I have run a car wash at Dugbe public park, Ibadan since May 4, 2025. Every day I watch 3 POS points near my car wash. One day I asked my friend Tunde who runs POS beside me: "How much did you use to start?" His answer and my research is this post.
Many people search "POS business near me" on Google. I saw it in my Search Console People Also Search For. So I wrote this.
What is POS Business?
You help people withdraw cash, transfer money, buy airtime, pay bills with your POS machine. You charge ₦100 to ₦200 per transaction.
How Much to Start a POS Business in Ibadan in 2026?
I calculated for Ibadan (Dugbe, Bodija, Challenge):
1. POS Machine: ₦15,000 - ₦25,000 (Moniepoint, Palmpay, Opay - free if you meet target, but deposit ₦20k)
2. Umbrella and Table and Chair: ₦12,000 (₦7k umbrella, ₦3k table, ₦2k chair)
3. Starting Float/Cash for Customers to Withdraw: ₦50,000 - ₦100,000 (Most important - if you have ₦20k only, customers will leave)
4. Banner and Branding: ₦3,000
5. CAC Registration (Optional but helps for bank): ₦20,000
Total in Ibadan: ₦100,000 to ₦160,000. If you already have an umbrella, ₦70,000 can start with ₦50k float.
How Much to Start a POS Business in Lagos in 2026?
Lagos is higher because of rent and higher float needed:
1. POS Machine: Same ₦15k-₦25k
2. Small Kiosk Rent in Yaba / Computer Village: ₦30,000 - ₦60,000 per month (Ibadan shop is ₦80k-₦150k per year, Lagos is monthly)
3. Float: ₦150,000 - ₦300,000 (Lagos customers withdraw ₦50k-₦100k at once)
4. Table/Chair/Umbrella: ₦15,000
5. Area Settlement: ₦5,000 - ₦10,000
Total in Lagos: ₦215,000 to ₦400,000 for the first month. That is why many Lagos POS start inside existing shops.
How Much Profit Per Day? My Friend's Real Maths (No Fake):
Tunde charges:
- ₦100 for ₦5,000 withdrawal
- ₦200 for ₦10,000 withdrawal
- ₦300 for ₦20,000 withdrawal
If he does 30 transactions per day average ₦100 profit:
30 x ₦100 = ₦3,000 profit per day
Monthly: ₦3,000 x 26 days (off Sunday) = ₦78,000
Minus expenses:
- Data: ₦5,000
- POS charges by bank: ₦3,000
- Area money: ₦2,000
- Balance: ₦68,000 profit
In Dugbe's good location, he does 40-50 transactions. In the slow area, 15-20.
My Calculation for ₦50,000 Float Only:
If you start with a ₦50k float, you will run out by 11am. Customers need cash. You will go to the bank to get more cash, losing customers. Better start with at least ₦80k float in Ibadan.
What You Need to Appear in "Business Near Me" Search:
This is why I wrote my previous post on Business Near Me Ibadan/Lagos. For POS, you must:
1. Open Google Maps on your phone
2. Click Add Business > Enter "Tunde POS - Dugbe, Ibadan" > Category "ATM / Financial Service"
3. Add your phone number and open hours 8am-8pm
4. When someone near Dugbe searches "POS business near me" or "POS near Ibadan", your point will show.
I explained full steps in my Business Near Me guide
Risks I Saw in Dugbe:
1. Fake transfer alerts - always confirm on your POS app before giving cash
2. Cash shortage on Monday mornings
3. Machine network failure - have 2 different banks POS if possible (Moniepoint and Palmpay)
4. Police/area boys asking for money if you don't have chair inside shop
My Advice for Beginners:
Don't start POS if you have only ₦20,000. That money is better for pure water or phone accessories I explained in 7 Small Businesses With ₦20,000.
POS needs ₦100k minimum in Ibadan, ₦200k minimum in Lagos to run well.
I also compared saving ₦10k with ₦334 daily plan here: How to Save ₦10,000 in 30 Days on ₦30,000 Salary in Nigeria 2026: Correct Maths
Conclusion:
POS business still works in 2026 if you have a good location near a bus stop, market, or car park like Dugbe, and enough float. Ibadan needs ₦100k-₦160k, Lagos needs ₦215k-₦400k. Profit is ₦50k-₦80k monthly if you work daily and have no network issues.
I am not a financial adviser, I am sharing what I saw from my car wash point since 2025.
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