In 2017, US$3.8 billion transaction occurred on Point of Sales Terminals (POS) in Nigeria. By October 2018 Transactions had cross over US$4 billion. In 3 years time, it’s projected that POS Transactions in Nigeria will grow to US$10 billion.
Unfortunately acquiring a POS Terminal seems to be a very difficult task. Small and Medium Businesses fill a lot of documents and are placed on a queue when they make a request for a POS terminal , they spend an average of 60 days to acquire a Point of Sales terminal from Commercial Banks; and that’s not all, transaction funds are being delayed as merchant has to wait till the following day for funds to get settled into his bank account for transactions that occur on the POS terminals, this makes business expansion very difficult as 80% of merchants lack access to loans to grow their business; usually the account linked on the POS terminals is a savings account. Having a savings account makes it impossible to access loans from Commercial Banks.
BranPOS is solving these problems, as the founders have developed a solution that will enable merchant acquire a POS Terminal within 48 hours with minimal application process. BranPOS settles merchant’s bank accounts funds instantly as transaction occurs.
Businesses can access loans to grow their business seamlessly from Individual and Institutional Lenders that are on-boarded via BranPOS APIs. Loan repayments are convenient, as merchant don’t have to make weekly or monthly repayments. Repayments are done as transactions occur on the POS terminal.
BranPOS targets high volume, high customer traffic businesses, not limited to Restaurants, Pharmacies, Hospitals, Fuel Stations, SuperMarkets and Malls with Over NGN360,000 (~US$1,000) daily Transaction.Within the next 12 Months BranPOS seeks to deliver at least 1,000 POS Terminals.
BranPOS Transaction projection stands at NGN130 billion (US$360 million) in 2019, with an estimated gross income of NGN320 million (US$900,000) in the same period.
The Co-founder/Communication Officer Ms Evelyn Onoja said BranPOS is glad to assist businesses to simply accept payment via debit cards, give merchant insight into their transaction and at the same time avail merchants opportunity to access loans from numerous lenders via the platform.
A South African Startup with a similar product offering – Yoco , raised US$16 million in a private funding round in September 2018.