POS businesses play a key role in offering financial services where regular banks can’t reach.
New figures show POS transactions in Nigeria hit ₦18 trillion in 2024 up 69% from ₦10.7 trillion in 2023.
As more POS businesses pop up, you need to stand out and adding new useful services can help you get more customers and make more money.
This article looks at 10 smart additions to your POS business, plus tips on legal stuff, how to run things, and keeping customers happy.
Understanding the Needs of Your Customers
POS transactions in Nigeria saw an 8% increase from 2023 to 2024 jumping from 1.4 billion to 1.5 billion.
This uptick shows how people rely more on POS services for their everyday money matters. But this growth has brought some issues too, like higher fees in certain places when taking out small amounts of cash.
To succeed, you need to know what your customers want. Do they need cheap ways to print stuff, add credit to their phones, or pay their bills?
When you figure out what bugs them and what they like, you can offer services that not only work for them but also make them stick around and trust you.
If you’re new to this sector, here’s a helpful guide on how to start a POS business in Nigeria.
10 Clever Services to Add to Your POS Business
1. Printing and Photocopying Services
Providing printing and photocopying services can fulfill a common need, especially in areas close to schools, offices, or residential neighborhoods.
Buying photocopiers and printers can give you a steady income while offering convenient, affordable document solutions.
2. Snacks and Drinks
Selling items like bottled water, soft drinks, and packaged snacks can increase impulse buys.
These goods can make your place more appealing, encouraging customers to stay longer and purchase more.
FURTHER READING
A Step-by-Step Guide to Starting a Successful Business in Nigeria
3. Microinsurance and HMO Services
Adding microinsurance and HMO plans to your POS business creates an essential gap in access to low-cost health care and insurance.
You may be surprised that this is even a thing with POS devices, but with the right POS device, such as the Supply Smart POS, you can help your customers secure health insurance plans tailored to their budgets.
4. Mobile Phone Accessories
Think about adding some affordable mobile phone accessories to your business, like chargers, phone covers, and earphones.
These items are very popular and can provide a chance to earn extra money without needing a large investment.
5. DSTV, GOTV, and StarTimes Subscription Renewal
Many people frequently need to renew their TV subscriptions.
By teaming up with providers such as DSTV, GOTV, and StarTimes, you can offer an easy renewal service to customers.
6. Phone Charging Service
Power outages are common in Nigeria, making phone charging services a vital solution.
By providing this service for a small fee, you can meet a continuous demand.
All you need is some basic equipment like power strips and a backup power supply, such as generators, to assist a large number of clients.
7. Road and Flight Ticket Booking
Did you know that you can help customers book road and air tickets with the right POS machine?
With this new service, it is now convenient for your customers to make travel arrangements, both locally and internationally.
With the Supply Smart POS machine it’s very easy to offer ticketing services for airlines like Air Peace, Arik Air, and British Airways, as well as road transport businesses.
8. Account Opening
As an agent for Nigerian banks, you play a crucial role in helping people open new bank accounts.
This service is a key part of making banking services more accessible and user-friendly for everyone.
I recommend using devices like the Supply Smart POS to greatly enhance this service. It makes the process easy, removing the hassle by eliminating hidden fees and complex steps, which makes everything more straightforward for everyone involved.
9. Airtime and Data Recharge
Data as it’s often said is life. It has become a fundamental part of everyday life and you can offer customers an easy way to recharge and buy data.
This not only enhances convenience for them but also allows you to earn a commission from each transaction, adding an extra benefit to your business.
10. Utility Bill Payments
Providing services for paying utility bills, such as electricity and water, can position your business as a convenient hub for essential services.
This service simplifies life for your customers by allowing them to manage various payments in one place.
For insights into how charges might affect your profitability, read this detailed article on POS charges in Nigeria.
Common Challenges in Diversifying a POS Business
Initial Investment
Adding new services might need money for equipment or forming relationships with other businesses. It’s best to start with affordable services that your customers are looking for.
Infrastructure Challenges
Frequent power cuts and spotty internet can disrupt your business. To avoid this, think about getting backup solutions such as generators and mobile internet to keep things running smoothly.
Building Customer Trust
Getting customers to trust new services doesn’t happen overnight. Focus on offering consistent quality and keep communication open to reduce any doubts they might have.
Final Word
Expanding your POS business in Nigeria to include these services can increase your earnings. This not only helps your profits but also positions your business as an important part of the community.
Always prioritize your customers’ needs, and tackle challenges by investing thoughtfully in the right areas.
Good luck!
