You’ve been searching online how you can start a POS Business in Nigeria or how you can become a GTbank, First Bank, and other financial institution’s POS agent.
You wonder why a lot of people are into this business these days. If you can count the kiosks or shops of those into this POS business in your street, you’ll be surprised. But why?
It’s simply because the business is lucrative. I know you’re aware of that, that’s why you want to learn how to start a POS Business in Nigeria, right?
I will show you the easy step-by-step guide to start a successful POS business in your location and even, expand your business.
You see, despite the economic situation of the country, people still find a way to make good money. It could be online, or even offline. The question is, are you willing to use the information at your disposal to create money-making opportunities for yourself?
We live in an information-driven era. And this, if well utilized, is guaranteed to make you good money. Let’s cut to the chase and get into the information I have for you today. And that is how you can start and run a profitable POS business in Nigeria.
A Brief Overview of POS Business in Nigeria
For reference purposes, POS is an acronym for Point On Sale. But why is it becoming more rampant like a pandemic in Nigeria?
Well, with the ever-growing economy and advancement in technology, we need to go cashless and be able to transact (especially, to make a payment) with or without queueing in the Banking Hall.
POS devices could be found across stores, shopping malls, and even small businesses. This created an avenue where buyers and sellers could transact and make payments without having to carry bulky cash around.
In a bid to make financial services reach places with no banks, the Central Bank of Nigeria in its wisdom introduced Agency Banking.
So far, I think the CBN is achieving its aim. But at the same time, it’s also empowering young Nigerians. This adoption of Agency banking or POS service has become a lucrative and profitable business if, and only if, you do the right things which I’ll be showing you in a moment.
So, if you’re ready to get empowered, kindly take out time and follow every bit of information I’ll be sharing below. But before we head into the nitty-gritty of today’s post, here are the prerequisites for this business:
Requirements to Start a POS Business in Nigeria
- Good or People-focused location
- Business space (kiosk, store, or shop)
- POS Machine (details below)
Now, let’s get to it!
How to Start a Profitable POS Business in Nigeria
Get Your Your Capital
Of course, this is the first thing (after your business plan).
But how much does it cost to start a POS business?
To start a POS business in Nigeria, you should have a budget of 50,000 Naira to 300,000 Naira.
To be honest, this business is not capital intensive. It all depends on how you choose to start up. Ideally, you should be aiming at N50k to N300k. In essence, just a minimum of fifty thousand nairas could secure what you need to excel in this business.
You will need to get the machine, get a kiosk, or rent a shop and make small furniture for your convenience. But just as many other people who are into this business, you can start with a kiosk, and later you can upgrade to a shop.
In certain areas of the country, housing is usually expensive. That’s why I advised earlier to be close to a commercial environment as the accommodation is less expensive.
In fact, I know people who started with just their machine, a chair, a table, and an umbrella (some sat under a tree). That’s cool and it’s good especially for starters who are low on cash.
After getting your capital, the second thing is to register your business name.
Register Your Business Name
This is very important if you want to run a successful POS business in Nigeria. You need to register your business name to prove how serious and legit you are.
I won’t go deeper into this because I have a blog post explaining how to do this.
(Click here to learn how to register your business name in Nigeria)
The next thing is to get the machine!
Get the POS Machine
Contrary to what you’ve heard, getting a POS machine in Nigeria for your business is pretty easy once you’re able to fulfill certain requirements.
How to get a POS machine in Nigeria
There are two ways to get this POS machine in Nigeria. The first way is through the commercial banks and the second way is through the dealers. You can choose any. It all depends on your preference.
But if you’re able to get from the bank directly, that will be great! But you need to prepare some kinds of stuff to be eligible;
Requirements to Get a POS Machine in Nigeria
Here are what you’ll be needing:
- An account with the bank (current account preferably)
- Recent passport photograph
- A business location
- A registered business name
- Utility bill
- Guarantor s) with a current account (usually two)
You can get the POS machine from some of the popular commercial banks in the country. Requirements may vary slightly from bank to bank.
Some may require any form of account (e.g. GT Bank), some banks may require you have an account that’s 6 months old or higher while some may need less. After application, certain banks will give out the machine within 14 days. It may be more, or less, for others.
To get your machine for the POS business in Nigeria, you can simply walk into the bank and ask customer care for the procedure.
