by Michelle Anama Abari | Mar 15, 2022 | Business & Finance
We cannot deny the high rate of unemployment in Nigeria today. A lot of people are left without jobs, especially with the 2020 pandemic. Nonetheless, there are lucrative businesses you can start with little or no capital here in Nigeria! I know to most, it sounds bizarre and ridiculous, but it is true.
The truth is that there are a lot of opportunities in Nigeria and all we have to do is search for these opportunities and the rest is history. Some advantages to these lucrative businesses are:
- You put your destiny in your own hands. No one can tell you what to do when you are your boss.
- Opportunity to grow and build a brand for yourself when running your own business, you are building a brand.
- It allows you to get rich. You have the opportunity to impact the economy by creating jobs and providing a livelihood for other Nigerians.
With these advantages and more, you can see that a business especially a lucrative one is very important and beneficial to an individual and the economy at large.
Now that you must have known some key advantages to a lucrative business, let me educate you on some lucrative businesses you can start with little or no income in Nigeria…
21 Lucrative Businesses You Can Start With Little or No Income in Nigeria
1. Blogging
Blogging has earned a place amongst the most lucrative businesses in Nigeria. Because of globalization, a lot of people prefer sourcing for news and the latest gossip from the internet. As you must know, bloggers make money through direct advertisement, ad networks, affiliate marketing, product sales, sponsored posts, partnership, and many more. Take for instance the famous female Nigerian blogger, Linda Ikeji, who started blogging in 2006 and became an active blogger in 2007 using a blogger sub-domain. Now she is the richest blogger in Nigeria earning at least N50,000,000 a month.
On average, high-end bloggers makeover N20,000,000 every month in Nigeria. It is easy to start with very small capital. To start a self-hosted blog will cost you about N4,000 for the domain name and N27,000 for hosting for a year. You pay both for a year. That is just less than N35,000 to start a business that can make you N20,000,000 every month.
2. Furniture Business
The good thing about this business is that people will always use furniture. People seat, sleep, write, cook, etc on furniture. So why not start up a little furniture business to get more money?
You can open up a little carpentry shop with as little as N10,000. All you have to do is get the required tools and a plank of good wood, make a piece of furniture, put it on display, and let the beauty of that product speak for your pocket. I do not know anyone who started a furniture business and did not go far.
Furniture is an essential commodity and you can earn a minimum of N10,000 depending on your location and high demand for furniture in your area.
3. Social Media Marketing
With so many people spending most of their time on social media, it has to be among the most lucrative businesses in Nigeria. Social media marketing is all about using the social media platform to find leads for businesses. You can work independently and help businesses make the best of social media or you can promote and sell products via social media.
Social media is a very large market and it is also a branch of digital marketing and marketing on this platform is lucrative and a profitable business in general. A social media marketer gets an average of N50,000 to N200,000 depending on the agreement on their pay. So, why not start marketing for small companies, a good place to get companies to market is on Linkedin, you will get a lot of companies especially if you input social media marketing into your profile and portfolio.
4. Dry Cleaning
The good thing about this business is that most people, especially busy workers rely on dry cleaners for their laundry needs. Companies and organizations make use of dry cleaning services very often.
Take, for instance, states like Lagos and Kano which have at least 10,000,000 million people, and at least 60% are busy workers who need dry cleaners at all times. Why not exploit this opportunity? This is a very lucrative side hustle where you earn a minimum of N5,000 a week if you are in the right location. So why not go for this…there is this lady who comes to my compound in school, every week and she gets at least N3,000 a day if there are a lot of people looking to get their clothes and rooms cleaned.
Dry cleaning is a very lucrative business and it does not even require any capital at all! All it requires is your manpower and willingness to work.
5. Carwash Services
The purchasing of cars in the country is very high and the car wash business is in high demand, therefore, starting this kind of business will bring in a large profit. The car wash business is fast rising in the country and some people started this with no capital today they have at least N40,000 in their account. This business that people overlook is lucrative.
You earn at least N2,000 a day. Too small you may think, but multiply N2,000 by 7, that’s N14,000. That means you earn N14,000 a week! Some days it may be less than N2,000 other days even higher. The bottom line is that the carwash business is a lucrative business that you can start with little or no capital in Nigeria.
