Hello everyone,
Are you looking for a way to make passive income while still maintain your job?
Are you a student looking part part time business ?
Are you an unemployed graduate looking for legitimate means to make ends meet ?

Who ever you are and just want some extra cash, you can jump into this new trend in town called Agency Banking.
It is part of the new financial inclusion introduced or supported by the CBN.

So what is this Agency Banking (POS) business all about ?
Follow the thread as I update it to learn more.

first off, sorry for taking too long to update this thread.

have been terribly busy with work/biz.

having apologized lets get down to todays biz

This article nailed everything one needs to know about Agency Banking in Nigeria,
please take time to read every sentence of it, it even helped me to know more about what i can do as an agent.

WHAT IS AGENCY BANKING?,
WHO CAN BE AN AGENT?,
REQUIREMENTS FOR AGENCY BANKING,
RULES AND GUIDELINES FOR AGENCY BANKING.


With the successful introduction and implementation of the cashless policy, which culminated in Mobile Money Operation (MMO) in the country, the Central Bank of Nigeria (CBN) is now targeting the unbanked segments of the society with the introduction of agent banking.
Agent banking is the delivery of financial services outside conventional bank branches, often using non-bank retail agents and relying on technology, such as card readers, point-of–sale (POS) terminal or mobile phones for real time transaction processing ( in simple terms, it is a convenient and easy way to withdraw, transfer or even deposit money with the use of your ATM on card readers, point-of–sale (POS) terminal or banking and other financial institutions app on mobile phones.)

A banking agent is a retail or postal outlet contracted by a licensed deposit taking financial institution or a mobile money operator to provide a range of financial services to customers.
According to CBN, which released the guidelines, the novel banking system is aimed at enhancing financial inclusion, as banking agents are expected to act as delivery channels and to offer banking services in a cost effective manner.
Under the guidelines, any financial institution that intends to engage in agent banking will have to apply for approval, stating the extent of agent banking activities and responsibilities of the relevant parties.

The apex bank said in its guidelines that the bank applying to engage in agent banking should attach to their application, a copy of their board approval, outlining the strategy of the financial institution, including current and potential engagement, the geographical spread and the benefit expected to be derived from agent banking venture.
The applicant, it said must show proof of competence in the operation of agent banking, integrity and the extent of its outreach. Also, the banks are expected to provide the service level agreement, agent banking contract, the risk management, internal control mechanism, operational procedures and the proposal for Know –Your- Customer (KYC) and anti money laundering and combating Financial Terrorism (KYC\CFT) compliance.

Under the agent banking arrangement, a financial institution may engage a super-agent, that is, the agent networks that will establish a collection of outlets or franchise within its wide network of outlets to be under its supervision and control. The bank can also engage sole agent, meaning the agent who does not delegate power to other agents, but assumes the agent banking relationship by itself. It can also engage a sub-agent, which is the network of agents to be under the direct control of super agents as may be provided in the agent banking contract.
The Central Bank said any approved bank agent are only allowed to perform limited banking operation on behalf of their principal, including account opening, fund transfer; deposit and withdrawals; bills payment; payment of salaries; balance enquiry; generation and issuance of mini statement; cash disbursement and cash repayment of loans; cash payment of retirement benefits; Cheque book request and collection; collection of bank mails for customer and other activities to be determined and approved by the CBN.

To qualify as an agent for specific banking operations, on behalf of deposit financial institution or mobile money operator, it must be an entity that have been in a legitimate commercial activities for at least one year before the date of the application and that the business must be a going concern.

For effective management of the agent banking business, the CBN said the financial institution must develop and implement an agent banking strategy, besides establishing an effective oversight over agent banking services, manage their oversight by reviewing and approving key aspects of their security control programme, processes, policies and infrastructure
In order to monitor the approved banking agents, the CBN said under no circumstance should an agent relocate or close down it premises without informing the financial institution it is representing.

To put them under close surveillance, in order to minimize the risk involved in the system, the CBN made it mandatory for the financial institutions to monitor and supervise the activities of the agents, equip itself with the information relating to the number and volume of their transactions, monitor their effective compliance with set limits and established prudential measures in each case; implement measure to control operating risk; periodic physical visit by staff or authorized persons to ensure they operate within the requirement of the law, guidelines and contract, pay special attention to their operational risk, legal risk, liquidity risk, reputation risk and ensure their compliance with the rules for combating money laundering and financial terrorism.

credit to 'THE GUARDIAN' Jun 20, 2015

just in case, i removed some part of the article that is not necessary.
you can ask questions here or on whatsapp through my mobile on my signature.

chaw...

DIFFERENCE BETWEEN ORDINARY POS VENDORS AND LICENSED BANK AGENT

1. POS vendors don't need any form of registration other than just a bank account,
Bank Agents do need at least a registered biz name from CAC hence some form of documentation is needed.

2. pos vendors operate from an individual savings or current account while the other must be operated from a cooperate or biz account.

3. for pos vendors, it is an illegal biz (though its legality has not been looked into as its still new) since operators does not have an operational
permit from the bank as stipulated and regulated by CBN. Bank Agents are legitimate operators as they must go through scrutiny and must
meet all requirements before one becomes a certified agent.

4. when full regulation kicks in the former will bow out for sure, or will be required to get all documentations, registrations and permits which
might be a little more difficult to obtain then.

5. there is no branding, formal recognition or partnership for pos vendors unlike Bank Agents.

6. limited operational activities for pos vendors (mostly withdrawal, deposits/transfers) while the other can perform other activities like account
opening, bills payments, cheque book request, e.t.c

7. Bank Agents gets commissions for activities preformed, from the bank while th latter does not.

these and many more are the difference between ordinary POS vendors and Bank Agents


want to join the biz and be an agent ? check my signature for my contact.

Good business

Following

Of course am still in business.

Contact me ASAP for terminals.
Terms and conditions apply.

emynem05:
Contact me ASAP for terminals.
Terms and conditions apply.

Is it still available, i reside in Benin,Edo state

emorodili:

Is it still available, i reside in Benin,Edo state

Limited stock avaluable
First come first serve basis

emynem05:

Limited stock avaluable
First come first serve basis

How do i get mine?

I want to know more about this pos vendor