Banks that Gives POS Machine in Nigeria
- GT Bank
- First Bank (FirstMonie)
- Zenith Bank
- Access Bank
But how much is it to get a POS machine from banks?
Don’t be scammed, getting a POS machine from commercial banks in Nigeria is free but there’s a caveat! Although it’s free, you still get to remit a certain percentage per transaction to the bank. It’s usually between 1.5% to 2.5% per transaction for life and varies across different banks.
First Bank has the least charges so we highly recommend that.
For dealers, I can’t name any reputable brand here but you can carry out a personal assessment of dealers in your location. You have to meet the criteria of a dealer, then pay a one-time fee before you get your device. The price starts at N45K but could rise to N200K depending on the specifications of the device you’re getting.
The machines run usually on Android. It could be a touchscreen or button. Battery capacity also varies just as you have with conventional smartphones.
Another factor that influences the price is the network specification: we’ve got 2G, 3G, and 4G. The more advanced, the more expensive the device.
And just to wrap this up, make sure your carrier (provider) is Quickteller especially as a beginner.
The next is to get the location for your business.
Getting the Ideal Location
Please take this part very seriously. If you get this part right, you’ve gotten a good head start. And this will determine if your business soars to great heights, or falls by the wayside.
In essence, your location as an Agency Banker or someone engaged in POS business in Nigeria is directly proportional to how much profit you can make.
Now when choosing your location, bear these three things in mind.
- The proximity of the location to commercial centers or market places.
- Proximity to banks.
- Population density
I’ll explain it.
Factor 1 to choose a location for your POS Business
How close should your location be to a bank?
Not close at all! You are supposed to serve as a replacement (to an extent) to banks. And having a location close to a commercial bank defeats the purpose of your business. It also determines how much you can charge for transactions.
If you can visit the nearest bank in your location by walking down, then you need to extend the distance or change your location.
Factor 2 to choose a location for your POS Business
The next factor to keep in mind is how close you are to commercial centers. Just so you know, on average, an Agency Banker is at an advantage when he/she is domiciled in a commercial environment.
If you can, try to aim for this first. This should be your ideal location but it’s hard to come by. But if you can pull this off, and remain committed and consistent, congratulations, you’ve already succeeded.
Factor 3 to choose a location for your POS Business
This final part ties the two factors above together.
A quick question:
Should you choose a location with 500 people living and doing business or a location with 2000 people living and doing business?
ANS: If you can, and if the opportunity presents itself, assuming factors 1 or 2 are met, then combine them.
Okay, here are places I’ll recommend;
Hot selling locations for POS Business in Nigeria
- A rural area or village
- A community or street very far to the bank
- In or very close to the market area
- Very close to supermarkets or shopping malls
- Very close to big restaurants
- Very close to the bank which is the only one in the whole town.
5. Create Awareness and finally Expand Your Business
You don’t need to start doing jingles on the radio or making posters. All you need is a banner like you use to see. The banner will not cost more than N5,000
Now, If you’ve been making some profits, you can get another location and find a salesgirl to help you handle the place. That’s what most people I personally know are doing.
Aside from starting the POS business in different locations, you can add other related businesses such as selling recharge cards, data, VTU, etc., this will really help you build a solid business.
(Check here for other business ideas in Nigeria)
Just in case you’re interested in the recharge card selling, why can’t you learn how to print it yourself? Sounds cool, right?
Okay, click here to learn how to start a recharge card printing business in Nigeria.
CONCLUSION: How to Start a POS Business in Nigeria
Just in case you have any questions, you can use the comment box below and I will be very glad to answer your question to the best of my knowledge.
Do you really enjoy this blog post? If yes, kindly help me share with your friends to enjoy also and maybe buy me a bottle of malta Guinness ?
So, that’s how to start a POS business in Nigeria.
NOTE: Do not copy my contents and use them without my permission to avoid trouble, read, and digest.
GIG Logistics Branches and Location (Addresses) in Nigeria
GIG Logistics by GIG Mobility is one of the leading logistics companies in Nigeria due to the company’s mode of operation. Delivery is fast and the fee is not as expensive as other competitors.
If you’re trying to ship your stuff across the country, or to other countries like in Africa, the USA, the UK, etc., GIG Logistics can be your sure plug.
