Except you are living under a rock, you’ve probably heard about the Central Bank of Nigeria (CBN) directive where people can only get up to ₦100,000 cash a day and a total of ₦1.2 million a week for POS businesses. As a result, most POS agents are already feeling the heat of less commission from POS business. Because less cash in circulation means less commission for you.
But hold on, don’t pack up yet. This is not the end of your business. It might just be the beginning of something even better. Let’s talk about how you can turn this challenge into an opportunity.
1. Help People Pay with Transfers and ATM Cards
Instead of always just handing out cash, you can encourage your customers to pay for goods and services with transfers or POS card payments.
2. Do More Than Just Cash Withdrawal
Your business can be much more than just “come and collect money. Your POS stand can be a mini bank branch but without all the long queues.
Be the “go-to person” for:
- Buying airtime/data (you earn a small profit)
- Paying bills like NEPA, water, and cable TV
- WAEC/JAMB scratch cards
- Betting wallet top-ups
- Even health insurance or TV subscriptions
3. Partner with Nearby Shops and Traders
You can become the person traders send customers to when they want to pay. As a POS agent, you are the “local bank” in the area. Go into partnership with other businesses like small shop owners and market women around, who do not like accepting transfers. Collect payments on their behalf digitally and take a small fee per transaction.
4. Become a Small Bank in Your Area
Apart from digital services, you can also get commissions from doing banking services like
- Open bank accounts for people
- Register CAC/NIN
- Give out ATM card
Those small commissions add up, earning you more. You only need your mobile phone, some capital, and a little training. The more services you offer to customers, the more they will know you and keep coming back.
Bottom Line
There you have it. This new CBN rule may slow down cash flow, but it doesn’t have to slow down your hustle as POS agent. In fact, it’s your chance to upgrade your business from just the “POS guy” or “POS woman.” Become one of the POS agents people trust with their payments, airtime, buying online forms, everything.