According to investopedia.com, "Financial technology (Fintech) is used to describe new tech that seeks to improve and automate the delivery and use of financial services. ​​​At its core, fintech is utilized to help companies, business owners and consumers better manage their financial operations, processes, and lives by utilizing specialized software and algorithms that are used on computers and, increasingly, smartphones. Fintech, the word, is a combination of 'financial technology'. "Source
The area of Fintech I am having in mind for this post is the POS business that is flourishing in Nigeria. This service has greatly reduced the queue that often build up in banks and the public can now make some transactions close to home without having to get to the bank. Only few services are conducted in the banking halls resulting in most banks laying off a good number of staff who have become redundant due to the work of the POS as a Fintech assisting the banks.

Services Provided By POS

• Cash withdrawal
  Here your money is transfered to the POS wallet and the physical cash is handed over to you. The POS charge may be deducted from the amount or you can pay in cash.
• Cash deposit
  You are giving the POS your physical money so he can transfer it from his wallet to your account, the POS charges may be deducted from the account or you may pay it in cash.
• Transfer of Cash
  Funds are to be moved from your account to the POS wallet and from the wallet to any account you want to
• Balance Enquiry.
  Here the person want to know how much is currently in their account.

What it Takes To Start

• To get in this business, you will have to nurse the idea and see it's potentials
• Identify a high foot traffic location where to site the POS kiosk.
• Financially, you will need the following

Qty	Particular	Amount
1	POS device	166.67
1	Amount in POS wallet	166.67
1	POS kiosk	133.34
1	Plastic chair	26.67
5	Pos Thermal Paper	40
6	Logistics	300
	Total Amount in steem	833.35

So with 1000 Steem, this type of Fintech business is up and running, assuming that the business is managed by the entrepreneur himself.
The 5 rolls of thermal paper will be a monthly reoccurring expenditure.

Income Analysis (in Steem)

Transaction	Amount	Bank fee	POS Charge
Withdrawal	6.67	0.07	0.67
Deposit	6.67	0	0.67
Cash transfer	6.67	0.07	1.34
Balance enquiry	0	0	0

• Note that the bank charge of 0.07 equivalent of a Steem is only applicable to the first 6.67 Steem equivalent withdrawn, so the same 0.07 charge will apply if you withdraw 5 times that amount, but the POS Charge will be multiplied by 5 resulting in 3.35 making a profit of 3.28 each time 33.35 is withdrawn.
• The same profit is made of the equivalent of 33.35 Steem is deposited.
• An even bigger profit is made if the client needs to make a transfer, because you will be charged first for withdrawing and then for depositing which will mean 6.56 will be charged for Transferring the equivalent of 33.35 Steem.

Transaction and profit made

Transaction type	Amount	Profit made
Withdrawal	33.35	3.28
Deposit	33.35	3.28
Cash transfer	33.35	6.56
Balance enquiry	33.35	0
	Total profit	13.12

This can be repeated 12 to 15 times in a day depending on location and foot traffic
Which will mean 13.13 x 12 = 157.44
This amount as income for a day is very feasible in most places.

Advantage

• Thile the banks will close by 15:00, the POS is still functional till 18:00 in some places.
• You can find one close to your home or where the business is taking place.
• The POS are well documented so they have to be honest.
• The queue in the banks are taken away

Challenges

• Large taxes from the revenue office
• Attack from robbers
• Fraudulent individual who prey on the systems vulnerability
• Minimum requirement from the bank

Conclusion

Based on the numerous advantage of the POS as a Fintech business, it is believed that rendering this service is an economically worth while prospect and is very promising.