Agent Banking in Nigeria: All You Need To Know To Get Started

Agent Banking is one of the rising trends in the Nigerian banking and finance industry. Nearly everyday, more and more financial institutions go into partnerships with agents to help take their banking services to the unbanked and underbanked in remote parts of the country.

In this article, you will find all you need to know about agent banking in Nigeria. You will also learn how to get started as an agent banker and become a player in the financial industry in Nigeria.

What is the meaning of Agent Banking?

Agent Banking is a form of banking in which individuals and businesses are authorized by banks to function on their behalf in locations they can’t ordinarily reach.

These agents are given licenses by banks to provide banking or financial services to members of their communities on a small or medium scale bases.

In Nigeria today, when agent banking is mentioned, the first thought that comes to the minds of many is POS agents or attendants. While it is true that POS business can be seen as a form of agent banking, agent banking involves a lot more than POS cash withdrawals and transfers.

Some of the services offered by agent banking firms include: Individual bank account opening, ATM card application, POS cash withdrawals, deposits and transfers amongst others.

Best Agent Banking Services In Nigeria

Are you thinking of starting agency banking business in Nigeria? The following are the top recommended agent banking services in Nigeria.

1. First Monie

First Monie platform is owned by First Bank of Nigeria. Once you partner with the bank as First Monie Agent, you will be given license to create First Bank accounts and offer their banking services in your location.

A few of the things you will be given to empower you succeed are: FirstMonie Mobile App, Android POS with 4G internet connectivity, marketing banners and tshirts, account opening forms and several other things.

You’ll also receive free trainings from the bank. First Monie agent banking commission rate is 50% for every transaction.

2. UnionDirect Agency Banking

UnionDirect is the agency banking service by Union Bank of Nigeria. The agent banking platform is one of the most reliable and easy to apply in the country presently.

The commission rate is 50-50. That is, 50% of your transaction charges for the, while the remaining 50% is for you the agent.

To get started as a UnionDirect agent, simply visit the UnionDirect banking portal and fill the registration form.

In less than 48 hours, you’ll be contacted by the marketing team of the bank.

3. UBA Agent Banking

The only reason UBA Agency Banking is number 3 on our list is because of their favourable commission rate of 65 – 35. That means 65% of your daily transaction charges will stay with you as the agent the remaining 35% goes to the bank.

Apart from this, UBA still has a long way to go in agency banking. We have received several complaints from their agents bothering on instant settlements. Again, before you become a licensed agent, you will have to visit the branch for physical registration and their training module is also poor.

If the bank can work on these fast, they’ll go up to the number 1 position on our list.

4. Access Closa Agency Banking

To get started on Access Closa Agency Banking service, you must be up to the age of 18, having a minimum working capital of N50K and have a physical location.

Access Closa agents offer full agency banking services that their competitors offer and get paid 50% commission for each transaction.

Also, as an Access Bank agent, you stand the chance of winning up to N100,000 per month based on the volume of your transactions.

5. ZMoney Agency Banking

ZMoney is an agency banking service by Zenith Bank Plc.

Unlike the others mentioned here, it is not actually easy to get Zenith Bank POS. You have to meet a minimum transaction level on your phone first before it is issued to you. This can be quite difficult for beginners.

However, if you successfully get started as a ZMoney agent, you will enjoy steady network, 50 percent commission and opportunity to get loans from Zenith Bank to expand your business.

Final Words

Agent banking is the future of banking in Nigeria. It has already taken over other African countries like Kenya, Ghana and so on.

Soon every part of Nigeria (especially the remote villages) will start benefiting from the impart it brings with it.

Also Read

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