6. Another Lucrative Business to Start With Little Income Is Hair Making
If you can make hair, then this lucrative business is a win for you. The good thing about this business is that it is not gender-based, although some people will say otherwise.
Hairdressing is one of those businesses you can start with little capital. You can start with a minimum of N20,000. All you need to do is get the required equipment like hair dryers, combs, hair creams, shampoos and conditioners, mirrors, chairs, some attachments amongst others. This is a very profitable business because women along with some men cherish and want to see their hair neat at all times. With this business, you can get a minimum of N50,000 only if you are in the right location with high demand for your services.
I have this friend who is into hairdressing. She makes wigs, plaits hair, and even does dreadlocks. She gets a minimum of N80,000 a month. Christmas period she gets at least N100,000 because of her services and her talent for making hair. My guys, you aren’t left out because I know some guys who have done my hair for me and I was so impressed with their work that I had to tip them.
If you can make hair as a talent, or know how to make hair as a skill then hairdressing is also a lucrative business you can start with little income in Nigeria.
7. P.O.S Business
A lot of people do not know the profits one makes from a P.O.S Business. You can cash out big time from this lucrative business, if you own your P.O.S stand, you serve as an agent for the bank whose P.O.S machine you are using and you can get an average of N50,000 depending on the bank. Or if you are a sales boy or girl working at a P.O.S terminal you can earn an average of N10,000 depending on how you agreed to be paid.
P.O.S business does not require much to start, the main thing is that it is one of those few businesses which requires putting little capital and watching your pocket grow over time. Looking for a lucrative business to start with little capital in Nigeria? P.O.S Business is it for you…
8. Agricultural Practices
One of the best ways to make money on a tight budget is to become a farmer. Now by reading this you would think I sound ridiculous. Well, I’m not. You won’t have to buy any piece of land for this and even if you don’t have access to good land, you can always start with a flower pot.
This is a very lucrative business because it gives you profit. In a country like Nigeria that is blessed with good soil and a lot of crops, one would say, exploit your opportunities. You can start with vegetables like waterleaf or go for other crops that cost less but grow fast and would require little attention. As time goes on you will be earning a million naira a year.
I have an uncle who harvests rice and he supplies 200bags of rice a year to local markets. Just imagine how much he makes a year, this business is good and lucrative, I for one would love to venture into this lucrative business.
9. Trading Cryptocurrencies
This is more like an investment that has the potential to make you rich, however, it is not a get-rich-quick scheme and you are less likely to make a profit in a matter of months.
While this business is lucrative, especially in the long run, it requires patience and tactics. You have to be patient, especiallywhen there is a little downfall (dip) in your transaction. If you are looking to only be buying and selling, it is also good especially when there is high demand and the cryptocurrency you are selling has a lot of value.
If you are great at this business, you can cash out on an average of N1,000,000 and build your portfolio quickly, however not the business for someone looking for quick cash, like I said earlier. Cryptocurrency is a lucrative business that requires a start-up capital of N100,000 if you are looking to go far as time goes on.
10. Selling Recharge Card
Selling a recharge card is one of the easiest businesses to start on a small budget. You can easily make a profit though it would be minimal, if you are selling at a busy terminal point, your turnover would be huge by the end of the month. You can get an average of N20,000 a month depending on your location some days you can even get as high as N50,000. Also, you could easily sell N10,000 worth of recharge cards in a day and count your profit.
To get started, you would have to get connected with a vendor and as time goes on, you can move to sell for mobile companies like MTN, Airtel, GLO, Etisalat… this is a lucrative business to start with little capital in Nigeria.
11. Photography
A lot of people may not know this, but photographers make a huge amount of money. One earns a minimum of N50,000 depending on the deal he or she is doing and how skilled that person is.
Photography is a very lucrative business and requires little capital to start. I have this friend who is into photography, he just recently got his camera and he told me that photography does not require much, just get the right camera and the right models or environment to snap and let your work speak for you.
12. Painting
Painting too is a very lucrative business to start with little or no capital in Nigeria, especially when you are talented in this area. A lot of unemployed people I know have turned to paint as their haven and it has proved to be very profitable to them.
