Tools for Starting a VTU Business in Nigeria

 ‘VTU’ one of the most popular abbreviations in our present-day Nigeria, gone are the days of buying recharge card and having to start scratching. VTU is an abbreviation for Virtual Top Up, this is a process by which your phone would directly be credited by the vendor with digital crediting, saving you the stress of scratching a card or load with USSD.

Nigerians spent 767.23 billion naira on airtime in three months by a study conducted between November 2018 and January 2019, according to NCC. These figures alone show you how large the market is and how so much money can be made from venturing into a business along this line.

In this article, we would be discussing the tools involved in starting A VTU business in Nigeria.

Starting a VTU business is one of the best business ideas to get involved in during this period because everyone is on their phones either using social media, making calls, doing some research and what have you. All these things consume airtime and that is where you come in. This business can kick start with as low as #5000 in some cases even less. It is easy to start and the benefits are endless.

From how you need not have a shop or need to pay rent to how both you and your customers benefit from this venture. Registering as a vendor you get to have a minimum of 3% discount on every transaction made on your portal and your customers enjoy the benefits given by network providers such as; free MB, free talk time ‘and so much more. Suffice it to say that the telecommunication industry is gradually becoming one of the most lucrative industry in Nigeria, the question to answer is with so much money circulating in a system, why is none of it coming to you? 

How can I become a VTU vendor?

There are basic things to put in place when trying to start a VTU business

1. A good PC or phone

2. Mobile Banking App or Debit Card

3. The Vendor Vending pack

4. SIM cards of the networks you plan to trade in

5.  Some advertisement strategies

The phone must be internet-enabled and efficient. Some people get a separate phone for this business to make them more efficient, this is advisable after some time and your network of customers have grown. You can run this business without necessarily having a social media account or website but in the long run, I advise you to do so. With a large network, you can have a website and even register your business. Companies like VTU.com.ng, MobileVTU.com, VTU King are making waves in the industry.

Reagistration for VTU in Nigeria

When you first start off you need not have a license, but you are expected to get registered under CAC ( corporate affairs commission). Then you download the VTU application. It is through this platform that your customers would be credited. There are a number of VTU applications you can subscribe to.

The other VTU platforms work with you loading all networks with airtime. However, VTU applications have changed so much because you are provided with a portal via the app and all networks can be credited from that one portal. Networks such as MTN, 9mobile, Airtel can be accessed from this portal. On the applications you are not limited only to selling airtime, you can sell data, do subscriptions for your DSTV, GoTv and Startimes, send bulk SMS etc

There are over 100 million active GSM users in Nigeria, so the question of if there is a market for you does not arise. An average Nigerian may spend N2000 monthly on airtime, remember I said average because most of us spend way beyond that just on our data subscriptions. How about other businesses like consulting firms, customer service providers, front desk officers and what have you? These are positions that require businesses and offices to spend a whole lot on telecommunication. I am literally giving you a marketing strategy for free.  

Should you market your VTU business?

As mentioned earlier, it is not compulsory you have a social media page or website for your VTU business but what harm would it be if you did? Social media today affords us the opportunity to transact with people way outside our circle, way outside our location. The world as we know it has now become a global village, where even messaging your celebrity crush is possible. How about putting yourself out there so customers from all over can have access to your services? 

The sale of paper recharge card or scratch card is fast fading off and Virtual Top Up is taking over the market. Why do you think every bank now has a VTU business it is because for every transaction you make through them a percentage is theirs. Join the train of VTU business owners with the aforementioned tools, it is a good side-hustle and if intended large scale, a lucrative full-time business. The system has so many prospects, the earlier you come aboard the better. Also, see 7 Steps to starting your VTU business in Nigeria.