Sukkyy2010:

That mean you're only doing the business as side hustle, it's not your main business.

Secondly, it all boils down to your business location, your location determine the kind of prospect you're open to be patronized by. My POS business is situated in a market where huge transaction take place on a daily basis, paying out huge amount of money becomes inevitable unless you don't want yohr business to commensurate with the demand.

Abeg teach me how to run POS business naw

nlfpmod:


SP. Bright Edafe
Public Relations Officer (PPRO)
Delta State Police Command

So if someone comes to withdraw 1m with ATM card I should ask the person where he/she got the card?

CBN is just a joke in this matter. Commercial banks cannot give cash more than 20K but ordinary POS street person can give cash going into millions. This is the only reason Kidnapping is still high in Nigeria. kidnappers will direct victims relatives to go and withdraw cash from POS. And DSS, Police, Military, CBN, cant place limit on POS. Its a shame.

Treasure17:

Oh. See I run the business as well but I don't want to exonerate myself here in as much as I'm not guilty of the aforementioned accusations. I totally agree with you on all issues raised but you know this in Nigeria. People will do anything to keep their source of income afloat as long as it's within the ambiance of the law. Without cash, the business is vulnerable. It's like a city without a wall and recent CBN policies have somehow restricted the business vis a vis withdrawal limit. Now banks hardly dish out cash and peradventure they do, it's 50k maximum in a day. So no POS operator can survive on that. I don't do ATM cause of network issh. But because I know people, I can withdraw 1m in a week but not without watering the ground and the charges is still same. As in 100 on 5k.
Good night

You got my point! Their withdrawals are supposed to be done specially with the bank on a small commission whether legal or illegal. Imagine you using up to 6 cards to do this on one ATM? Imagine 10 of you doing such. Money will be unavailable always while we continue buying. They increase the charges during Public holidays and festivals. They collect N200 in Lagos o! During festivals or Public holidays, N500 on N10k.

Pepperdemisback:

You got my point! Their withdrawals are supposed to be done specially with the bank on a small commission whether legal or illegal. Imagine you using up to 6 cards to do this on one ATM? Imagine 10 of you doing such. Money will be unavailable always while we continue buying. They increase the charges during Public holidays and festivals. They collect N200 in Lagos o! During festivals or Public holidays, N500 on N10k.

These are wicked souls. I'm in Lagos as well and the charges is 100 on 5k.