Starting a POS business in Nigeria

Everyone with recurring financial obligations will agree that having multiple streams of income, which allows one have various cash flow sources and gives an extra layer of financial security to put our minds at ease in our current economic climate, is always the right way to go. However, the problem we face is, our current jobs leave no room for anything else, so we have to settle for a life with no possibility of a second source of income.

Because UBA believes you deserve the chance to make more money, enjoy financial protection in case of job loss, reach your goals of being a millionaire faster, and retire as early as you want, I will tell you about how you can start another stream of income while simultaneously contributing to the quality of life of residents in your community: The POS Business.

What is POS Business?

Agency banking, also known as POS business, is UBA’s way of bringing banking closer to its customers and ensuring currently excluded individuals become part of their financial world. It plays a key role in the actualization of the cashless banking objectives as they become a more popular means of receiving payments and transacting business in Nigeria.

Point of Sale Terminals, commonly called POS is a portable machine that facilitates payments of goods and services at any merchant location using payment cards issued by banks on the network. I will bet my top Naira you have used one in recent times – at the restaurant, shopping mall, provision store, night club, church and even aboki’s kiosk.

Earning Potential

 UBA Nigeria is looking for smart business minded individuals as resident agents to handle, manage and operate POS terminals in every community possible, even yours. By signing up as a UBA Moni agent, you will make lives easier for those in your area, as you become a mini bank branch where customers can open an account, send money, withdraw money, and pay bills without having to make the trip to the bank, while you make more money for yourself.

With UBA Moni  you can earn over 1 Million Naira every year in commissions as a UBA Moni Agent.

See Also: How to Get the Best Loan Offers in Nigeria

Agent Banking: Who is it for?

POS business is most suited for retail business owners and service providers who currently have customers visiting their place of work and do not mind having more customers coming in to perform financial transactions. These are tailors, traders, salons, football viewing centres and more.

Factors to Consider Before Becoming a POS Agent

Your Location of Operation
When considering starting a POS business, there are certain important factors you need to take into account and one of them is your location of operation.

Because the business requires an ample amount of human interaction for its success, you need to consider how accessible the location is to your prospective customers. If your current store has enough people already coming in that can possibly become customers of your POS business, and how safe the area is–because you will be dealing with a lot of cash in the course of running the business.

These factors will help you make informed decisions that will dictate your experience running the business.

Be Attentive

As with any business involving the movement of cash, the importance of paying attention while running it cannot be over-emphasised. This is even more important when dealing in digital transactions where a single zero can be the difference between transferring ₦10,000 to a customer and erroneously transferring ₦100,000.

If you will be attending to customers yourself, ensure you will be able to focus and avoid scenarios where you will be distracted or in a hurry. If you will employ a staff to manage the business, ensure he or she is calm, disciplined, with a keen eye for details.

Ensure Proper Money Management

Ensuring proper money management is the single most important factor that determines this business’ survival. You must ensure you have basic knowledge of financial accounting in order to avoid making mistakes which can be a huge source of headaches when balancing your books at the end of the day.

You must also improve your ability to pick up on business trends so you can know when you need to make more cash available to run your business. This is because you will either be taking cash from your customers while making transfers for them or giving them cash while they make withdrawals.

You need to ensure you don’t run out of both physical cash on hand and cash in your e-wallet at the wrong times.

Be Security Conscious

Vigilance and security consciousness is very important for anybody running a business involving cash. In addition to ensuring your location is safe, it is also important to stay vigilant in order to prevent theft and fraud.

Simple practices like locking your drawers with keys, ensuring you let someone know when you will not be on seat for a few minutes, and other common sense approaches will save you a whole lot.

You must also watch out for fraudsters might attempt to have you send them money by disguising as customers, mostly over the phone. Some will attempt to have you overlook some details that will cost your business while they create a false sense of urgency to throw you off balance. Always ensure you carry out transactions in a calm and diligent manner at all times.

Now that you know more about the POS business in Nigeria, take your first step to financial freedom by registering to be a UBA Moni agent now!