A friend I know makes a minimum of N20,000 on each painting he sells, and this is because he is skilled in this area and he has used it to his advantage and he is gaining money. Painting is really good and is a lucrative business to start in Nigeria. You can take any of your paintings or drawings to an art gallery near you and strike a deal with them on payment and all and you have your money coming into your pocket with a sweat.
13. Acting as an Agent for Car Dealers
Selling cars is indeed a lucrative business that requires no capital at all! This is indeed a profitable business if I do say so myself. You don’t need much at all, all you need is a car stand owner to help market your cars and you get your cut on each car you sell.
You can get any amount of money in this business, you can get an average of N5,000 to millions if your deal is huge. I deal with cars and I can tell you that it is indeed a lucrative business to start in Nigeria with no capital at all. It also leads you to get to know more people thereby building connections and giving a higher knowledge 0ncars which works in your favor.
14. Writing
Writing to some is a skill while to others it’s a talent but only a few use it as a business tool. It gets you more money than you could ever imagine! Especially when it’s on sites that pay you well. It is very lucrative and enhances your skill in writing as you go on.
You can earn a minimum of N2000 a month or sometimes a week. Too small you may think, as you journey through writing, you enhance your writing skill and you get paid higher as time goes on. A site like a fiver pays well and is good for writers to start with.
15. Real Estate Agent
The land is the most valued asset in the world, everyone knows that, and earning money from the most valued asset in the world is a golden win. The amount of profits most realtors earn is most at times in millions, no matter the currency.
The land has never depreciated that is why most, if not all rich people invest in land, by building houses and giving it out for renting or buying lands and selling. A realtor can earn a minimum of a million depending on the deal, and mind you most land deals are always high, we talking of at least N100,000,000 for Nigeria at least. So you can imagine how huge your profit will be. And it does not even require any capital especially if you don’t have money at all. Just get acquainted with someone who owns an apartment complex and then helps them market and gets your cut. It is a very lucrative business, I have friends in this business and it has proved fruitful for them.
16. Food Business
Everyone loves food. Even those who claim to be on a diet have to eat. So this is enough opportunity to use to work for your pocket. There are a lot of food businesses in the country and it still is not enough because an average human is supposed to eat at least 6 times a day and we all have a preference of food we eat. So why not pick up a particular food or some foods to learn and use to make money.
To start this type of business is not hard when you have a food delivery company that helps you deliver your foodstuff to your doorstep. This business is indeed a lucrative business that requires little start-up capital in Nigeria.
17. Be a Cab Driver
Rent a car. A cab driver in Abuja earns an average of N12,000 every day. This business is worth giving a try by investors. You can register on any driving app like Bolt or even Uber.
This business is very lucrative and can earn you a lot of money. It is one of those few lucrative businesses in the country that you can start with no capital at all. All you need is a required car and the needed credentials.
18. Cake Production
Cake production is a profitable business in Nigeria that requires small capital. The cake is the most consumed baked snack in Nigeria. The demand for cakes especially at birthdays, weddings, events and anniversaries is very high. Cakes are very cheap to purchase.
The cost of starting this business all depends on how you want to get started. One can earn a minimum of N30,000 depending on the event of the day or of that time.
This is surely another lucrative business you can start with little or no capital in Nigeria.
19. Act as an Agent to Sell Gadgets
Technology is fast rising and the world is moving into the digital world rapidly. 90% of Nigerians own a gadget and 60% still want to buy more gadgets. Gadget business, be it phone, laptop or whatever is a lucrative business for serious mind understand the market and have a business idea.
Location of your phone shop matters a lot, try and site it where there is high demand and you can see yourself earning a minimum of N100,000.
20. Jewelry Business Agent
Jewelry business can be very profitable. Almost everyone, most especially ladies wears jewelry and it is a very good business to venture into.
The business is very easy to start, run and manage. It can be done either full time or part-time and most people who start this business usually don’t have money. They start as being salespeople to jewelry shops and get paid from there. One can earn an average of N30,000 depending on the type of jewelry being sold.
21. Gift Basket Packaging Service
If you have a flair for gifts and souvenirs why don’t you look for clients who could put together baskets that hold the things that people with this interest would like too!
With a capital of N50,000 – N100,000, you can start this business. Marketing your gift basket services is not a stressful task, especially online, just talk to friends and family to help spread the word on what you do, from there you find customers.