But as a new customer, you may not know how to contact them. The good news is that you can do more with the company via their website (giglogistics.com).
But in case you need to visit one of their branches very close to you, and you don’t know where to go, I will be covering that in this blog post.
Important Notice: In case you don’t find your city on the list, don’t panic. GIG Logistics can still deliver to you but you may need to contact them via email or telephone call if you’re the one sending.
If you’re not sending but receiving, you don’t need to stress yourself, just be available when it’s time for delivery.
You can easily click on your state in the table of content below rather than scrolling and scrolling till you miss what you’re looking for.
Here are the locations;
GIG Logistics branches and location in Nigeria
GIG Logistics Head Office in Nigeria
GIG Logistics Digital Hub. No 1 Sunday Ogunyade Street, Gbagada Expressway, Beside Eterna Fuel Station, Gbagada Lagos, Nigeria.
SICCONS PLAZA, Opposite Unity House, Beside Lifemate Furniture, Garki Area 11
House 38, 3rd Avenue Gwarimpa, Opposite Union Bank Abuja.
No 10 Ajibade plaza beside okay Japan Electronics.Park Road Gwagwalada .
Block, 43, Gado Nasko way, opp 2/2 Court Kubwa.
Opposite Ignobis hotel plot 17 Gidin dutse layout, kubwa.
Abraham Plaza, Suite A13 Plot, 6 A.E. Ekukinam St, Utako Abuja
80 Aminu Kano crescents opposite Sherif plaza beside Wema Bank Banex wuse 2
Maraba Experience Center
No 132 GIZA PLAZA OPP CHRISGOLD PLAZA BESIDE MTN OFFICE MARARABA
Madalla by Mobil, along Abuja – Kaduna Express Road.
Plot 113 I.V.W. Osisiogu Street, beside Utako Police Station Utako Abuja.
206, Zuba Market, Opp. Lagos Line, Zuba
Cs1 Ground Floor Corner Stone Plaza By Dobbil Avenue Along Phone Village Road, Electronics Section Alaba International Market.
KM 25, Lekki-Epe Express way, Ajiwe-Ajah.
KM 22, Lekki-Epe Express way, Opp. Jeffrey’s Plaza, by Abraham Adesanya Roundabout, Ajah.
41 Shasha Road, Akowonjo Junction, Dopemu, Lagos.
Km 36, Lekki-Epe Express Way, by Ogunfayo Bus Stop, Eputu, Awoyaya Lagos.
103, Okota Road, Cele.
1st Avenue Road, Festac first gate, besides INEC office, Festac town, Lagos.
7, Hospital Rd, Ifako, Gbagada, Lagos.
Gbagada Express Center
GIG Logistics Digital Hub. No 1 Sunday Ogunyade Street, Gbagada Expressway,Beside Eterna Fuel Station, Gbagada Lagos
9, Medical Road, former Simbiat Abiola Way, Opp, Zenith Bank.
103 Awolowo road, Ikoyi Lagos.
16 Ikosi Road, Ketu Lagos.
Sabo Road Garage, Ikorodu.
29, Idimu Road, Opp. Local Govt, Council, Ikotun, Lagos.
13C Ilupeju Byepass, Ilupeju, Lagos.
International trade fair
Shop D77 & D78, Abia Plaza, BBA, Lagos Int’ Trade Fair Complex, Lagos.
164, Lagos Abeokuta Express Way, beside Diamond Bank, Lagos.
20 Ikorodu Express Road, Jibowu, Lagos.
No 1A, Wole Ariyo Street, Beside First Bank, Lekki Phase 1.
Lekki Admiralty 2
Jubilee Mall Admiralty Way, Lekki Phase One, Lekki.
Lekki (Fola Osibo)
Ground floor Legends Place Mall Plot 29 Fola Osibo Lekki Phase 1, Lagos.
Km 17 Scapular plaza Igbo efon.
Old Ojo Road
Old Ojo Road, by Police Station Lagos.
3 Ijaiye Road, Beside FCMB Ogba.
62 Opebi Road, Ikeja Lagos.
No 25 Otto Causeway Opp Iddo bus top, Iddo Ebute Metta Lagos.
3, Abeokuta – Lagos Expressway, Sango Ota, Opp. Sango Bridge.
26, Adeniran Ogunsanya, Surulere, Lagos.
