How Much Profit POS Agents Make in Nigeria: Daily, Weekly & Monthly
Ordinarily, point of sale (POS) services is geared towards promoting cashless economy and improving seamless payments of goods and services in Nigeria.
However, as result of many unbanked spaces in Nigeria, joined with high rate of unemployment, massive Nigerian youths have ventured into provision of Basic banking services using POS such as money withdrawal, deposits and transfer.
To get details on how much POS agents makes in Nigeria and how to start POS business in Nigeria, keep reading this article with interest.
This business has continued to grow and perform well especially in unbanked areas, that is areas with little or no bank presence.
As the trend continues to grow, both banks and approved fintech companies are supporting the new business idea by giving out point of sale (POS) machines for customers that will to provide basic banking services using them.
However, many Nigerians willing to venture into this business or service trend are held back by lack of knowledge especially as regards to unanswered questions such as how much profit does POS Agents Makes in Nigeria.
How profitable or lucrative POS agent business is in Nigeria will be discussed in this post.
We hope by the end of this article, those held back by from starting POS agent business in Nigeria especially because of questions about how much POS agents makes or profit of POS agents would have information that can lead them into providing the financial services or deciding otherwise.
How Much Can I Make As POS Agent in Nigeria
Profits of POS Agents in Nigeria is determined by performance and patronage.
Just like every other businesses, having numerous customers patronise or transact through your machine is the key as to what becomes the profit of POS agent in Nigeria.
Hence, the profits or how much POS agents makes in Nigeria is not flat but based on performance, patronage and charges.
The major source of profit for POS Agents in Nigeria is the charges accured from customers who are willing to transact with the point of sale machine.
In most cases, the commission paid by POS providers are not as big as the charges put in by the owners or operators of these POS machines.
So, by this, how much one can make as POS agents is not static and can only be determined by their location, patronage and charges.
Some POS agents charges N200 for withdrawals of N2000 and above, N500 for N10000 and above, N1000 for N40,000 and above.
In some locations, this charges can be higher depending on availability of banks in the location.
Best Places / Areas to Open POS Business in Nigeria
In Nigeria, banks are majorly visible in super highways and major cities.
But data have shown that greater population of Nigerias lives in rural and semi urban areas.
A good population of these people are unbanked while other travel miles to visit bank.
So, this is while agents banking using POS is very hot business in Nigeria. Some of the best places to start POS business are.
Rural areas without bank presence is fertile ground for POS business and agents banking in Nigeria.
Imagine positioning at the center or major market Square of the town and playing the role of Zenith, Access and First banks.
For sure you wouldn’t beg for customers as they will come after you.
This another best and good place to run POS agent business.
Major and top markets like Onitsha, Lagos and Port Harcourt markets can provide a good environment for POS business in Nigeria.
There are banks in and around these markets but they are just not enough.
Most people who come to buy or who sell in the market resort to POS Agents for transactions so as to avoid long cues witnessed in these banks around markets.
Their times are very precious and is also money.
The Youths are very fast generations who always wants their activities such as banking activities done very fast and with ease.
Most Nigerian higher institutions has little bank presence.
Having POS station in and around these institutions of higher learning will surely be profitable to owners and help to students and those around the community.
How Much POS Agents Make Daily
On average, a POS agent with high customer base and positioned in good areas for POS business in Nigeria can make daily profit of around N5000.
This can either be higher depending on location and patronage.
How Much POS Agents Make Weekly
Weekly profits of POS Agents in Nigeria varies as factors like location, charges, and patronage go a long way in determining how much a POS agent can make in Nigeria.
On aveage, POS agent can make N12000 to N15000 per week.
How Much POS Agents Makes Monthly
On average, a high performing POS agent in Nigeria can make monthly profit of N40,000 per month or more.
These figures can either be up or down depending on how performance Agent and his charges.
How Much Can Start POS Business in Nigeria
People usually ask about the required capital for starting POS business in Nigeria.
Lets talk about how much money that can start POS business in Nigeria.
After getting a POS machine and a POS stand or boot, there is no specific amount of money required to start POS business in Nigeria.
As obtained in every businesses, POS agents operates in different capacities and based on their finacial strength.
While some POS agents in Nigeria can start with N30,000 on the account and N30,000 cash, some other agents starting POS business new in Nigeria can start with N100,000 on deposit and N100,000 cash at hand.
So, this shows that people can start POS business with different amounts.
However, the higher the amount for starting and running POS business in Nigeria, the more transactions the agents will make and thereby making more profit.
In summary, no specific amount is required for starting and opening POS business.
A new POS agent can start with N10,000 to N1,000,000 depending on his or her financial capacity.
How Much is POS Machines in Nigeria
The cost of buying and getting POS machines in Nigeria varies.
It is based on the type and sponsor of the POS machines.
Some POS machines cost between N35,000 to N60,000 especially the POS machines powered by commercial banks in Nigeria.
Now, some cheapest POS machines in Nigeria are those from financial inclusion companies and the price for buying this type of POS in Nigeria is between N20,000 to N35,000.
These are the average cost of POS machines in Nigeria.