Bottom Line…
There is always a lucrative business, all that matters is your business plan and how well you strategize that plan.
Every small business is always lucrative only if you have the right resources like money, good location, and equipment. The country is hard and the last thing one needs is to be cashless in this time. Try looking for what works for you, all you have to do is find your preferred business and exploit every opportunity you get!
by Michelle Anama Abari | Feb 7, 2022 | Personal Growth
How much of what you learned at school do you use in your daily life? The truth is, not much I believe. The society we live in is programmed to teach us the academic aspect of life, not the real meaning of life and how to handle it. The standard narrative of society is geared towards specializing in a subject and then making a career out of it. The school we claim to have very good degrees in does not do the part which is to teach life changing skills to learn along your journey through life.
But then, the good part of this is that there is a life-changing skill to learn even though you are not in school or have no degree in any academic institution.
A lot of people have gone through a lot in life which has made them have a lot of experiences and life-changing skills to learn along the way in life. This article seeks to tell you life changing skills that you won’t learn in school.
7 Life Changing Skills You Won’t Be Taught in School
1. What to Do When You Fail
Losers quit when they fail. Winners fail until they succeed.
Robert Kiyosaki
One life lesson the school won’t teach you is how to fail. Academic institutions are only programmed to teach what they know and make sure students pass. Most at times, people who fail or take a lower position in the class or the school, in general, are seen as failures and are stigmatized. Schools never teach kids to embrace failure and see it as a learning process.
You should see the process as more than a stroke of bad luck because, in the actual sense, it is not. Failure should be seen as:
It is part of a learning process
It can’t be avoided, so there is no point in trying to do so.
Don’t give up at the first hurdle, most people quit just before they’re about to succeed.
2. How to Manage Your Finances
Beware of little expenses; a small leak will sink a great ship.
Benjamin Franklin
The truth is, schools don’t teach students how to make money work for them, instead, they only teach how to work for money by getting a job in an organization.
Managing your expenses is another important life-changing skill that schools don’t teach but is very essential. Managing finances like saving, investing, and even making money as a whole is a must-know in the long run of your life.
This point entails things like paying yourself first (saving) and putting your money to work for you (investment). This way, you learn and gain more knowledge from this even though you were not thought in school.
There are so many platforms that you can save your money on or where you can make money for free.
3. How to Think Long-Term
Our struggles are the short-term lessons we learn to achieve long-term success.
Simon Sinek
The truth is that because of what we were thought in school, most of us don’t have an idea on how to plan ahead or even know how to save and live for the long run. Most people don’t even know what the long run is! This is an issue because not planning can jeopardize your future and everything you have ever worked for.
Another thing school won’t teach is planning for the long run. Since school won’t teach you this, it’s up to you to teach yourself. Planning for the long term has to do with setting goals each day that can lead to what you want to achieve later on in life. Also, it entails setting time limits for yourself and working towards those times set for you.
4. Schools Won’t Teach You How to Start a Business
The biggest risk of all is not taking one.
Melody Hobson
Starting a business and being an entrepreneur are the same thing and this is a life-changing skill one has to know and learn more about. Many people don’t know what to do as a new business owner or how to use digital marketing in their business. Since schools don’t teach this life-changing skill, it should be noted that starting and owning a business has its ups and downs which most business people never really talk about.
Owning and starting a business entails budgeting, taking calculated risks, and seeing losses as a means to start again. Being an entrepreneur is not easy, to say the least, but in the long run, it is one thing that pays off only if you are consistent in what you are doing and keeping the business running.
5. Knowing Oneself
With the realization of one’s potential and self-confidence in one’s ability, one can build a better world.
Dalai Lama
A lot of us are at this table, sadly. Because of the educational system which makes us only pass exams and take notes, most of us don’t know who we are and what we would love to venture into in the long run. Because of this, we do not know our purpose and also do not know our passion. This, therefore, leads us to low self-esteem and a lack of self-confidence.
If you don’t believe in yourself, nobody will. That is the motto I have lived by ever since I learned this on my own. Having a purpose and knowing it is one of the greatest things in life because once you know this, your self-esteem and self-confidence are going to be top-notch.
To know your purpose in life, it’s good to try out new things until you find your niche in life.