169, Badagry Expressway, Volkswagen Bus Stop.
1436 Sanusi Fafunwa Street, Victoria Island, Lagos.
Tejuosho Ultra Modern Market, Ojuelegba Road, Yaba, Lagos.
Animashaun Plaza, Beside Petrocam fuel station, Near Epe T-junction, Epe.
43, Osolo Way, Ajao Estate, Ekwu Awolo House.
No 5 Asa Road Former/Old Nitel Building Aba
8 Mission Hill, Opposite Villaroy Hotel, Umuahia Main Town
No 60 Aba Road, Close to MTN Office at Aba Road, Umuahia.
Plot 2 Bekaji Plaza, Bekaji Karewa Road, By Fire Service Roundabout, Jimeta Yola.
Ado Ekiti Center
Soladola petrol station, beside Apc secretariat, opposite moferere junction, along ikere road, Ajilosun
Ogo Oluwa Bus Stop, Gbangan / Ibadan Road, NIPCO Petrol Station, Osogbo.
Plot C31, Relief Road, by Relief Junction, Off Egbu Road, Owerri.
Landmark: After Mr Biggs beside Nepa Office, Farm Center Area, Tunga, Minna – Niger State.
No 4 Old Otukpo Rd, Opposite Dester’s by Savannah Roundabout.
No 1 IBB Way, Adankolo, Lokoja, close to Federal Medical Cente
Shops 1 & 2 Police Officers Mess, Opposite Polaris Bank, Jos Road, Lafia.
Ahmadu Bello Way opp alhaji boye coca cola Depot Birnin Kebbi, kebbi state.
Shema Plaza Ground Floor, Mani Road, by W.T.C Round-About, Katsina State.
No 1 bompai road by Tarawa Balewa way, Opp Grand Central Hotel Kano.
Centro Plaza, Opposite Buk Old Site, Kabuga, Kano.
No 32 Zoo Road, Opposite Shoprite, Kano.
8 Ahmadu Bello Way, Off Kastina Roundabout, City Plaza, Kaduna State
Lagos Garage by Airforce Mami Mando, Kaduna State.
Nnamdi Azikiwe Expressway by Command Junction, close to Samrada Fuel Station (beside 911 bakery).
Dairu Garba Plaza, 18 Sokoto Road, MTD Junction By Nnpc Filling Station, Sabon Gari, Zaria.
Plaza 1080, Yakubu Gowon way, Dadin kowa second gate.
Angwan Soya Zaria Road bypass, Opposite Jankwano Bingham University Teaching Hospital.
Government House Round-About, Asamau House Block B, Number 8, by Airtel Office, Dutse, Jigawa State.
32 Hammaruwa way. Besides former Kashere Filling Station Jalingo.
Town Planning Complex, by Sumal Foods, Ring Road, Ibadan
Suite 5, Kamal memorial plaze, former iyalode complex, opposite funcktionals clothing, bodija – UI road, UI Ibadan.
No 76 Opposite Arisekola Mosque Iwo Road Ibadan.
NNPC Mega Station, Opposite Zenith Bank, Star Light, Ogbomosho, Oyo State.
190, Ibrahim Taiwo Road(Upper Taiwo), Opposite Primo Pizza / Chicken Republic, close to new Wema Bank, Ilorin.
No 1 Umar Audi road, Fate Road, Tanke GRA, besides Hotels Mirabilis. Ilorin.
7, Market Road, Holy Ghost Park, Opp. State Library, Ogui, Enugu.
67, Zik Avenue Uwani Enugu.
No 64 Owerrani, Enugu Road, Nsukka.
202, Uselu Lagos Road, Ugbowo Benin City.
112, Akpakpava Road, Benin City.
Shop 1, Omegatron Plaza, 47 Airport Road, Benin City.
42, Benin/Agbor Road, Oregbeni, Ramat Park Benin City, Edo State.
Okene Express Way, Opp Auchi Polytechnic, Auchi.
Ukpenu Road Opp. Grail Message Centre, Akahia, Ekpoma.
Asaba Onitsha Expressway, By Head Bridge.
445, Nnebisi Road, opposite Zenith Bank, Asaba.
SUIT 53/54 INDEPENDENCE MALL OKPANAM RD, ASABA.
138, Effurun-Sapele Rd, by Airport Junction Warri.
