Selling or vending airtime via Virtual Top Up is a high lucrative business in Nigeria and the most encouraging part of it is that it requires just a little capital for a start up also, you don’t have to stress yourself.
In this article, a simple definition of VTU will be made, the requirements needed for a start up will also be outlined, benefits of starting up a vtu business in Nigeria and lots more all you need to do is read carefully to the end.
Let me ask you a question, “Where and how do you buy airtime for your phone?” Probably through recharge cards, through a website (quickteller) or maybe airtime top-up from your bank’s mobile platform. I think buying through recharge cards is mostly used. If this is the resulting medium then I must tell you that you are on the loosing side.
What Is VTU (Virtual Top Up)
VTU meaning virtual top up, is a business where you act as a vendor and top up customers with airtime electronically. We all know about the common method of recharging phone with a scratch card or USSD code. But if we are talking about Virtual Top Up, the vendor (you) recharges a customer’s phone with the help of a digital crediting system.
Benefits Of Starting Up A VTU business in Nigeria:
In Nigeria today, there are approximately over 150 million active sim cards. And the average sim card user recharges about N2000 per month. That is a whooping N260 billion spent on airtime nationwide in a month.
On every complete VTU transaction to a client, you end up getting 5% – 10% of the amount sold as your interest So you could imagine how much you make at the end of a day’s work. Let’s say you sell 1000 naira top up to 10 clients a day, it means you are making a profit of 500naira – 5000naira on daily basis, 3,500naira on weekly basis and 15,500naira on monthly basis. Hence, you are getting your slice of the N260 billion industry.
Requirements for start up:
Here are the list of materials and tools you will need to start a good VTU business.
Capital: You can start vending VTU for all major GSM networks with as low as N1,000 to N10,000. You do not need a huge capital to start.
A shop; It is better to have your own shop. The fixed physical location of your business can be conducive for the development of your business activity. People should know where you are when they need your service. For one to be very successful in the VTU business in Nigeria, one has to place one’s business location near a promising and lively area.
Sim cards from each network loaded with substantial amount of money. You also need two or more phones to manage all your sim cards, the more phones you have, the faster your work goes.
A well-designed website is recommended because it will make people know you are legitimate and might help attract online customers
You also need a mobile banking app to secure the risk of running out of funds on your VTU account.
Registration And Licensing
Not much registration is needed since this is a small to medium scale one man business. However, one will still need to register with the Cooperate Affairs Commission (CAC) if you want to grow bigger.
How Much Capital You Need To Start a VTU business?
You can start a VTU business with as low as N1,000 – N7,000 with just an Internet-enabled smartphone and my Virtual Top Up Vending Guide. We now have a new innovative and more effective approach to VTU Vending. This has taken care of the demerits of the orthodox way (SIM loaded VTU) of vending Virtual Top Ups.
Promotional Tips For Your VTU business:
In order to become successful in your VTU business, or in any other business , you need to apply some promotional tips. Create pages on different social networks, promote your website, involve your friends by requesting their assistance in promoting your business. Provide qualitaty services, and the customers will find you. You can also add your loyal customers to your social media platforms, especially Whatsapp. This will enable them be able to contact you online in case of emergency recharge. This is an undisputable fact.
In recent years, the internet has grown tremendously into a bank stream of business opportunities where you can only benefit when you get inclined to it business wise.
Starting up a VTU (Virtual Top Up) business is just one way in which you can easily take part in to boost your financial strength. In order to grow in this business, I recommend other VTU seminars.