6. How to Brand and Market Yourself
Your brand is what other people say about you when you are not in the room.
Jeff Bezos
At school, you learn how to fit into the system and do what everyone else is doing. There is no space for individuality. This is another problem because a lot of people do not know what self-branding is.
Personal branding otherwise known as self-branding is marketing yourself to people in every environment you find yourself in.
7. How to Communicate and Negotiate Well
Communication as we know is the key to everything we need in life. It is the word “please” in a different light but sadly, it is another life-changing skill that school does not teach.
Communication and negotiations are the number one key things people look at when applying for a job, wanting to get married, or even just an observation as a whole.
Effective communication and negotiation should be skills worth learning because they encompass levels that school certificates and degrees can not teach.
Conclusion
There are so many life-changing skills to learn in life and these are just a few. As you venture into the world at an older age, you start to see life in another light, a lot different from what you were thought in school or even thought at home. And it is ok to see life in a different light, but something, we should take home with us is how we utilize what we have learned outside school and how we can use it in our daily lives as we go further in our lives.
I hope you find this article helpful. If you do, leave a comment for me in the comments section. You could also tell in the comments section other life-changing skills that schools don’t teach. Thank you for your time.
by Umar Farouk Kabir | Feb 1, 2022 | Tech & Innovation
Have you heard of fintech? I bet you have, but if you haven’t, this is the perfect place to get yourself properly acquainted. So, what is fintech?
Fintech is simply a fancy word that stands for financial technology. Financial technology, or fintech for short, describes the technology that seeks to upgrade and automate the use of financial services.
Fintech describes any firm or organization that provides automated financial services through software or other pieces of technology. This includes mobile payment apps and cryptocurrency.
Many fintech services are designed to link users’ finances with any technology that creates ease of use in any financial transaction. Fintech is now a global phenomenon seeing as how it has entirely changed the way customers access and use their finances. People are now able to pay tuition fees, pay bills, invest, and buy properties all online from the comfort of their homes using nothing but a laptop or mobile device with an internet connection.
Understanding Fintech
It is used to help organizations, business owners, and consumers to manage their financial operations better by employing software and algorithms that are used on computers and smartphones.
Fintech came into light in the early 21st century; the term was at the time, applied to the back-end systems of banking institutions. The paradigm has shifted since then. Now what you see is a more customer-oriented service. To name a few, the technology now includes various sectors like academia, retail banking, crowdfunding, and investment management.
Fintech also supports cryptocurrencies such as bitcoin.
Generally, financial technology can apply to any innovation in how people transact business. An example is the advent of digital money and mobile banking apps.
Fintech Users
There are generally four major categories of users for fintech:
- B2B for banks
- B2B and Business clients
- B2C for small business establishments
- Consumers
Mobile banking trends, increased information, data, more accurate analytics, and decentralization of access will create opportunities for all four groups to interact in heretofore unprecedented ways.
Does Age Have a Role to Play in Fintech?
The answer is yes! Customer-oriented fintech is mostly targeted toward millennials given a huge size and rising earning potential margins of that segment. The younger you are, the more likely it will be that you are conversant with what fintech is, and probably its inner workings.
Most Popular Ways Finetech is Being Used
Below are some of the most popular ways fintech is being used:
Companies like GoFundMe, Patreon, and others showcase the range of fintech outside of traditional banking.
Crowdfunding platforms allow internet connection and app users to send or receive money to one another on the platform and have allowed individuals or businesses to accumulate funding from a variety of sources all in the same place.
Look at it this way; nowadays, instead of going to banks to seek out loans and other financial support, some people go to investors for such support. They present their projects and get the necessary backing. The rapid increase in crowdfunding platforms is a testament to its success.
2. Blockchain and Cryptocurrency
Cryptocurrency is a unique type of fintech with the potential to change the financial sector globally. Cryptocurrencies provide a more liquid, fast, secure, and seamless medium of exchange. With the fast pace rise of fintech, it will be a thing of wonder to see how digital currencies and their blockchain technology further evolve in the following years.
3. Mobile Payments
It is not farfetched to say that nearly everyone in today’s world owns a smartphone. With the increased sophistication of smartphones, fintech is able to take advantage of this more smoothly.
Did you know that according to statista data, the global mobile payment market has surpassed the $1 trillion mark set back in 2019?
