How to Start Recharge Card Business In Nigeria
This business is one that proves to be quite lucrative in Nigeria, as long as you have enough funds to start and effectively maintain it. The recharge card business can be launched from any state in the country, and it’s pretty much the same process to starting. With N10,000, you can begin your profitable recharge card business. Of course, the recharge card business is a profitable side hustle and not the main career. It’s just something you might do on the side to bring in little money for yourself.
How Does the Recharge Card Business Work?
There are three major levels to the recharge card business, with the profits differing from level to level. The levels are:
Recharge Card Dealers
Recharge Card dealers are those who buy both the cards and their PINS in large quantities from the mobile operators directly. Sometimes, they also buy from other companies with a direct franchise with the mobile operators. There are two types of recharge card dealers: dealers, and mega dealers.
The dealers sell directly to the wholesalers who in turn sell to the retailers. For this, you’d require millions of naira just to qualify for the dealership level. Basically, you’d be looking at starting out with N10 million naira.
Recharge Card Wholesalers
Recharge Card Wholesalers, as their names imply, buy their recharge cards at a reduced price from the dealers, and then they sell them to the retailers, who later sell to end-users. They also make N5 for every N100 card sold, but because they’re selling in larger amounts, they could make a profit of N5,000 to N15,000 each day.
If you’d like to start off as a recharge card wholesaler, the reasonable start-up capital would be N100,000. At this rate, you’d be able to earn a minimum of N10,000 every day. It’s really a profitable investment for you.
Recharge Card Retailers
Recharge Card retailers are the ones who buy recharge cards from wholesalers at cheaper prices and sell the recharge cards to end-users at the surface price, which is the price written on the card. They often make about N5 per every N100 card, and eventually, earn a total profit of N500 to N1,000 daily.
They often combine their recharge card businesses with other main careers and hustles, to ensure that they’re able to pull in enough funds at the end of the day. For recharge card retailers, N10,000 is a perfect amount to start with.