Starting a POS Business as a Student Entrepreneur

Step 1: Have an Existing Business

Establish a Business Approach to the POS business with caution. Primarily, considering the financial aspect and the strict criteria set by the Central Bank of Nigeria. Eligibility requires an existing business in operation for at least 12 months, a registered office, and incorporation as an acceptable entity.

Starting a POS Business as a Student Entrepreneur -Step 2: Engage with a Bank

Approach your chosen bank for agent banking services, ensuring you comply with CBN guidelines. Complete the necessary documents and agreements, have a direct deposit account, and fulfill documentation requirements.

Explore popular POS service providers, including banks and mobile money operators such as GTbank, Polaris Bank, Opay, and more.

Step 3: Acquire the Necessary Equipment

Upon approval, the bank provides essential tools like a point-of-sale terminal, card reader, barcode scanner, and PIN. These tools facilitate seamless transactions at your business location.

Starting a POS Business as a Student Entrepreneur -Step 4: Choose an Ideal Location

Select strategic public places with high foot traffic, like markets, event centers busy streets, or shopping malls, to maximize customer engagement. Consider factors such as network connectivity, crime rate, and proximity to ATM points when deciding on a location. Once you have a good location, construct a shed or shop but create enough spaces for swift movement for you and the customers. Additionally, have a banner at the entrance to show the retail banking services you offer. However, you can also have a special purse or /pouch around your neck or a safe with a solid lock to prevent theft and burglary.

Step 5: Offer Services

Utilize POS terminals, card readers, and mobile phones to provide services. More so, services such as cash deposit and withdrawal, balance inquiry, funds transfer, bill payment, and more. Ensure real-time transaction processing for a seamless customer experience. With these, Starting a POS Business as a Student Entrepreneur is as easy as it goes.