There are very popular online mobile payment services these days such as Venmo and Apple Pay.
4. Insurance
Yes, Fintech has managed to make inroads in the world of insurance! In fact, it is now being called insuretech, cheeky right? Insuretech covers everything from car insurance to home and data protection.
5. B2B (Business to Business)
Before the introduction of customer-oriented fintech, businesses sought out loans and other financing aids through banks directly. But now, businesses can easily go get loans or other financial services through mobile technology.
Furthermore, cloud-based platforms and customer-relationship management services like salesforce provide B2B services that allow companies to utilize financial data to help improve their services.
6. B2C (Business to Client)
It only makes sense that fintech has many business-to-client or ‘B2C’ applications. Applications that allow clients or users to transfer money via the internet or mobile technology such as PayPal, Venmo, and Apple Pay are widely used and trusted around the world. Then you have finance budgeting apps like Mint which allows customers to manage their finances and expenses.
Regulation of Fintech
Financial services are one of the most heavily regulated sectors globally. It is not a shock that regulation has arisen as the primary concern among governments as fintech companies slowly take over.
As technology is being integrated into financial services processes, regulatory issues for such companies have increased in number. In some cases, the problems are a result of the technology itself. In others, they are a reflection of the tech industry’s impatience to disrupt finance.
For instance, automation of processes and digitization of data makes fintech vulnerable to cyberattacks. Recent instances of hacks at credit card companies showcase the ease with which bad cybercriminals can gain access to systems and cause irreparable damage. The most important questions to ask for consumers in such cases will pertain to the responsibility for such attacks as well as misuse of personal information and important financial data.
Check out how you can protect your devices from cybercriminals.
Conclusion
Now that you’ve learned what fintech is all about, I am sure you now realize that it isn’t so difficult to grasp. Basically, it’s something that you and I have been using for quite some time now, and it provides so much comfort and efficiency. As technology advances, so will fintech. In the not-so-distant future, we are indeed bound to witness fintech blossom in its diversity and practical uses.
Fintech is indeed the future of finance, and the future is here!
Be sure to leave a comment down below to tell us what your thoughts are on fintech.
If you like this article, you will also like the 10 Best Expense Tracker Apps In 2022!
by Michelle Anama Abari | Jan 24, 2022 | Business & Finance
We all have to acknowledge that the financial stability of the country hasn’t been all that great but with the emergence of the Point Of Sales (POS) business in Nigeria, it has been better and has given more Nigerians options to choose where to withdraw their money.
POS business began to spread in Nigeria in 2013 after the CBN introduced the agent banking system in 2013. It opened up a new portal for financial services to reach bank customers in remote, unbanked, and underbanked societies.
Often at times, the questions ‘How to start a POS business in Nigeria?’, ‘How do I start a POS business in Nigeria?’, ‘How much do I need to start a POS business in Nigeria?’… have popped up on search engines and have also been asked in conversations… Well, to answer all these questions and more, let this article help enlighten you on this business journey.
POS Business in Nigeria
Before I dive deep into the POS business in Nigeria, it is good to note that a key or some key benefit of the POS business is that POS businesses serve as a way to extend the services offered by financial institutions to relatively unreached parts of society. Asides from queuing up at the ATM, irregular network services, etc, it also helps consumers withdraw money with ease when the nearest ATMs are far away. In other words, POS businesses make it easy for consumers to get the money they need in exchange for a commission.
I’m sure you must be asking how much you need to start up a POS business in Nigeria. Well, that depends on some defining factors and these factors are…
How Much Do You Need To Start Up A POS Business In Nigeria
To start a POS business in Nigeria, you need anywhere between 50000-200000 Naira (50 thousand to 200 thousand naira) depending on your location, means and other factors.
How to Start a POS Business in Nigeria
As I have said before, to start a POS business in Nigeria, there are some defining factors and these factors include:
1. The Location
You don’t want to start a business in a remote area. Location matters a lot in business because it has to do with the flowing in of customers. Densely populated areas work great for a business such as this. Look for crowded areas with pedestrian traffic such as markets, motor parks, residential areas, and so on.
