POS (Point of Sale), is a very popular business model in Nigeria today. The reason is very clear; people get to perform bank transactions without having to visit the bank. The POS business has been in existence for quite some time now and does not look like it will go extinct anytime soon.
It is never a bad idea to add an extra layer to your streams of income in order to survive the harsh economy. Adding a business on the side could sometimes become too overwhelming, but as a POS agent, the case is different. POS business does not demand too much from you. In fact, you could joggle other jobs alongside.
Have you been thinking of becoming a FirstBank POS agent? Then, this article is for you, just read on, to get the full information about this business.
What is First Bank POS?
The First Bank POS is a method of banking that allows customers to perform various transactions without visiting the bank. More like a bank outside the bank. It is called FirstMonie. It allows the unbanked and the underbanked to carry out transactions comfortably without traveling long distances, especially when it’s not convenient for them.
Services offered at FirstMonie Agent
As explained earlier, FirstMonie lets customers carry out various transactions outside the bank without any hassles. Amongst these transactions are:
- Opening the FirstBank account.
- Receives deposit(In other words, you can send money through the FirstMonie agent).
- Withdrawal: You can make a withdrawal from your bank and cash it right there with FirstMonie. It does not matter if you have a FirstBank account or not.
- Pay for utility bills such as electricity bills etc. You can also subscribe to your cable TV at a FirstMonie POS agent.
- Transfer of money to any Nigerian bank account.
- Representing First Bank by giving responses to customers’ inquiries.
Requirement for a FirstMonie Agent
To become a FirstMonie agent, you need to fulfill the following requirements:
- You must own and operate an existing business with good profits.
- Any open location where you can easily be spotted or located. This should not be much of a problem, as you do not compulsorily need to rent a shop. Just an open place with chairs and shades should do just fine.
- You need a minimum working capital of N50,000.
- If you have a registered business, you need a minimum of N250,000 working capital.
- Any form of valid Identification (Voter Card, National Identity Card, Driver’s License, etc).
- Any regulatory number or information required (CAC number etc).
After the above has been confirmed. You can now be called a FirstBank FirstMonie Agent.
Some people wonder whether this business is only accessible to specific FirstBank customers. First did select only a faction; this business can be done by any FirstBank customer. As long as you have a FirstBank account and meet the above requirements, you are good to go.
Steps on How to be a FirstBank FirstMonie Agent:
- Visit any First Bank branch.
- Open a FirstBank account (If do not own one already).
- Fill out the FirstMonie Agent Form. (This will enable you to get a First Bank POS machine, which is the main equipment for the job).
- Provide all the requirements mentioned above.
- Wait for processing, (which should not take time).
Note that to get the POS machine, you have to go to the customer service representative and request Agency Banking. This will cost between the sum of N5000 to N10,000. This fee will enable you to get a PIN for your machine.
Now, you might begin to wonder what these Agents gain in return. What is their benefit?
You should know that every business has a reward known as profit. The FirstMonie Agent is a businessperson, and therefore, enjoys the benefits of running the FirstMonie Agent business.
Benefits of Being a FirstMonie Agent
As a FirstMonie POS agent, your benefits come in form of commission. This means that if you are able to meet certain targets, you earn a commission from FirstBank.
Now, you earn a commission when:
- Customers make withdrawals from their accounts.
- Customers pay bills from their accounts.
- If you are able to register customers as agents: you get a little commission for customers you register when they perform transactions anywhere and at any time. You will always benefit from these people unless they stopped transacting.
We have discussed the requirement and the benefits of a FirstMonie agent, but it appears we have not discussed how to start the FirstMonie POS business.
How to Start a FirstMonie POS Agent
- Get a First Bank POS terminal (from the bank upon registration and meeting the requirements).
- Get an easy-to-locate location.
- Print your FirstMonie banner.
- Let people know about your business.
I have not mentioned how much it cost to get the First Bank POS terminal. Now, the terminal is the machine you will need to carry out your transactions. Other banks charge close to an N100,000 for the terminal, but as a FirstMonie agent, you will get it for free! Yes, you read correctly, for free.
Do not forget that before they hand the POS terminal over to you, you must have met the various requirements mentioned above.
The POS business is fast thriving business in Nigeria that does not require much hassle. More convenient is being a FirstMonie agent. The economy is not fair to the majority of the Nigerian populace, so if you have an opportunity to be a POS agent, why not grab it? If anything, to put food on your table and to help stay afloat the rising inflation.
So many graduates are wandering the streets, looking for jobs. If you are among them, you should consider being a FirstMonie POS agent. Aside from that, it serves as a job, but it also serves its purpose by putting food on your table and making you financially responsible. So, if you are still thinking of a business to start, think of being a FirstMonie POS agent. And if you have already registered for this business, congratulations.
We hope that you have learned a thing or two from this article. If you have other questions that you think were not captured in this article, please visit the nearest FirstBank branch, and get as much information as you want.