, you must however also consider your security. Try not to keep any cash, cash boxes or wallets on display. Have a banner displayed at the entrance of your shop or store indicating the retail banking services you offer.

Start Transacting

Once you are registered and have a suitable place to operate from, you can start transacting with your mobile phone, POS terminal, card reader and bank linked mobile wallets for real-time transaction. You can
provide any or all of the following services:

  • Cash deposit and withdrawal
  • Balance inquiry
  • Funds transfer services (local money value transfer)
  • Bill payment (taxes, utilities, tenement rates, subscriptions, e.t.c)
  • Generation and issuance of mini statement
  • Cash disbursement and cash repayment of loans
  • Agent mobile payments/banking services



Are you an existing or non-existing business owner thinking about starting a POS business or becoming a banking agent? If you are, then there is no better time to start than now. With an ever increasing population and new businesses springing up everywhere, there is a very high demand for this service. This means that it is a way of making an income if you do not already have one and if you do have an existing business, it is a way to expand your business by offering this as an additional service. It will also help you boost your existing business as your new customers will get to know that you offer other services when they walk in. In order to be successful, your POS business has to be situated in rural, semi-urban, unbanked and underbanked communities. You must also ensure that you are situated in a busy area with ample security measures in place to ensure your’s and your customers safety.

In a bid to encourage someone start his or her own POS Business, Wetinuneed is giving away N50,000 cash to one lucky individual and this person could be you. All you have to do to qualify is to share this post on your Facebook & IG Wall, send us a screenshot alone with your contact number via email to wetinune[email protected] giving us one reason why you think you should win. Keep checking where our lucky winner will be announced.


  1. Chukwunyere Glory Uchechi says:

    I am Chukwunyere Glory Uchechi with IG handle @face_golden_queen. This is really a welcomed development. Thanks so much for coming up with this thought am going to do as you stated and I hope to be the lucky winner..

  2. Faith Avwe Ofovwe says:

    Thank you so much @wetinuneed I wish to be the winner

  3. Suleiman ibrahim says:

    As population is increasing and there are less or no jobs this initiatives of you guys in encouraging you people to become enterprenuership is wonderful, that way they can employ and also employ others thumbs up to you guys

  4. Adeniran Mujidat Oluwatosin says:

    Am Adeniran Mujidat Oluwatosin with IG @horlhuwhathosin this is a welcome development. Thanks for coming up with this idea. The grace if God will never depart from you.

  5. Mela Lawrence kwaghfan says:

    I am Mela Lawrence kwaghfan with IG @melayoungish
    This is a very good one@wetinuneed as you brought good to men so shall you rip good..
    Thank you for this opportunity.
    This have been on my mind but am having issues of capital, I have a shop already which I intend to use for the business.

  6. Precious_20152 says:

    This so wonderful..God bless u

  7. Awesome business to have.

  8. Christian says:

    Nice information…
    I really needed it

  9. Kelvin Chukwudi says:

    Reading through that article .. it was like I just attended a seminar on agent Banking. Thanks so much wetinuneed, I wish I could be your winner.??

  10. Araromi says:

    I wish I could be a winner.. thanks so much for the article

  11. Morakinyo Samuel says:

    It a pleasure coming across this … I really learnt alot. It a business I will love to start next year … As soon as possible..

  12. Good man thanks for your help for does one that are don’t know

  13. Paul Idafum says:

    Thank you so much for this opportunity. I pray I’ll be picked as one of the winners

  14. Jimba emmanuella says:

    This is the best opportunity have seen so far. Am a student and a hairstylist, adding this to what I do will really help me and take me a long way. Even if am not one of the winners, I will still find a means to do this business. God bless those that brought this business opportunity.

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