If millionaires were to gather in the country for a meeting, we’d be expecting individuals from sector such as Real Estate, Tech, Oil & Gas, Kidnapping (of course), Banking etc.
November 2022, the Government of Nigeria citing several economic reasons announced they would be redesigning the #200, #500 and #1000 naira notes while the old ones would cease to be legal tenders.
Fast forward to 2023 with the general polls knocking on the door, the old naira has been taken out of circulation while the new ones are nowhere to be found. While some angles believe this move is purely political, the major brunt of the scarcity is being felt by the populace. Banks are folding up due to the scarcity and to avoid the wrath of the people who are directing their anger to the banks also suffering from the policy. This is paving way for a new sector to be a millionaire real quick: POS Agency.
Point of Sales (POS) operations in Nigeria started to gain prominence in 2013 when the CBN introduced the agent banking system. This is to allow seamless operations of financial services to reach bank users especially in remote and underdeveloped societies. In a nutshell, it’s meant to extend services rendered by financial institutions to areas with reduced accessibility.
In Nigeria, POS is quite a lucrative business; with a good location, you can make as much as #7000 or more daily. This comes from the commission gotten from customers per transactions. Commonly, they charge #100 on transactions less than #5000.
"I made #30, 000 in 3 days, and I could make more if I wanted to. I go to my post late in the afternoon around past 12:00pm, and I have people waiting for me, begging me for cash. I do the stress, they pay me to avoid the stress." Said by a POS agent.
At the onset of the naira scarcity, POS charges deviated from normal to around #100 per thousand. However, in some parts of the country as of today, charges are as high as 50% of the original amount you’re withdrawing. In some areas, you literally buy an amount with the same amount. Imagine, making the exact money you’re dispensing at the end of the day, that’s cool cash! With a good location and knowing your way to get cash even among the scarcity, you’re poised to becoming a millionaire in less than a month.
While it is good to grasp opportunities, Africans exploits them, most times to the detriment of their neighbors; their fellow hustlers. Road transporters hike prices upon small hint of fuel scarcity, even when normal circulation is restored, prices remain fixed. Fuel stations increase their pump prices even when still loaded with old fuel, traders hike their prices when they get a wind of increased price even when they still have a stale stock.
As we point accusing fingers at our leaders and their devilish policies, we must do an inward examination and start making life bearable for one another. It is high time we start being our brother’s keeper.
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