116, Effurun-Sapele Warri Road, Effurun Opp. Our Ladies High School.
29 Ndidem Usang Iso Road ( Aka Marian Road) Calabar.
Shop 7, Yandoka Road, Adjacent MTN office. Opposite First Baptist Church, Bauchi State
Kpansia Epia, Opposite Wema Bank by INEC Junction, Yenogoa
Pam House, Tamic Road and School Road, Okutukutu By Isaac Boro Expressway, Yenogoa
Elite Shopping Complex Opp Crunchies fries, Enugu/Onitsha Expressway, Awka
2 Awka Road, By DMGS Junction, Beside All Saints Anglican Cathedral, Onitsha
No 73 – Owerri Road, Martina Chukwuma Plaza (Innoson Plaza), Opposite The Salvation Army Church, Umudim Nnewi
Akwa Ibom State
3, Monsignor Akpan Avenue, Itam industrial layout, opp Timber Market, Itam.
No 108 Oron Road, beside the First bank, Uyo.
No 22 Oyemekun Road by Cathedral Junction Akure
LACFOG PLAZA Adjacent Choba Police Station East-west Road Choba PHC.
No 118 Off Woji GRA, Same Building with Miskay Boutique By Bodo Junction, Port Harcourt.
No 9 Stadium Road, Beside Benjack, Port Harcourt
Cocaine Village Junction, Off Aba Rd, opposite Genesis, Rumuogba, Port Harcourt.
PHC Peter Odili
No 89 Peter Odili Road Port Harcourt.
PHC Ada George
No 18 Ada George By Okilton Junction, Port Harcourt.
3/4 Maiduguri Road Gawon Nama Area
C 1, A A Master Plaza Canteen Road Gusau.
This is the complete list of GIG Logistics and their location in Nigeria. If you have any questions regarding GIG, kindly contact them directly. You can see how to contact them via their website at https://giglogistics.com
If you want to ship an item from the USA stores like Amazon, eBay, etc., to Nigeria, you can read my guide on how to ship with Heroshe Logistics.
7 Super Professional Tips to Build a Successful Business in 2022
It is a new year and you’ve been thinking of how you can build a successful business but don’t know how or where to start. Let’s talk about that and see if you’ll learn something, or be inspired.
Some businesses fail because they’re following old blueprints which no longer work effectively to build their startup.
We’ve learned a lot between 2020 and 2021, and we’ve seen how businesses are affected by the ongoing Corona Virus pandemic. But ideas to start or build a business are waxing stronger in us, how are we going to bring these ideas to reality?
But is 2022 the right time to start a business?
Yes, it’s never too late to start a business in 2022 and you are still going to see rapid growth if you put in all the efforts.
Regardless of the Coronavirus and its variants, you’ll agree with me that starting and building a business these days is easier compared to a few years ago as a result of technology and more investors who’re ready to provide capital for a futuristic business plan.
According to a report, investors spent more than $140 billion to support startups in 2017 and the figures have increased ever since then till date. This shows how people like you are creating something or a platform that solves a ‘problem’ and how people are ready to support it.
If you’re also planning to launch your startup, you’re welcome, it’s never too late to be phenomenal.
Aside from investors who’re ready to invest, you don’t necessarily need to build your business by renting a big hall or apartment for office use, thanks to COVID-19, you can gather your team and work remotely, while you’re saving a lot of money that will go into office setup.
If you have a good business plan or startup idea and you’re worried about what to do next, the following tips will help you get started;
7 Tips to Build a Business in 2022
#1. Do Your Research and Understand Your Mission
You see, a lot of people see other people building stuff and they got jealous to build something too – this is a wrong motivation to start a business.
You have to think clearly about what you want to do, you ask yourself: “In what way(s) can this idea or business help people?” – emphasize “help people”.
If you want to start a fashion design company, do your research thoroughly and understand that you’re about to build a type of business some people have built already. So, how are you planning to get better and beat your competitors?
For instance, can you think of a unique fashion trend and dominate it for the long term? If yes, what fashion trend and how can you hit the market with your idea?
You have to plan all these, you just don’t voluntarily jump into the ocean without knowing if it’s safe or not. If it’s not safe, then how are you going to survive?
