START UP REQUIREMENTS FOR A POS BUSINESS IN AFRICA

START UP REQUIREMENTS FOR A POS BUSINESS IN AFRICA

 

INTRODUCTION TO POS BUSINESS

Starting a POS business in Africa
Sample of the POS machine. Now a lucrative business idea in Africa

The word P.O.S stands for Point Of Sales or can also be used for Point Of Service.

In this article we will be discussing on the start up requirements for a POS business in Africa but this cuts across other countries.

Have you ever dreamed of starting your own POS business?

Have you ever wondered how people make money by rendering POS services?

Are you wondering on how profitable is the POS business?

Or are in in search of start up requirements for a POS business in Africa

Starting a P.O.S business is one of the numerous new means of making legit money online today.

Read also; LEGIT UNKNOWN WAYS TO EARN DOLLARS ONLINE

WHAT IS A POS MACHINE?

 

You can’t explain this article on start up requirements for a POS business in Africa without throwing some lights on the meaning of the term P.O.S and P.O.S machine.

Having known what the accreonym P.O.S ( Point Of Sales), a p.o.s machine is the device that is used to carry out the financial transaction.

Intitially the P.O.S machine was invented as a result of our modern cashless society so that you can buy goods and services and pay with your card instead of moving about with bundles of Fiat currency.

However, people especially in African countries (majorly Nigeria) has adopted the P.O.S Business as a new business model.

You can’t walk pass a street in their major streets in the rural areas without seeing about two or more P.O.S shops depending on the size or length of the street.

SIMILAR KEYWORDS

Other similar keywords or questions that are answered and provided in this article are;

Meaning of POS

Importance of POS

The rise of POS business in Africa

How to start a POS business in Nigeria

Step by step guide to start up requirements for a POS business in Africa

What is a POS?

Is POS business profitable?

What are the requirements for starting a POS business?

How can I get a POS machine?

How much does it cost to get a POS machine?

How do I make money from the POS business?

What kind of services can I render with the POS machine?

How to get a good POS machine

How to start my own POS business

Steps to start an ecommerce business

And many other related Keywords and questions.

Also read; CRYPTO CURRENCY TERMS YOU SHOULD KNOW 

START UP REQUIREMENTS FOR A POS BUSINESS IN AFRICA

Start up requirements for a POS business in Africa
Start up requirements for a POS business in Africa well explained.

POS business in Africa is currently one of the hottest businesses to start for the average African.

Today, it is slowly taking over ATMs because of the ease and convenience it provides consumers ( the public).

A POS business or mobile money agent makes cash available to people in exchange for a commission or fee through a POS machine.

As a result of the scarcity of Automated Teller Machines (ATMs) and the long queues people experience at ATMs. You can now find someone running a POS business everywhere you turn in Nigeria and Africa at large.

Wondering on the start up requirements for a POS business in Africa?

Worry no more as this article will give you a detailed information on the start up requirements for a POS business in Africa and anywhere in the world.

Here are the steps you need to take to become a mobile money agent or start a POS business in Africa or any country at all.

( start up requirements for a POS business in Africa )

 

1. DETERMINE THE COST OF STARTING A POS BUSINESS:

 

The first requirement in the start up requirements for a POS business in Africa after concluding and agreeing to start up a POS business is to determine the cost of starting a POS business.

 

The cost of starting a POS business in the world today can be different from person to person. Because of the different locations people stay in. The amount to rent a shop or space to start this business in Nigeria will be different for in a place like China or Sierra Leone.

 

You will also need to know which bank of company you’re going to sign up to for you to become a POS agent. Do they offer free POS machines or you have to pay?

Do their requirements entail any expense?

You also have to consider how your shop will be. Do you need a safe? How are you going to secure the shop. These are some of the things to consider on the start up requirements for a POS business in Africa

READ MORE

2. FIND A LOCATION:

 

The next step in the start up requirements for a POS business in Africa is finding your business location.

Since this will be a physical business that will require lots of leg traffic it’s important to get a very suitable.

For further guidance, read also; REASONS WHY SMALL BUSINESSES FAIL

Finding a location is a critical aspect of start up requirements for a POS business in Africa.

This is because, you have to look for a strategic place to start your POS business.

A suitable location will be a place that is densely populated. It should be a place where a lot of people stay in and where there isn’t easy access to banks or lots of ATMs.

Example of strategic places to site your POS store or kiosk on the start up requirements for a POS business in Africa is at the bus stop, school area, colleges, market, and areas with few or no POS stores.

