How to Start a profitable POS business in Nigeria with Zero Naira

Withdrawing money on a POS

Starting a business in Nigeria is very challenging and involves a lot of money especially when it is in the urban settlement. 

There are several involvements that one must put into consideration to be able to start a business well in Nigeria. These includes renting a shop, registering the business with Corporate Affairs Commission and in the case of POS (Point Of Sale) or mobile money agents business you need to have enough cash to start, usually N50,000 and above.

What then is POS or Mobile money business?

Well, the full meaning of POS is Point Of Sale it is a mobile device design and configured for financial transactions. In Nigeria this has become a lucrative business where one may earn a good living though depending on the transaction volume.

Banks or other Fintech companies issue POS to willing customers who applied for and have met the necessary criteria. A customer willing to start the business in most cases must be ready to fill and submit the application form.

READ ALSO: How to legally buy and sell cryptocurrencies in Nigeria despite CBN ban

Starting a POS business involves some cash too but I can assure you that you can follow my proven tip to start a POS business without having a dime or penny. I have done it myself and I’m so certain that it will perfectly work for anyone who reads this post and is ready to follow my lead.

Starting a POS business without money

Lets consider Zmoney agents platform;

Zmoney is an agency banking platform by Zenith Bank Plc. This is just the best agency banking platform which anyone can start without having a penny. I’m a Zmoney agent too and I started my POS business with zero naira but today I can withdraw N500,000 for a customer without seeking for cash to settle him or her.

Wondering how it works?

1. Visit any Zenith Bank near you and ask at the customer care unit that you want to register for agency banking.

2. They may refer you to the marketing unit to meet someone that will become your account officer (RSM).

3. Your RSM will give you a form to fill and submit back to him or her. Note you must have an account either savings or current with the zenith branch where you are enrolling as an agent. If you don’t have your RSM will give you account opening forms to fill and submit in order to open an account for you.

4. A “Till Account” will be opened for you with which you can use to sign-up on the Zmoney agent App. This may take up to a week or more.

5. Once you have received your details with which you can use to sign-up on the App proceed immediately to do so. 

6. After signing up on the Zmoney App start using the App to open account for people in your locality either free or charge a little token but always insist they make deposit of at least N500 into the account. 

Once deposit is made in the account be sure that at the end of the month Zenith will pay you N300 for each account you have opened. Imagine opening accounts for 1000 people in a month, you will be smiling with N300,000 in your account.

A serious person will go to villages where people needs to open account. You will achieve more with the App in the village than in towns and Cities. 

I used the proceeds from account opening and started my POS with enough cash. Anyone else can use this trick to succeed in this business.


By opening accounts for people, you will have enough money to start your POS business with enough cash to settle payouts.

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