A recent Nairametrics survey delved into the thriving Point of Sale (PoS) business across Lagos, Abuja, and Port Harcourt, revealing the robustness of this sector in Nigeria. PoS agents are raking in daily earnings ranging from N5,000 to N12,000, a lucrative opportunity surpassing some conventional job remunerations.
With over 1.5 million jobs created by this burgeoning industry, PoS operators are witnessing substantial profitability, with monthly earnings scaling up to N360,000, surpassing traditional banking roles’ salaries.
Key factors contributing to success in the PoS business include strategic location selection in high-traffic areas like markets and universities, offering additional services beyond payments, and fostering strong partnerships while prioritizing exceptional customer service.
Entry into the PoS business requires obtaining a PoS machine, with prices varying from N50,000 to N200,000. Affordability, facilitated by some service providers offering free machines, has lowered the entry barrier, attracting aspiring entrepreneurs.
Nevertheless, operators highlight challenges such as network issues, fraud, high commissions, competition, and regulatory compliance, necessitating meticulous planning and adaptability.
The PoS market in Nigeria has experienced remarkable growth since the Central Bank of Nigeria introduced the agent banking system in 2013. By March 2023, the industry recorded transactions worth N1.15 trillion, showcasing its significant contribution to the financial landscape.
This burgeoning market is not only reshaping financial services but also proving to be a more rewarding venture compared to conventional banking roles, with operators making substantial earnings.
Individual stories of PoS operators across different regions illustrate their daily earnings, emphasizing the financial viability and impact on their livelihoods. These success stories reinforce the potential of the PoS business as a viable entrepreneurial opportunity in Nigeria.
With a continuous increase in PoS terminals and transaction values, the PoS industry in Nigeria exhibits resilience and promises further growth, offering convenience in financial services and reshaping entrepreneurial opportunities in the country.