2. Start with Enough Money
The definition of ‘enough’ here does not have a specific figure. Often at times, I’ve heard questions like ‘Can I start a POS business with 50 thousand naira?’ The actual truth is that the price you want to start with depends on the area and the demand for money in that area.
I have this friend who is also into the POS business. When he started this business, he started with 200 thousand naira. As huge as it was, it was too small because there was a particular customer who needed exactly 200 thousand naira and he was forced to give everything out because he was new to the business and didn’t know the ins and outs of the business.
The truth is that to start a POS business is quite strategic and tactful.
3. Applying for the POS Machine
This is also one of the most important tasks of the business. According to experts, there are two ways of getting a POS machine; through commercial banks and or other finance agents. The cost of acquiring the POS machine varies from issuing agents and how strong or advanced the connection runs.
To get a POS machine from a bank, some requirements ought to be met per the CBN directives. However, whichever bank you decide to approach, it is to your advantage that you own an active account with them.
Requirements for Starting a POS Business in Nigeria
According to CBN, the requirements for starting a POS business include:
- A valid means of identification, for example, a national ID card, voters card, active driver’s license, or an international passport.
- A registered business name
- A passport photograph
- Account number
- Phone number
- Business email address, and
- Bank Verification Number (BVN).
Some of the designated banks assigned to issue POS machines include First Bank, United Bank for Africa, Guaranty Trust Bank, Diamond Access Bank, Zenith Bank, Wema Bank, Fidelity Bank, Union Bank, Keystone Bank among others. Owners of these accounts in any listed banks have an advantage.
One can get the machine at a very low cost and the banks also accept instalment payments if the potential business operators cannot pay at once. However, there are alternative options to get the POS machines from which include microfinance banks, and mobile operators like Interswitch, Quickteller, Paga, FirstMonie, Opay, Palmpay etc. In the case of the latter, the business operators get to work as agents while the mobile operators act as hosts.
Other major requirements include passport photographs, Bank Verification Number (BVN), Current Account references, and evidence of business registration (CAC Certificate). Once your application is approved, you will receive the POS machine and you may begin offering your services to customers.
4. Get a Shop or Kiosk
This will serve as the local or nearest financial institution to the people where they can perform simple transactions like withdrawal, payment, bank transfer, etc. Your shop or kiosk should be designed in such a manner that it notifies people you’re running a POS business. You can achieve this with a small board put in front of your shop to alert customers from a far distance who are looking for a POS terminal.
It is very important to consider these defining factors when planning to start a POS business.
Now, with the knowledge of the defining factors laid out, one may be asking about a Business Plan for their POS business. And the answer to this question does not need much. If you recall when reading the article, all you have read is a business plan for your POS business! Just make sure your business is at the right location which has a high demand for money.
Having said all these, there are some beneficial companies and banks which I would recommend to someone planning to start a POS business.
How to Start a POS Business with Access Bank
Starting a POS business with an Access Bank is very beneficial. Like any other bank in recent times, Access Bank on its quest to deepen financial inclusion, make funds available to the under-banked and unbanked. It has also introduced agency banking services centred on mobile money. It then stands that as a mobile money agent; you represent the bank by carrying out services that would have been ordinarily sourced by the bank.
While doing this, you are entitled to a certain commission from the bank and also from the customers. Some requirements to become an Access Bank POS agent include a visible business location that is easily accessible, minimum working capital of 50,000 naira, valid ID card – mainly voter’s card, driver’s license, international passport, national ID card, utility bills, business registration documents for corporate bodies.
Once you meet the requirements, step in to any Access bank branch and fill in the necessary forms.
How to Start a POS Business with Firstbank
The First Bank POS agent business is a way of providing a source for employment to many Nigerians as it curbs unemployment in Nigeria. Many banks will charge you for a POS terminal after meeting the requirements to operate the business.
However, with FirstBank Nigeria, it cost 0 naira to set up your POS business. Once you meet the requirements, the financial institution will give out a free POS terminal for your business, and that’s amazing and hard to find from any other bank in Nigeria.
Some of the requirements include an existing business, a visible and accessible business location, a valid ID card, Biometric Verification Number (BVN), 1-3 months utility bill. Corporate bodies must have their business registration documents.