#2. Get a Team Members with Common Goals
The spirit of being the CEO and (sole) founder is part of what’s killing some businesses and startups to date. I’m not saying you can’t build a business alone, you can! But you can’t survive alone. If you survive alone, you won’t go far alone.
You have to understand this concept. If you read about big business builders in the world, you’ll notice one thing that’s very common to them – they don’t build alone!
Bill Gates, Mark Zuckerberg, Elon Musk, etc., will tell you that they called their friends when they were about to start their company. Why? It’s simply because they need teammates who can work with them to achieve their primary and respective goal(s).
The reason is simply that if one is falling, another person will lift him. And this boils down to you looking and calling the right people to join you or else if you fall, that’s the end of the business.
So look for the right people in your circle, during meetups, on social media, share the business idea with them and be patient to see those who’ll be ready to join you.
Getting team members here is different from hiring people. You have to look for someone or some people who’re ready to take ownership of the business and work diligently.
They can in turn be your co-founder, CTO, etc… Just make sure you’re careful and patient enough to see someone with the same common goal.
#3. Start Building with the Little You Have:
You know the type of business you want to build and you have someone or some people who are ready to work with you. The next thing is to start building that business with the little resources you have.
The mistake most people make is that they’re waiting for the “perfect time” and that time translate to when they have sufficient money to invest in the business. The truth is that that perfect time won’t come unless you start now.
And I will like to say this if you’re starting a new business but you don’t have money to invest personally, you’re still not going anywhere. It’s either you get a job, make money and come back to that idea or, you sell the business idea to someone else.
The bottom line is that you have to start from you, even if you will need investors to inject capital into your business, you have to show them something – your ideas + efforts.
#4. Create Good Information and Communication Flow
As part of what you’re starting with, is how you can bridge the communication gap between your business and your target audience (investors included). That’s why you need to invest in creating that information and communication flow.
This is not a big deal at all, you just need to create an online presence for your business by getting a website, getting on social media, and investing in Email marketing or CRM tools.
If you can’t build the website yourself, you can hire freelancers to get the job done for you, there are free email marketing tools like MailChimp that you can get started with. You can hire an expert to manage your business’s social media handles for you too. The person will be in charge of content creation, posting, and attending to comments.
Having a website is very important, if it’s just a landing page, do it and let people know about your business from there and use your social media handles to keep telling people about your mission, not that loudly tho.
#5. Start Expanding the Business
You’ve tried a lot, but it’s not the time to relax. It’s time to start thinking of expansion. I mean expansion at all lengths.
If you launch your business to focus on people in Canada and they accept it with open hands, it’s time to expand to New York, and then to Paris, to Africa, etc.
In your team as well, you need to have some people who will be in charge of marketing, human resources, engineering, international relation, legal, and many departments within your company.
With great power comes greater responsibility, the more you’re growing, the more you should expand.
But what if your company can’t afford to hire people you need to run the business as you’re thinking of expanding, is that the end? No, it’s not!
#6. It’s time to Seek Business Funding
This is not a must if your business can afford to finance itself, but I bet it can. As a startup that’s at the entry or expansion stage, you need money to take care of a lot of things and some people are ready to provide that money!
There are people called Angel investors and some are called Venture capitalists, these people are in the business of investing in other businesses to make a profit. No money is too big to invest for VCs as long as your company’s evaluation is also big.
If you think your business need funding, kindly check this blog post on how to get one for your business.
#7. Don’t Stop Expanding; Invest More in Your Business
You’re not there yet. Start investing more in advertising, your team members, think of innovation and, acquire other related small businesses.
Just don’t stop growing!
I hope these tips will help you start that business in 2022 and I believe you can conquer the world, don’t worry, start today!
If you love what you just read, kindly consider subscribing, and don’t hesitate to use the comment box below to let me know your feedback.
MTN’s IPO: How to Buy MTN Shares with less than N50,000
Here is your time to shine, you can now buy MTN shares and join the leagues of MTN shareholders in Nigeria.
Nigeria’s telecommunication giant, MTN Nigeria recently announced the selling of 575 million of its shares to the public on Tuesday, November 30th, 2021. Just in case you don’t know what “shares” is, let’s me quickly tell how it works;
What are Shares?
Share simply means a percentage of ownership in a company. Those who hold these shares are called “shareholders” and you can also call them “investors”.
