I don’t know if it’s just me or the part of Lagos I reside but the unreliability of POS billing system has increased in these past weeks. You walk into a place of business to transact and the first thing you are welcomed with is the fact that the POS isn’t working. For someone like me whose body language and mindset is already in the abroad (LOL), cashless is the way and these little hiccups and disappointments can ruin a whole day’s plan or make me stay hungry.
Let me digress a bit – the type of questions and requests I get on social media leaves me flabbergasted sometimes and other times, I wonder what/who exactly people perceive me to be or what category they place me. LOL
One of the many things I get asked via DM especially on twitter is recommending a business one can comfortably invest in. so I am guessing this post will resonate well with someone reading.
I think this holiday, weekends, election period couple with long queues, no service/no cash to dispense problem got me thinking Agency Banking has got to be a lucrative form of business.
Some months ago, I had this same thought on agency banking business in Nigeria and how lucrative it can be, especially for highly populated area with few Automated Teller Machines (ATM) available to serve. I stay in an Estate located around Ajiran Agungi area of Lekki, Lagos Nigeria. For those familiar with the Ajiran road, you would find there is just one ATM owned by Stanbic IBTC on the long populated street or two (if we decide to count the Sterling Bank ATM just by the entrance of Friends Colony). For this reason, whenever I do not remember to withdraw money before getting home, I would have to make do with whatever cash I have left.
This situation made me reflect on my days in Ogudu. Ogudu road is blessed with ATMs. Before you do a 2km walk, you’d definitely find a working ATM. However, I used to reside on the other side of Ogudu, popularly known as Ogudu Orioke, which is just across the popular Ogudu Bridge. This part of Ogudu had zero ATM and people living in that part of Ogudu would have to spend between 100 – 1000 (Depending on your mode of transportation) Naira in other to get to an ATM and back. This was extremely uncomfortable until a bad sharp Igbo guy started a POS CASH WITHDRAWAL AND FUND TRANSFER BUSINESS by my street at the time.
It will interest you to know one can earn as much as 200 naira on each transaction. This business I gather is also not capital intensive with very fast turn over. Just make sure your centre or office is located in populated areas not giving the opportunity to enjoy financial services without the risk and stress of walking kilometers in order to visit a bank branch, especially areas neighbors spend between N200-N500 to and fro the nearest Bank/ATM.
You may want to find out more about this business and invest in it. You will be meeting a need.
The best part about having this type of people in the neighborhood is being able to call your agency banking contact to know if there is cash or open unlike ATM that you don’t know anything until you reach there or spend some minutes on the queue only to realize money don finish or service issue comes up
