POS Boom Creates New Pathways to Wealth as Daily Earnings ...

Samuel Mobolaji

As traditional banking services remain out of reach for millions across Nigeria, the point-of-sale (POS) business is emerging as a transformative force in financial access and economic empowerment. Driven by fintech innovations and rising demand for fast, localised transactions, the POS sector is reshaping how Nigerian banks trade and thrive every day.

Across both urban centres and remote villages, POS terminals have become a crucial financial touchpoint. From cash withdrawals and deposits to bill payments and airtime top-ups, agents now serve as micro-banking hubs for communities historically underserved by commercial banks. This surge in demand, industry insiders say, has turned the POS venture into one of the most accessible and profitable businesses in Nigeria today.

According to fintech analyst Chinedu Okafor, daily earnings from a single POS terminal now average between N10,000 and N30,000, depending on location, with monthly profits from multiple terminals reaching as high as N900,000. “It’s no longer just a side hustle,” he noted. “For many, it’s a full-fledged enterprise with real returns.”

The sector’s meteoric rise is also fuelled by easier access to POS devices. Leading providers like Opay, Moniepoint, and major commercial banks have streamlined application processes and slashed entry costs. Opay now offers Mini POS machines for as low as N10,000, with agents enjoying competitive transaction rates—0.5 per cent on withdrawals under N20,000 and a flat N100 for larger sums. Moniepoint’s terminals go for N21,500, with similar charges and added insurance.

Applications, once cumbersome, now take less than 72 hours, with simple documentation including a valid ID, BVN, smartphone, proof of address, and a cash float. These changes have opened the door for thousands of new entrants, particularly in areas far from ATMs or bank branches.

Success in the business, however, requires more than just a machine. Experts recommend setting up in high-traffic but underserved zones like markets, motor parks, or densely populated residential areas. Security, strong mobile network connectivity, and good customer service also remain essential. While some agents operate from simple kiosks or umbrella stands, many have expanded into dedicated shops to accommodate more terminals and growing customer bases.

Beyond individual gains, the POS revolution is spurring local economic growth. Many shop owners now incorporate POS services to attract foot traffic, while the business itself is creating employment opportunities and boosting commerce in previously cash-starved areas.

“The impact goes beyond profits,” said Amina Yusuf, a Kano-based POS agent. “We help people send money to loved ones, pay fees, and settle bills—things they used to travel miles for. It’s making life easier and building trust in our communities.”

With Nigeria’s fintech ecosystem continuing to evolve and new digital innovations on the horizon, the outlook for the POS business remains bright. As more Nigerians seek paths to self-employment and financial freedom, this informal yet thriving industry offers a viable route—one powered by inclusion, resilience, and opportunity.