How to Start a POS Businesss with Opay
To register to become a POS agent for Opay does not take much. In fact, it is very beneficial, said one of my friends. People who are POS agents for Opay are paid daily unlike some other banks e.g. Zenith Bank or monetary Institutions. A way to register is:
- Log into the OPay app on your device.
- Choose the merchant application icon.
- Enter all necessary information as requested.
- Upload your transaction history for the past 3 months.
- Upload a valid ID card or Driver’s license.
- Take a snapshot of your business station and upload it to the portal
- Submit your OPay POS application for review
The OPay POS is free. However, agents must have a caution fee of 20,000 naira available in their OPay wallets. Immediately, the POS application is approved, the caution fee charge will take effect. This sum will be refunded to the agents when the agent returns the POS terminal.
Conclusion
POS business is a side income that is very lucrative to anyone who starts or who has started this business. The services offered here include:
- Withdrawing money from any bank account.
- Opening a bank account
- Depositing money into any bank account
- Paying utility bills such as electricity, airtime, water, and so on.
With all these services and benefits of POS business, who would not want to start this business? So to start this business is a good idea and I highly recommend this business to anyone looking to get out of the unemployment group in Nigeria.
by UmmuSalma Ahmad | Dec 6, 2021 | Northy Letter
It’s December, It’s Christmas, and it’s all celebration. Did I mention that winter is coming? Yeah, Jon Snow has been in touch lately so get your coats and socks because it is the season. Here is what I have for this week’s newsletter.
Monday
For Monday, I dove into You! You have not been taking care of yourself, but I will give you 14 Smart Ways to Invest in Yourself because I see you, and I care. You may not know this but everything I do is for you because I love you.
I see that I have your attention now, are you flirting with me? You obviously are because how couldn’t you when I am armed with the 5 Stunning Ways to Make a Good First Impression. I can’t just walk up to you dressed up anyhow. I have to prepare for you and this is what people don’t understand – that for you to catch a person’s attention, you have to do it well. And you are not making it easy for me.
I started a small business a month ago but I can’t for the life of me understand how I am always broke. I know that I have sold so many of my products but I can’t account for the money so I started looking for ways to solve this problem. Luckily for you and me, Umar Farouk Kabir gave us How Manage Cashflow For Your Business to Succeed.
Tuesday
Brought to you on Tuesday are 10 Interesting Facts about First Borns You Should Know. I don’t know about you but most of the comments I have heard that are being made about first children are not flattering at all. I don’t know why people fail to acknowledge the several great attributes they have. They are after all like our second parents. I know mine is.
Wednesday
Isn’t it nuts that nuts are part of the 8 Foods That Will Help Boost Your Memory? Pun fiercely intended. I used to remember everything I was told or taught but now I struggle to remember the smallest things. I won’t be deterred by this and neither should you, so read this with me.
Did you know that having a negative Rh Factor could endanger your baby? I did not know either. This is What You Need to Know about Rh-Factor and how to keep your little angel alive while it’s still in your tummy.
Thursday
It’s not death that bothers me, it’s living a painful life. And what’s more painful than people pointing fingers at you and acting like you carry a contagious disease? Read the story of Malama Sa’adatu and find out how HIV AIDS Didn’t Kill Her, The Stigma Did. It’s sad that despite all the awareness about this disease, people choose to stigmatize.
On our wedding agenda this week is How Kamu Tradition is Done in Hausa Land. I may not agree with some traditions but I can’t do away with fun – significant ones like this. Come and watch the Hausa culture flourish.
Friday
As much as the Hausa culture is interesting, the Yoruba people like gbedu more than we do, and where best to experience it if not Kwara State? These are the 12 Interesting Places to Visit Kwara State to get the best experience.
Saturday
One of my favorite sayings in Yoruba language is “ati lo ati de” which means “we have gone, we have come” it signifies a lack of progress in an activity. Don’t you just get tired of being served breakfast in relationships? If You See These 10 Signs in Your Relationship, You Are Dating Yourself. Spot the red flags and flee while you can.
Sunday
As usual, I’ll sign with my favorite thing – food. Learn How to Make Gullisuwa (Milk Balls) and How to Prepare Miyan Kubewa (Okro Soup). I’m guessing Okro soup learnt of my little rant against it last week.
Thanks for reading. I can’t wait to write to you next week. It has become the highlight of my week. Cheers!
