In a bid to bring financial services closer to the unbanked and underbanked segment of the society, the First Bank of Nigeria introduced the system: Firstmonie by empowering existing businesses within the communities to deliver most of the banking services to their customers. Over the years, this system has seemed to be taking root, that is why we have decided to discuss the steps on how to become a Firstmonie agent in Nigeria in 2020.
We will show you all you need to know about a Firstmonie agent, the requirements needed to qualify as a Firstmonie agent, how to identify the Firstmonie outlet, how to start your own Firstmonie outlet and lots more.
Without further ado, let’s get started!!!
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- Read Also
- WHO IS A FIRSTMONIE AGENT?
- REQUIREMENTS NEEDED TO QUALIFY AS A FIRSTMONIE AGENT
- WHO IS QUALIFIED TO APPLY?
- STEPS ON HOW TO BECOME A FIRSTMONIE AGENT
- WHAT TRANSACTIONS CAN BE DONE AT A FIRSTMONIE OUTLET?
- WHAT’S IN FOR ME AS A FIRSTMONIE AGENT?
- Find Out
- HOW DO I IDENTIFY A FIRSTMONIE OUTLET?
- EDITORS RECOMMENDATION
WHO IS A FIRSTMONIE AGENT?
A Firstmonie Agent is a legal channel through which banking services are brought closer to the public outside the banking environment. Firstmonie outlets are endorsed by the First Bank of Nigeria.
The First Bank Mobile Money Agent is a business person who is in partnership with First Bank of Nigeria to provide certain services to bank customers. These money agents play important roles. And this is a very legal way of making money. He/she serves as a banker outside the banking environment. As a Firstmonie agent, you receive your own share of payment while offering banking services.
I’m sure you might be thinking this might just be another side hustle for you, well yes it “might”. Before you arrive at that conclusion let’s take a look at the requirements needed to qualify as a Firstmonie agent.
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REQUIREMENTS NEEDED TO QUALIFY AS A FIRSTMONIE AGENT
You guess is as good as mine. Before the First Bank of Nigeria validates you as their agent, you must have passed through some series of processes and successfully fulfilled some requirements. Those requirements include;
- You must own an existing business with good patronage
- A visible business location which is easily accessible
- Minimum working capital of N50,000
- Complete Agent registration form and execute agreement
- Valid identification – Voter’s card, Driver’s License, International Passport, National ID card
- Any regulatory information as required (e.g. Business registration documents)
After some scrutiny and validation of these requirements, you can now own your own Firstmonie outlet and become a Firstmonie agent.
WHO IS QUALIFIED TO APPLY?
Well the good thing about wanting to become a Firstmonie agent is that there is no restriction to who can become a Firstmonie agent. Potential Agents may include any of the following entities:
- Unregistered SMEs – Individuals
- Registered businesses – Limited liability companies, Sole proprietorships, Partnerships, Cooperative societies
- Corporates with retail chains / large distribution network.
As long as you fulfill the requirements and the financial institution deem you fit to work with them, then there is no hindrance.
Let’s go to how you can make this a reality!!!
STEPS ON HOW TO BECOME A FIRSTMONIE AGENT
To become a Firstmonie agent, you need to visit any First Bank branch close to you and follow the steps.
- Open a bank account (if you don’t have one already)
- Fill the form for Firstmonie agent, this will qualify you to own a POS which is what you use for your transactions.
- Provide the requirements listed above
- Expect their response.
NOTE: To get a POS machine, you have to go your bank, meet the customer care service, and request for the agency banking, which attracts a fee between N5,000 and N10,000. This money must be paid to get a pin.
WHAT TRANSACTIONS CAN BE DONE AT A FIRSTMONIE OUTLET?
If you want to become Firstmonie agent, here are the transaction you will have to be performing daily
- Open account
- Deposit money
- Buy airtime
- Pay bills
- Withdraw money from any bank account
- Send money to any bank account
- Check balance
- Customer enquiries about First Bank products
You’re practically a BANKER WITHOUT A SUIT AND TIE. Since you perform most of the duties of a banker, you might be wondering what’s in for me? What do I gain from performing these duties?
Want to know? Keep reading !!!
WHAT’S IN FOR ME AS A FIRSTMONIE AGENT?
Well, the truth is that having a Firstmonie outlet means you are running a business and business requires returns. So if you’re wondering how you make your own cut working as a Firstmonie agent then read on
Making Money as a Firstmonie agent is on commission bases, you earn some commission, when customers withdraw from their account from your outlet, you earn commission when customers pay bills from your outlet.
You earn N70 naira if you are able to Register AND FUND a customer at least N500 minimum (I think this is still the biggest commission with 1st money). However, you can charge extra fee on some of these transaction (Not official sha o, but legal), but considering your location and the cost to your business.
The money majorly is on the number of transactions you are able to carry out as an agent. The other big deal is, the number of customers you are able to register as an Agent, these customers are tied to you for life, this means you earn a tiny fraction on transactions they do anytime, anywhere.
HOW DO I IDENTIFY A FIRSTMONIE OUTLET?
You know a Firstmonie outlet by seeing the features of the Bank which they represent. The branding features of a Firstmonie Agent location include.
- Outdoor paintings in First Banks’ colours (Blue and Gold)
- Firstmonie Agent Certificate
- Firstmonie Agent Banner
- Firstmonie Agent Dangler
You too can have a Firstmonie outlet and become an agent. See it as another stream of income and a means to enhance your credibility as an individual.
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