POS Business in Nigeria: Guide on How To Start (2020)

With the modern mobile cash banking business, POS thriving in Nigeria, a lot of people are intrigued in setting a business in this area. This article explains how to start a POS business any where in the country, the requirements, guidelines, cost and subsequently the benefits of venturing into POS business in Nigeria.

hoow to start pos business in Nigeria

What is POS?

Often times, you’ve been hearing about POS for a long time now. Point of service or sale, abbreviated as POS is a banking service that allows local debit cardholders make payment for goods and services mostly in a retail location. This service makes use of a POS machine in doing the transactions.

POS service is a very good automated product because it mitigate the stress and bulk of carrying cash around, and it helps in transacting directly with cash, etc. The service is also fast and reliable as it gives instant notification of payment and transactions. This is seen as customers receive alert whenever they do cash transfer with a POS agent.

POS service is not just only for payments and bank transfers, but it is also customized for bill payment such as airtime (recharge card printing), DSTV, GOTV, School fees, Rent, and Tax payments, etc.


How Profitable is POS Business in Nigeria

This business is a lucrative one to delve into. This is due to increase in the number of constomers who are patronizing the services on a daily basis to carry out their transactions and transfers. Why people are inclined to using this business is that it reduces bank stress. If you have ever gone to ATM post and queue for a long time extending to hours, it should tell you that this business is thriving well in transactions. People now see it as a good substitute to banks cash withdrawal and transfer.

The POS business is a business that have provided jobs to thousands of people especially young entrepreneurs and business people who venture into it. Another advantage of the POS business is that it requires less capital and will swiftly grow if you put all measures in place to start the business. Below are the steps to take in order to set up a successful POS business that will sequel be profit-driven.

Guide on How to Start a POS Business

POS Services, like any other business, involves proper preparation, capital, location and the business environment. If you have been looking for how to establish a POS business or you want to do a mobile ATM cash banking business in Nigeria, then this article will give you the guide to start.

Step 1: Having a Shop

In any enterprise, the business place is very consequential, due to the fact that it gives your business precision and easy recognition. One good thing about this business (POS) is that it doesn’t require large space, a vendor or small place is just enough to start the business in. When locating your POS shop, it’s best to situate it in a business and commercial area, so as to increase patronization and profit.

Step 2: Location

The location is very important in the POS business. You need to go for a business area that will increase in the number of your patronizers which will subsequently increase in your business profit. I prefer it should be an open vendor and should be visible and accessible for customers.

Step 3: Start Up Fund

Before venturing into a POS business, you need to have a considerate capital, which should be about N50,000. This money will cover for the shop, and will be for withdrawal payment and also for miscellaneous such as point of sale purchase.

Step 4: Getting The POS Machine

Of course, you can’t start this business without this infinitesimal machine. There are two ways of getting a POS machine, which is through banks or other financial agencies. The requirements a business or individual must meet before being given the POS machine is that they must have;

  • A registered business name
  • A sales point (i.e. the business location)
  • A passport photograph
  • Account number
  • Business email address and phone numbers
  • And some other essential details.
  • Once all this criteria is met, you will be directed to the bank account officer, and your application will start processing within 72 hours from applying.
  • The POS machine will be delivered to you under 14 days, and you will be required to sign a POS agreement document with the bank before handing over the device to you.

Cost Of POS Machine in Nigeria

The prices of POS machine varies depending on the agent, company or bank you are buying from and the type of the machine in question. Though there is no specific price for POS, but the price range in Nigeria falls around N45,000, N65,000, N75,000, to as high as N200,000 depending on the specification of the machine. Such variation may be like having 2G, 3G and 4G, so the higher the price, the more compactible it is and better the service.

Where to Get POS Machines

POS machines are only issued by banks and other financial institutions. Below are list of some prominent banks which offers POS services, to get the machines;  First Bank, Access Bank, Ecobank, Zenith Bank, Skye Bank, Fidelity Diamond bank etc.

It is important to note that Banks charge you certain percentage for every transaction you make. Hence, POS machines offered by banks are issued out for free in line with the bank’s terms & condition and their mode of operation. For instance, some banks can only give you when your customer base is from 1,000 and above, and other condition may be if you can sale your products up to one million Naira a day.

