POS Business Naija

The Central Bank of Nigeria (CBN) has introduced new policies to promote a cashless economy, affecting Point of Sale (PoS) operators.  - Daily Cash-Out Limit : PoS operators are required to enforce a daily cash-out limit of ₦100,000 per customer. This aims to reduce excessive cash transactions and encourage digital payment systems. - Cumulative Daily Limit for PoS Operators : PoS operators have a cumulative daily cash-out limit of ₦1.2 million. Exceeding this limit may result in penalties and administrative sanctions. - Weekly Cash Withdrawal Limit : Customers are limited to ₦500,000 per week across all banking channels, including PoS terminals, ATMs, and bank branches. - 8147129620 : PoS operators must conduct transactions exclusively through designated float accounts maintained by their principals. This ensures transparency and accountability. - Real-Time Monitoring : PoS terminals must be connected to the Payment Terminal Service Aggregator (PTSA) for real-time trans...

POS business, also known as Point of Sale business, refers to a type of business that involves the use of electronic devices, typically touchscreen monitors or mobile devices, to process transactions and manage sales at retail locations. In Nigeria, the POS business has become increasingly popular, especially in rural areas where access to traditional banking services is limited. Here's a brief overview: How it works: 1. An individual or business sets up a POS terminal, usually provided by a bank or financial institution. 2. Customers come to the POS agent to perform various transactions, such as:     - Cash withdrawals     - Deposits     - Bill payments (e.g., electricity, water, or TV bills)     - Airtime purchases     - Money transfers 3. The POS agent processes the transaction using the POS terminal. 4. The agent earns a commission on each transaction. Benefits : 1. Convenient payment options for customers 2. Increased fi...