Do you want to start a POS business in Nigeria with First Bank? In this post, we’ll show you how to start POS business with First Bank 2022 and how to apply for First Bank POS machine.
POS business in Nigeria is one of the small businesses that you can start with less capital. The business is becoming more profitable considering how most Nigerians troop into it.
We already showed you a POS business plan sample template which you can follow while doing your business plan for POS business. The same plan applies to POS business in general whether you’re starting POS business with UBA, Access Bank, Moniepoint, etc.
First Bank of Nigeria introduced FirstMonie POS to help people do their banking activities faster, especially people in rural areas where Banks are not situated.
What Are the Benefits of First Bank POS?
- Fast transactions
- Very reliable
- Highly secured
- Accept different card types such as Visa, Verve and MasterCard
- You can access it any time
- Saves time
Services Rendered By First Bank POS Agents
- FirstBank account opening
- Deposit money
- Withdrawal
- Money transfer
- Payment of bills
- Enrollment for BVN
- Buy airtime
How to Start POS Business with First Bank 2022
- Register as First Bank POS Agent
- Get a POS machine from FirstBank
- Get a suitable area for your business
- Print your First Bank POS banner
- Begin your POS business
Above are the steps involved in starting a FirstBank POS business. Let’s explain them in details.
Register As First Bank POS Agent
How Do I Become a First Bank Agent? How to Apply for First Bank POS Machine
You need to register as a Firstmonie agent before you can start using FirstBank POS machine. To register as an agent, visit their agent banking registration page https://www.firstbanknigeria.com/personal/ways-to-bank/firstmonie/agent-banking/. It’s more advisable to visit any FirstBank near you to do the application. There are requirements to become Firstmonie agent.
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First Bank POS Agent Requirements
- An existing business
- A visible and accessible business location
- Any valid ID card
- BVN [Biometric Verification Number]
- Utility bill
- Business registration documents if you have a registered business
Get First Bank POS Machine
Now, it’s the time to get your POS device from FirstBank of Nigeria. First Bank will give you your own point of sale machine once they’ve accepted you as their agent.
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How Much Does It Cost To Get POS from First Bank?
It’s totally for free; they do not charge any money before they can give you the POS machine.
How Long Does It Take To Get First Bank POS?
It takes about two to four weeks to get First Bank POS.
Get a Suitable Area for Your Business
You need to get a strategic position for your business; it must not be close to any bank. It’ll be good if located in a busy area, especially where there is a market.
Print Your First Bank POS Banner
A banner is very necessary for your business. It makes it easier to let people know what you’re doing. So meet with a good printer close to you to get that done for you.
What Should Your First Bank POS Banner Contain?
Your First Bank POS banner should contain the services you provide such as POS services, deposit, withdrawal, transfer, etc.
Begin Your POS Business
It’s time to kick-start your business fully. Start your business and make sure that you’re very honest so that it can help you build a large customer base.
Conclusion On How to Start POS Business with First Bank 2022
POS business is one of the small scale businesses which you can start with less capital in Nigeria. With the startup capital of 50,000 naira or 100,000 naira, one can start it.
Below are some questions people ask:
Can I start POS business with 100,000? Can I start POS business with 50000? Yes, it’s actually possible.
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Have you already started your own POS business with FirstBank? Share your experiences with us in the comment section below.
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Editorial Staff at Entrepreneurtipsblog is a team of Business experts headed by Emmanuel Godwin.
