How POS fraud couldn’t stop her from expanding her business

Business Stories - September 16, 2022

She had abandoned everything she knew to start this business. Her husband had praised it as the easiest job to pick up and make money. Instead, it was been backbreaking labour. She was tough, she could manage that. But POS fraud? Chinwe had never pictured she would lose a whopping 150,000 naira in a single month. What had she gotten herself into?

For some, knowing how to start and grow a business is inbuilt; for others, they would benefit greatly from some form of education. However, we believe at Moniepoint that choosing the right partner is the best thing you can do for your business, no matter how skilled you are. 

For Mrs Chinwe Onuoha, starting a business had always been her dream. She was satisfied if she could put her sweat and energy into something, and it would generate the reward she deserved. Then you can imagine her pain when after putting all her sweat into business, she now has to battle losing money.

This ambition caused her to resign from her day job in the telecommunications industry and begin working to build a name for herself. Her husband, a business owner, welcomed her into his very profitable and hands-on business of aluminium selling. 

Despite Chinwe’s love for business, she struggled to adapt to the practical nature of the aluminium business due to her corporate background. Yet as a woman who wasn’t afraid to get her hands dirty, she quickly picked up the job. You would think that knowing how to do a job well and having a loyal customer base is all she needed to have a successful business. She would quickly find out how wrong that mindset was. 

For Chinwe, the problems began to start as she noticed she was losing more and more customers each month because her business only accepted cash. Her constant request for a POS to accept card and transfer payments had fallen on deaf ears. What began as a passing worry soon became a gripping fear in her heart. Not only was she losing customers, but now she was also a victim of fraud. Chinwe was losing money left, right and centre. It was when she was defrauded of an initial 100,000 naira and subsequently 50,000 naira that the patient Chinwe snapped.

To discover how Chinwe’s story continues, watch our video below and learn more about how Moniepoint is helping people achieve their dreams one business at a time.

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