The cost of living for Lagos is very high now after fuel subsidy removal. Many people are looking for side business that can bring daily income.
POS business is one of the most profitable small business in Lagos now. I spoke with three POS owners at Iyana Ipaja and Egbeda, and this is what they told me.
The first woman near GTBank said she makes between N7,000 to N12,000 profit daily from charges alone. She charges N200 for N5,000 withdrawal and N300 for N10,000. In a day, more than 50 people withdraw money from her shop.
She said the secret is location. She stays close to a bus stop where many workers pass every morning. She also stays open till 9pm when banks have closed.
The second guy at Egbeda said he adds extra services. He does not only do withdrawal. He sells data, does NEPA bill payment, and cable subscription. Each data sale gives him N100 to N200 profit.
He advised new POS owners not to keep all money in one place. He said bank network can fail, so you need at least two POS machines from different banks like Moniepoint and Opay.
If you want to start POS business in Lagos, you need about N100,000 to N150,000 capital. You need a small shop or umbrella, a chair, and two POS machines.
The profit is good, but there is risk. You must be careful of fake alerts and fraudsters. Always confirm transaction before giving cash.
Have you tried POS business before? What was your experience? Comment below.
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