Where to Setup a POS Business

These are good places where you can establish your POS business in Nigeria;

  • Remote Rural Communities – where there are an iota of banks and financial institutions.
  • Near Schools – University and college campuses will be a good advantage in establishing your POS outlet, because of lot of school transaction students engage.
  • Places Where ATM are always crowded or in places where there are shortages of banks/ATM post.
  • POS business thrives well close to markets and banks because of the much transactions carried out in these places.
  • In populous business premises like supermarkets, malls and large vendors.

Benefits of POS business in Nigeria

POS business have a lot of positive advantages which it gives to the individual business and the patronisers as a whole, they include:

  1. Creation of jobs.
  2. Helping in Bank decongestion by creating a medium for transfers.
  3. Opening business opportunities for entrepreneurs.
  4. Reducing bank costs and extending banking services to a wider range for customers.
  5. POS services also help to increased account acquisition for the banks.

This and many more are the benefits of POS to businesses and also banks.


POS business is a new modern way of doing cash transactions, and it has become a very lucrative business option for entrepreneurs to opt to. This article covered how to start a POS business in Nigeria,  the costs and subsequently the benefits.


How To Become a Pepsi Distributor in Nigeria

Starting a business in Nigeria might prove tedious due to limited information about the business. Well if you want to become a Pepsi distributor in Nigeria, then this article is for you. Pepsi is one of the major soft drink brands in Nigeria. There is a lot of financial advantage that can be accrued by working with this renowned brand.

Pepsi distributor in Nigeria

From the start-up, you can be facing a lot of stiff challenges. If you have a lot of perseverance like me, you would have a lot of great rewards in the end. The bottling company is known as seven-up (7up) is the producers of the Pepsi brand.  To become a distributor, you would have to contact the company and inform them of your business interest.

The ownership process can be challenging at the onset, but if you persevere, chances are that the rewards will be great. 7Up Bottling Company are the makers of the Pepsi soft drink. Becoming their distributor implies that you contact and inform the company of your interests. Now let’s go through the application process.

Application Procedure To Apply As A Pepsi Distributor in Nigeria

As a Nigerian, you can become a Pepsi distributor of products that are popular amongst Nigerians. If you want to accomplish your aim of becoming a Pepsi distributor, you have to visit the company as stated earlier and request information on the actual process involved.


Another fast, yet reliable procedure would be to visit the company’s contact us page and use the online contact form to reach out to them.

How it Works

There are a lot to distributorship with the Pepsi company. Here, 7up supplies its products to you at a discounted rate. The amount of supplies you get depends on the initial financial commitment you made. In this case, your fiscal power speaks for you. 7up places a cap on the selling price of the Pepsi products.

This entails that when you are making sells of Pepsi products, your profits are made mainly from the margins that they allow. The margin here is enough to return on investments. Being a Pepsi distributor also entails that most of your customers will be retailers. These retailers would, in turn, sell to consumers.

How Much You Make As Pepsi Distributor

The profit margin as a Pepsi distributor is very high and really rewarding. This is because of consumer behaviour. In Nigeria, 7up products are widely accepted by the populace. Since it is a self selling product, the market niche is very broad. There is also room for everyone who wants to be part of success in the business. Why not become a distributor today?

Because of the high demand for Pepsi products, there is a proportionally high-profit yield.

Market To Distribute Pepsi Products

As stated earlier, there is a broad market niche for Pepsi products. Be it a naming ceremony, a meeting, party, marriage etc, there is a very high demand for the product.

Whether it is a party, a naming ceremony, meeting, marriage etc, there is always a high demand for these products. It is on this note that I would infer that owning Pepsi distributorship rights has gross financial rewards.

Taking Your Time to Understand the Business

Being a distributor of one of the biggest brands in Nigeria entails that you take out a lot of time to understand the business. Anything less, would or might lead to the loss of your investments. So far a start, endeavour to make a lot of inquiries about the ins and out of your business. You can ask any friends of yours that have started the business. Better still, visit a consultancy and tire yourself out with questions.

In so doing, you are getting yourself ready for whatever comes your way after establishing the business.

The best option in this scenario would be to make inquiries from the company directly.

