In Nigeria’s rapidly evolving economy, the story of the small business owner has taken on a new face, one driven by resilience, innovation, and pure hustle. Among the most inspiring narratives are those of individuals who started as humble POS (Point of Sale) operators and rose to become successful CEOS, building thriving businesses from the ground up.

This is more than a tale of financial growth — it’s a testament to the entrepreneurial spirit that runs through the veins of many Nigerians.

POS Economy in Nigeria

Over the last decade, POS businesses have filled a critical gap in Nigeria’s financial services sector. With limited access to traditional banking services in many areas, especially rural and semi-urban communities, POS agents have become a lifeline. These mobile money operators provide basic financial services like cash withdrawals, deposits, transfers, and bill payments.

Over a decade, POS has introduced a new system of financial inclusion in Nigeria, which enhances the economic situation of many rural and semi-urban areas in Nigeria. POS businesses provide a positive impact on the Nigerian economy in many aspects, such as: 

Economic Growth: In 2024, over 5.5 million POS terminals were deployed across Nigeria and transactions of over 19.4 trillion were conducted

Employment opportunity: over a year, this business created a million direct and indirect job opportunities in Nigeria. 

Promote financial inclusion: POS agents serve as a mini bank in many areas in Nigeria where they are providing services like BVN registration, opening a bank account, cash withdrawal and money transfer. 

POS agents who turn to the CEO

POS created millions of jobs for many young people who are unemployed or underemployed. Starting a POS business offers them an entry point into entrepreneurship with relatively low capital requirements. But for some, it didn’t stop there. Below are some of the young Nigerians who became CEO’s as a result of the POS business

Amaka From Corner Kiosk to Tech Startup Founder

She is a young lady from Enugu State who started her POS business with not more than 100,000 immediately after finishing her NYSC, but she turned her POS business into a tech startup within 3 years. 

Amaka started her POS business with just one terminal under a sunshade in Enugu. She realised her customers often needed more than just withdrawals; they needed airtime, bill payments, and even microloans. Therefore, she added online barcode saving, which she partnered with fintech such as Opay and Monie Point. As her business was growing, she then realised that her customers needed more than just a financial service, then she created a Fintech app, Kiosk, which helps POS business owners to manage their records, calculate their commission and have access to loans.  

Tunde Scaling from One Machine to a Financial Services Brand

Tunde started his POS business with a joint contribution of 75000 Naira in 2019. Tunde invested his severance pay in a POS terminal. Within three years, he scaled to over 30 agents, expanded into small-scale lending, and branded his venture “CashPoint Solutions”. After opening many POS stations, he then branded them into one brand, and he named it Swift Cash. In 2025, Swift Cash is now operating in over three states with about 50 POS agents. 

Zainab:  Empowering Women Through POS Business

Zainab started her POS business to support her family after her husband lost his job during COVID-19 in 2020, with a capital of 50,000 Naira. She soon began training other women in her community, helping them start their own POS businesses. Through partnerships with NGOS and microfinance banks, Zainab built a cooperative network of over 100 women. She now runs a foundation, Shepos, and serves as CEO of a women-focused financial empowerment organisation.

Lessons to learn

These stories reflect some common principles:

• Start small, but start smart: They didn’t wait for perfect conditions. With small capital and a big vision, they took the first step.
• Solve real problems: Each of them looked beyond the transaction and found ways to meet deeper community needs.
• Scale strategically: Through partnerships, technology, and reinvestment, they grew their operations.
• Empower others: By training agents or supporting others in their community, they created business ecosystems, not just profits.
  

The path from POS operator to CEO is not without challenges, including security risks, unstable networks, regulatory hurdles, and capital limitations. But these success stories prove that with innovation, grit, and community-driven values, it’s possible to transform a modest business into a legacy.