What that simply means is that, let’s say you buy MTN shares, you have a percentage of every percentage of the company. If the stock rises, your share rises and vise versa.
How Shares Work?
The more shares of a company you’re holding, the more decision-making power you have in that company and the more your profit if the company is performing well.
Let’s say you buy 250 units of MTN shares at the rate of N169 each, which is N42,250.
And luckily, MTN stocks jump to x10, that’s also N42,250 x 10 for you. You’ve made N422,500!
That’s just the simple idea, if you know how FOREX, stocks, or cryptocurrency work, you have the idea of how Shares work also.
But you don’t need to panic because MTN Nigeria is leading and doing well in Nigeria, investing your money to buy from their shares will be a good return on investment (ROI) for you.
…and this is a golden opportunity if you’ve been looking for where to invest your money.
Right in this blog post, I’m going to share with you how can buy these MTN shares easily and answer a few things you may want to know. But let’s start with the eligibility and requirements;
Eligibility and Requirements to Buy MTN Shares
1. You must be 18 years old and above – No minors *(-_-)*
2. You need a Bank Verification Number, BVN
3. You need a CSCS (Central Securities and Clearing System) account
4. You must behold the shares for at least 12 months, if you can’t let your money work for you in 12 months, don’t even try buying.
5. You must be able to buy a minimum of 20 unit shares, while the maximum is 250 units.
Buying MTN Shares: Other things you need to know
- The general public can buy the MTN shares from December 1 to December 14, 2021 (just 2 weeks)
The MTN share offer will be priced at N169 per one unit
- The minimum amount you’ll invest (for 20 units) is N3,380 and the maximum (250 units) is N42,250
Your stockbroker or a certified Momo Agent can help you
- Visit https://mtnoline.com/PO in case you need help
Now, let’s talk about how you can buy MTN shares before the deadline!
How to Buy MTN Shares in Nigeria
There are two ways to buy the shares, you can buy through;
2. MTN MoMo agents
Buy MTN Shares with PrimaryOffer
PrimaryOffer is a service (or product) by NGX exchange where you can buy new public offers like this MTN share. Here is how to buy your MTN shares on PrimaryOffer:
– Visit www.primaryofferng.com and click on “Get Started”
– Click on “I am an individual investor” if you’re buying for yourself
– You’ll land on a page with MTN branded banner at the top, but click on “Create an Account” to get a PO account
– Put your BVN number and correct date of birth
– Click on “Continue”
– On the next page, your primary data would have been generated from your BVN, fill out the remaining data such as “email address”, “your mother’s maiden name” etc.
– Click on “continue”
– Verify your OTP: check your email address to get the code
– If you do that correctly, your account will be verified and the next thing is to login
– Login with your email address and password
Finally, buy the MTN shares!
After you log in to your PrimaryOffer account, you will see the only shares available (MTN shares), click on the MTN logo, it will load to open a new page.
– Scroll down and put in the unit of shares you want to buy. Note that the minimum is 20 and the maximum is 250
– Check the agreement and conditions, and
– Click on “continue”
– CSCS account will be created for you, but you need to complete it manually on the next page by filling in one of your bank details
– Click on “update Bank”
– Continue to complete all necessary stuff such as uploading a proof of address, your national ID card, and your signature.
– You can as well complete your social profile
– If you’re done with that part, go back to offerings to buy the MTN shares.
Important Notice: You can also use the PrimaryOffer mobile app to do all these things.
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That’s the first method of buying MTN shares in Nigeria.
Buying MTN Shares with Receiving Agents
Just in case the steps above are too technical for you to do, you can use a receiving agent and the person will do all the hard work for you.
Receiving Agents you can use:
1. MTN MoMo Agents
MoMo agents have received training on how to help people buy MTN shares. So you can visit any MoMo agent close to you and they’ll help you out.
2. A Stockbroker
Stockbrokers are professional, if you see one, ask them for help but be careful and make sure you use a trusted broker.
So, that’s how to buy MTN shares in Nigeria.
Summary: How to Buy MTN Shares in Nigeria
– You can buy MTN shares for as low as N3,380 and the highest you can buy is N42,250
– The best way to buy MTN Shares is through the PrimaryOffer’s website or mobile app
– The public sale of MTN Shares will end on December 14, 2021 (Maybe this will be extended, I don’t know)
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