The scale of the Business

You need to have a clear picture of what you want. In fact, a clear mental picture of how you want the business to turn out is more important than any other thing.

As a plus to having a good plan for your distributorship, the company has lots of distributorship offerings. This information is very important to the planning process.

Big distributorship would attract high commission fees.

The opportunity provided by festive seasons

During festive seasons, the demand for Pepsi soft drinks by consumers is bound to be very high. We all would agree that at a lot of homes, relaxation centres and organizations spend their money on Pepsi drinks for relatives, guests, individuals, and friends.

This opportunity cannot be exploited as a distributor in Nigeria. In the festive seasons in Nigeria, there is a lot of wealth to be share as a distributor.

Frequently asked questions

What was Pepsi originally made for?

As of August 28, 1898, Bradham gave his drink the name “Pepsi-Cola.” He had a predisposition that the drink was more than a drink for refreshment. He saw it as a“healthy” cola that aids digestion. The word Pepsi has its root from the word dyspepsia which means indigestion.

What soft drinks are Pepsi products?

Here is a list of soft drink owned by Pepsi;

Pepsi, Pepsi One, Pepsi Max, Pepsi Throwback,  Diet Pepsi, Caffeine Free Diet Pepsi, Diet Pepsi Wild Cherry, Pepsi Wild Cherry, Pepsi Natural, Caffeine Free Pepsi, Diet Pepsi Lime and Diet Pepsi Vanilla.

How does the Pepsi company distribute their soft drinks?

There are three channels through which their products reach the market. The channels are namely; direct store delivery (or DSD), third-party distributor networks and customer warehouse. PepsiCo makes a choice on any relevant distribution network that would serve their customers well.

What does the 7 in 7 Up Stand For?

The most logical explanation is that seven stands for seven ingredients.  While the “UP” is related to the rising bubbles we see with soda. This inference is supported by an early 7UP tagline: “Seven natural flavours blended into a savoury, flavour drink with a real wallop.”

Is Pepsi good for health?

Taking drinks with very high amounts of sugar is not good for health. It can have various adverse effects on your health. This could range from the increase in the possibility of tooth decay, metabolic disorders and who knows, a heart disease.


List of Available Business Grants in Nigeria & How To Apply (2020)

There are many types of grants in Nigeria that are given to entrepreneurs so as to help augment their enterprise or business. We will look at the business grants available Nigeria and how to apply for any of them.

List of Available Business Grants in Nigeria
Business Grants in Nigeria Today

A grant is defined as money or capital given to an individual or a business for a specific reason. While a business grant is equally an amount of money given to a business for the pupose of expanding and augmenting the enterprise. Grants are normally given by government or organisations and may be either refundable or not depending on the type. With this, it will be valuable to know the full list of available business grants in Nigeria, as we will be explain the eligibility and criteria on how to apply for it.

Types of Business Grants

There are various kinds of business grants which are offered depending on its nature. There is the: Direct grant, Repayable grant, Soft loan, and an Equity award which are awarded on different conditions.

List of Available Business Grants in Nigeria Currently

Here is a rundown of business grants available in Nigeria today, their qualification criteria and the type of funding they offer.

GroFin Fund

GroFin Fund is an independent organisations that offers business grants to African entrepreneurs. The Fund program centers around Small and Growing Businesses (SGBs) and they aim at supporting independent venture through monetary grants. GroFin finance supplies to help the development of developing business sector, both subsidizing and concentrated business.


The Grant program finance Nigerian smaller scale, little and medium business (MSMEs) with their budgetary size of $100 million to develop small scale business outfits in the nation.

Qualification Criteria

There are certain prerequisites to meet before your business is approved for the Grant. One of such is that your turnover should be under $15 million. Your business assets should fall in the range of $100,000 and $1.5 million. The business must have ownership.

Shell LiveWire Funding

Shell Petroleum Ddevelopment Company offers this Grant for young entrepreneurs. This funding is meant to empower, train, and give subsidizing aids to youths so they can begin a business. However, a training program will be conducted to sucessful candidates so as to guide them in utilizing the grants in their business.

Qualification Criteria

The program is available for your business people whose age fall in the range of 18-30.
In line with the company’s plan to develop Nigeria’s oil and gas hub. All aplicants must be from Niger-Delta region or even the oil producing states in the country – Abia, Akwa Ibom, Imo, Edo, Rivers, Bayelsa, and Delta states, to be considered.