 

3. RAISE YOUR CAPITAL:

 

start up requirements for a POS business in Africa: Raise your capital.

Since you determined your cost for starting the business, you now know how much you need to start. All that you need is to raise the capital and you’re mostly on your way to becoming a POS agent.

Your capital depends on how you want to start. The higher the capital, the higher the tendency of you being able to serve the public, your customers very well.

This section on the start up requirements for a POS business in Africa does not require much explanation as you already know the meaning of capital.

But to remind you, capital is simply the amount used in starting a business and the amount used in running a business.

So in every business, capital is required that is why it is listed here on the start up requirements for a POS business in Africa

 

4. APPLY TO BECOME A POS AGENT:

 

Having met the above requirements on the start up requirements for a POS business in Africa, the next step is to apply to become a POS agent.

Actually, depending on the bank or financial institution, applying to become a POS agent or for a POS machine might be outright purchase, lease or even for free.

You have to determine which of them is suitable for you based on their requirements, commissions and charges or rates.

Also, you can apply for a POS machine online or go the bank or company’s office. But this process can take from 2 weeks to a month for everything to be set and for you to start.

Also read; START UP COSTS FOR A BUSINESS

What are the required documents?

Depending on the POS machine provider, there are some required documents on the start up requirements for a POS business in Africa on getting a POS.

Some of the required documents include;

• Valid means of identification e.g Driver’s license, National ID card, International passport or voter’s card.

• Bank Verification Number (BVN)

• 2 passport photographs (or as specified by the provider)

• 2 current account references

• Tax Identification Number (TIN)

• A minimum working capital of N50,000 ($25) depending on your country and the POS provider. (Bank, microfinance bank or organization)

With the above POS a acquisition tart up requirements for a POS business in Africa ready, you can proceed to start your POS business.

 

5. RENDER SERVICES:

 

The next aspect on the start up requirements for a POS business in Africa is to start rendering services.

The business is rendered through the use of POS terminals, card readers, mobile phones, and bank linked mobile wallets for real-time transaction processing.

As soon as you have these things ready, the next step on the start up requirements for a POS business in Africa is to start providing the following services;

• Cash deposit and withdrawal (for all banks)

• Account balance inquiry

• Funds transfer services (local money value transfer)

• Payment of bills (taxes, utilities, tenement rates, subscriptions, e.t.c)

• Generation and issuance of mini statement or bank statement of account.

• Cash disbursement and cash repayment of loans

• Agent mobile payments/banking services

• You can also render loan services.

 

The above are the start up requirements for a POS business in Africa.

 

BONUS INFORMATION

We will provide you extra bonus information on this article; start up requirements for a POS business in Africa. Read below;

Which POS Agent is the best in Africa?

 

There are a lot of POS Agents in Africa. But getting the best is a problem to lots of persons.

If you intend to become a POS Agent in Nigeria, some of the best companies to consider based on cost and commision rates are listed below:

• Opay POS

• Kudi POS

• GTB POS

• Firstmonie POS

• Bankly

• Monies Point POS

• Pay force

• Paga

• Zenith Bank mobile money agent

• Access Bank CLOSA agent

• Quickteller Paypoint

• Ecobank Xpress point

• Baxi Box

• UBA POS

• Xpress and so on

 

 

EXTRA BONUS INFORMATION

Another bonus information for you

 

HOW MUCH DOES IT COST TO START A POS BUSINESS IN AFRICA?

 

Actually, there is no fixed cost for starting a POS business in Africa. The cost of starting a POS business can depend on if you secured a location (shop) or not.

You can rent a shop or even start it in your already existing business.

Then it also depends on if you’re getting a POS machine for free or not.

 

The main cost that you’ll require for starting a POS business in Nigeria for example is the cash at hand you’ll need to make withdrawals possible. This can range from ₦250,000 to ₦150,000.

Then generally in U.S, you’ll need about $1000 and above.

These are the start up requirements for a POS business in Africa

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HINT:

Don’t forget; Every Business requires dedication and steadfastness. If you can be dutiful with a POS business, you sure will make daily income.

Consider the above start up requirements for a POS business in Africa and then be dedicated to your business.

IN CONCLUSION;

Having read the above start up requirements for a POS business in Africa, the next step is to take action.

Identify the area you need more concentration on and start focusing on it / them.

Work with consistency.

You can also, advertise your business to get more customers. Attend to your customers in a cordial manner.

Learn good seller-buyer relationship and communication pattern.

Read also; HOW TO MAKE YOUR FIRST SALES ONLINE

Thanks for reading this article: start up requirements for a POS business in Africa.

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