Nigeria’s economy has most people taking up side hustles for an extra income. Earning extra income is not a bad idea. If you are yet to find a profitable side hustle, then the POS business is that side hustle. Whether you have an existing business or you are a 9-to-5er, the POS business just requires to leverage on these to kick off.  People, like your existing customers or colleagues are still withdrawing cash, paying bills, and topping up their phones. Since the POS business is thriving, the little amount you earn per transaction could amount to something decent by the end of the day or week. 

What if you could tap into this opportunity without quitting your day job? With the right approach, you can.

Understanding the POS Business

A POS (Point of Sale) business involves offering financial services like cash withdrawals, transfers, bill payments, and airtime sales using a POS terminal. Think of it as bringing the bank closer to the people. Whether it’s a kiosk, a mobile setup, or an addition to your existing shop, the goal is to provide essential services to your community. 

Why POS Business is Profitable in Nigeria

Many people in the underserved areas cannot access banking services. They have to travel long distances or use POS agents for daily transactions. In 2024, Nigerians spent ₦18 trillion via POS terminals, which shows the sector’s growth.

Moreover, the business’s flexibility allows you to operate at any time, anywhere, especially during peak hours. You can render services to customers who need services outside traditional banking hours.

How Much You Can Earn

Earnings depend on location, transaction volume, and services offered. Here’s a breakdown of possible earnings daily;

• Cash Withdrawals: Charging as low as ₦100 per transaction, handling 50 withdrawals daily, amounts to ₦5,000.
• Transfers: As low as ₦50 per transfer, 20 transfers add ₦1,000.
• Airtime & Bill Payments: Additional services can bring in ₦1,000–₦2,000 daily.

This totals to a daily income of ₦7,000–₦8,000. With consistent operations, monthly earnings can range from ₦150,000 to ₦600,000.

Tips to Start a POS Business as a Side Hustle

• Create Awareness: Put up a poster that says you offer POS services in front of your shop where customers can see it. If you are a 9-to-5er, inform your colleagues whether individually or whatsapp group about your POS business services
• Partner with Reliable Providers: Collaborate with a reputable POS service provider like Kashzoo for competitive commission rates and reliable support.
• Offer Diverse Services: Provide other services like bill payments, airtime sales, and data recharge to increase your earnings.
• Maintain Proper Documentation: Register your business with the Corporate Affairs Commission (CAC) and obtain necessary licenses to operate legally.
• Manage Your Float Wisely: Have enough cash on hand to handle daily transactions without running out. You can float your POS business with the cash from your main business.
• Provide Excellent Customer Service: Be friendly and efficient and you will have loyal customers and referrals.

Our Take

Starting a POS business as a side hustle increases your income without significant capital investment. Understand the market, create awareness, and offer other services that people need, then, you are on your way to building a profitable venture alongside your regular job. Also, be consistent and ensure customer satisfaction because they are key to long-term success.