Tony Elumelu Entrepreneurship Program (TEEP)

The Tony Elumelu Entrepreneurship Program (TEEP) is the most popular available business grant and a yearly empowerment program that is backed by a business tycoon Tony Elumelu, to offer grants to businesses in Nigeria. The program was incepted in 2015 and it aims to giving $10,000 to about 1000 business men/women to develop their enterprise. These number of people are chosen yearly from all over Africa with primary focus in Nigeria.

Qualification Criteria

The business must not be older than 3 years and candidate must be a lawful indigene or resident of any nation in Africa.

Bank Of Industry (BOI) Grants

Youth Entrepreneurship Support (YES) is a youth empowerment program set up by the Bank of Industry (BOI) to offers grants to youth so they can develop their business. The empowerment grants program is aimed at tending to the troubling issue of youth joblessness in the country by aiding these young people to develop their business setups and also improve their business ideas.

Equiping the youths with information and grants to set them up to be able to utilize and maintain their own outfits is the objective of the Empowerment Support program. About two months of escalated online Entrepreneurship and Business Management training is always organised for those under this support program.

Qualification Criteria

These are the criteria to be eligible for this grant:

  • A Nigerian citizenship with an identity
  • The age of the applicant should fall between the ages of 18 and 35 as the program is a youth focus initiative.
  • The least required educational qualification should be an Ordinary National Diploma (OND).

Lagos State Entrepreneurs Trust Fund (LSETF)

The Lagos State Government set up the Employment Trust Fund (LSETF) in 2016, so as to mitigate the agonizing issue of unemployment in the State. The Grant is aimed at furnishing money related guides and also in help wealth creation for the citizens of the State.

Expanding Micro Small and Medium Enterprises (MSMEs) is equally the objective of this grant as a budgeted total of ₦25 billion is put into aiding Lagosians in their businesses and also help them with the business ideas they should employ to augment their enterprises.

Diamond Bank BET Program

Diamond Bank launched a Grant called Building Entrepreneurs Today (BET) and the program is intended to help growing business people. The program shortlist 50 candidates each year from the list of applicants, and they are sent on a training to prepare them in enterprising/business for a time of a half year. After the preparation is finished up, the best 5 are awarded a grant to utilize as capital for growing their business.

Africa’s Young Entrepreneur Empowerment Nigeria (AYEEN) Financial Grants

This is a youth development program that is focused on engaging young entrepreneurs from Africa to be trained and given Grant to develop a business. Those who make it through are awarded grants as prizes, and with no stake in the business for the coordinators. After collecting the grant, it is being scrutinised and checked how it’s being used. Which means that the organizers of the program will be all around for a one year time frame to check on how you implement the fund.

Qualification Criteria

The main prerequisite for this program is that the applicant seeking for the grant must be a Nigerian and should reside in any of the states in the country.

African Women Development Fund

This is an empowerment initiative the is aimed at developing African women in businesses. It is a female-only grant that runs through the continent in empowering women. The African Women Development Fund gives grants to associations handling the issues of body and health rights, ladies’ monetary security, equity, leadership, investment business which concerns women.

How to Apply For Business Grants in Nigeria (2020)

Here is guide to lead you on applying for a business grant in any of the aforementioned grants givers this 2020;

Step 1: Draw Up A Professional Business Plan

This is the first thing you should have for you business. This means you need to draw an excellent marketable strategy for the enterprise. This is an importan record that you will use to offer your business to the Grant body, so as to increase your chances of being accepted.

Step 2: Define The Motive of Collecting Grant

Next for you is to know and have the direction for the business. Attempt to decide the thought process behind them giving you the grant, by asking yourself what reason they will grant you the Grant. Through this puzzling question, it will help you to set a motive for your business.

Step 3: Do The Application Procedure

After all is done, audit your application, ensure to make an additional duplicate for your own record and present the application through the predetermined medium by the grant body, and anticipate a favourable outcome.


This is our take on business grants that are currently available in Nigeria and how to apply for them. We were detailed these grants and further gave a guide on how to successfully apply for any of them.