POS Business Naija

The Central Bank of Nigeria has directed all banks and other financial institutions to transfer all dormant accounts, unclaimed balances and other financial assets to its dedicated account. The apex bank made this known in a circular released on Friday and signed by its acting Director of the Financial Policy and Banking Regulation Department, John Onojah. According to the CBN, all dormant accounts and unclaimed balances with banks for at least 10 years will be warehoused in a dedicated account known as the Unclaimed Balances Trust Fund Pool Account. The apex bank added that the funds from dormant accounts, unclaimed balances may be invested in Nigerian Treasury Bills and other government securities. The CBN, however, said the new guidelines which is a review of the guidelines issued in October 2015, exempted dormant accounts, and unclaimed balances under litigation and investigation. igerians, says Cardoso The guideline reads, “CBN shall treat unclaimed balances (dormant a...

System of Banking in Nigeria has seriously evolved over the years. From the time of using cash books over the counter, to the introduction of ATM machines and cards.  Then, in 2013, the Central Bank of Nigeria (CBN) launched agent banking and point-of-sale systems to increase financial inclusion in the country.  Since then,  cash transactions have been easier with almost no need to visit the banks. 24/7 AVAILABILITY True, most ATM machines have written on them, 24/7 but most of them don't have cash all the time. PoS operators or agents are always available for most part of the day. Some are in hotels, stadia, business environments, inside the streets etc. Their availability have made it easier for business transactions to either transfer or withdraw cash.  Also, because they are available everywhere, it has reduced the need for people to incur much transportation cost to go to the bank. Most streets in Nigeria have multiple POS shops that one can transact...

The Corporate Affairs Commission (CAC) had earlier mandated all Mobile Money Operators, also known as POS Operators to register their businesses. This has caused frantic effort from POS operators. This exercise has made many compliant operators to register their businesses. In spite of this, many operators are still hesitating due to the cost and some are considering the importance.  No doubt, many registrations are still with the corporation awaiting approval so it will be unreasonable from CAC to stop such ones from operating their businesses.  On Saturday,  6th July 2024, CAC posted on their portal a notice of extension.  Read:  How to get money to start POS business This extension pushes POS registration from 7th July to September 5th 2024. This extension is to further allow POS operators time to comply and it's expected that they will meet this deadline.  To register your business with CAC, click here

No business can exist without funds. The funds are used to run the business and to sustain it. To start a POS business, the major thing you need after terminal is money. Most business fold up or run on limited scope due to lack of funds. HOW TO GET FUNDS 1. FAMILY AND FRIENDS: I'm putting this as number one because its the closest to you. Your POS business should have at least #100,000 to start. Can you raise at least #10,000 from 10 family friends, then you are good to go. It will be hard for one person to give out an huge amount of money but getting it in bits can amount to something huge.  Mind you, if you can't raise #100,000 from your friends, then change your cycle. Its important.  2. SHARK LOANS: As much as this is advised against, it's a source of fund too. The major reason its advised against is only due to its high interest rate. But you can still go for it if you are sure of being able to make enough returns as profit and still make a repayment withou...

CAC has made it mandatory for POS terminals, whether as agents, merchants, or individuals to register with the Corporate Affairs Commission before the commencement of business, while those that already commenced business were given 7th July 2024 as the deadline to register same. This directive was made to enable the corporation monitor and know all eligible POS operators in the country. It is also believed that it will curb criminal activities as a lot of money is lost to criminal activities of POS operators. With the deadline closing in, what becomes the faith of POS operators. Many operators are registered while a lot are still dragging their feet on the matter. Many POS operators have insisted on an increment in charges if forced to register with CAC. As it is,  the umbrella body of POS operators in Nigeria, Association of Mobile Money Operators in Nigeria (AMMBAN) have decided to sue the Corporate Affairs Commission (CAC) for this ill timed directive. But what is th...