How a POS Scam Cost a Business Owner ₦2.4 Million

I’m sharing this because it happened right next to my shop and it could happen to anyone. A trader I know added POS services and decided to expand. He was linked to a supplier offering bulk sales and agreed to buy ten terminals for ₦2.4 million. The deal looked legit: videos showed the machines configured and labeled with his business name. The seller spoke confidently about commissions and settlement schedules and didn’t rush him. After the money was transferred, the supplier started making excuses and then went silent. No machines have arrived. If only he had used an escrow service to hold the funds until delivery, he might have been protected. Be careful when buying POS terminals.

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