Agency Banking In Nigeria; Everything You Must Know

The coming to life of agency banking in Nigeria has made life unimaginably easier for Nigerians, especially to the residents of rural areas and other underdeveloped areas who have few or no banking hall or ATM machines around them. Here’s a case study. You’re driving down a dirt road on a quiet Sunday evening. Suddenly, your car stops never to move again. 


Unlocking the bunnet curiously, you find out that you’ve just run out of engine oil with no replacement available in your car. Luckily, you spot an auto shop just close at hand but…you’re out of cash to purchase a new engine oil. All you have on you are your two ATM cards with no bank anywhere close for you to make a withdrawal from. Instead of being stranded that way, a bank agent will save the day for you. But what really is agent banking?


What Is An Agent Banking?

What is an agent banking?

Simply put, agent banking is a banking system whereby a set of limited banking services are provided by an agent who is registered to one or more financial institutions. This system enables account holders to make cash withdrawals from their bank account, deposit money, pay bills, make account opening, perform BVN verification, and carry out some other financial activities without having to walk down the bank or locating an ATM system. So, in a sense, agent banking helps to cut traveling expenses and time spent going to the bank.


The system is guided by a set of policies laid down by the Central bank of Nigeria. And every agent operates under the banking regulations set down by the financial institutions of which they are a representative. Starting as far back as 2013 as an initiative, agent banking was one of the channels of financial inclusion expansion. This initiative channel was designed by the FCMB to reach out to a large number of people living in the semi-urban areas, rural areas, and both the under-banked and the un-banked area environments of the urban areas.


Who Is A Bank Agent?

As a bank agent, you have been certified and verified by an FI (Financial Institution) or an MM (Mobile Money) to carry out banking operations for their customers. You’re allowed to use the bank utilities which are provided to you at no cost to you. These utilities include a POS system(point of sales system), a bar code scanner to scan bills for bill payment transactions, personal identification number pads (PIN pads), a personal computer, and a mobile phone. And as you might already have learned, being an agent of a bank or two here in Nigeria is a business. What you might rather not have known is how lucrative the business is. Right?


How Lucrative Is Agent Banking In Nigeria?

While you might have heard a great deal about the new digital banking system of agency banking, little has been said about whether being an agent is worth the cake or not. That is why I have taken this space to discuss that. Really, agents aren’t paid directly by the bank. But if you remember performing a transaction through the agent around the corner, you must remember being charged a specific amount. From distance memory fetched from my own personal experience, agents charge you 100naira for every transaction below 5000naira and a transaction charge of 200naira on a transaction below 10, 000naira.


So, technically speaking, an agent charges me, as a bank account holder, 100naira for every transaction below 5000naira. By calculation, you will be making nothing less than 5000naira every day as an agent if you render an average of 500 transactions every day. But other than earning this way, you might as well use the premises provided by the bank to you for your own personal business on the side. Right? Imagine yourself in a kiosk or a more standardized and fully sophisticated working space, getting paid 100naira for every transaction performed at the push of your POS’ buttons. If this interests you, then I have explained below the process of how to become a bank agent. Before then, let me show you some of the key benefits of being an agent.


Benefits Of Being A Banking Agent

  • There’s no working capital needed
  • You can be an agent working from the comfort of your home
  • No business registration required
  • No entry criteria required
  • It’s a flexible business that you can make your part-time job
  • You get to offer services that are in high demand (airtime purchase, electricity bill payment, WiFi broadband, and more
  • You’re open to promotions from the FI or Mobile Money organization represented
  • You’re provided with a location that is both profitable and viable
  • You’re given a life and property insurance
  • An adequate awareness and branding is provided for your success
  • More innovative products are produced and offered to you by your financial institution to create multiple streams of income for you

Now…as promised.


How To Become A Bank Agent

How To Become A Bank Agent

Here’s what you should know; there’s no general how-to guide for becoming a bank agent. So to speak, I will give you a unique walkthrough for each of the available institutions that you can represent as an agent.


How To Become Paga Agent

  • Visit Paga’s agent page here
  • Punch your phone number into the field that pops up on page 1
  • On getting to page 2, fill the agent interest form that you see
  • After filling the form, click on the “Submit” button
  • In less than two weeks, a Paga representative reaches out to you to get you up and running


How To Become FirstMonie Agent

As you might have already known, FirstMonie is First Bank operated. And they have over 50, 000 agents so far spread around 754 local governments in Nigeria. If you’re interested in being a FirstMonie agent, follow the step-by-step guide below.


  • Download the FirstMonie mobile app to fill a virtual form or pick a FirstMonie agency form in a First Bank branch
  • Fill the form to detail and submit
  • Submit your BVN (Biometric Verification Number)
  • Provide a valid means of identification (ID card, voter’s card, International passport, or a driver’s license)
  • If you own an existing registered business, provide your TIN (Tax Identification Number) and your evidence of business registration
  • Provide a verification that you have been into the business world for a year at least
  • Show that you have a business location
  • Provide 2 current account references that you have
  • If you’re a registered business, the working capital of 50, 000naira capital will be required
  • If not a registered business, the working capital of 500, 000naira will be required


And that’s it…


How To Become A Kudi Agent

While becoming a FirstMonie agent can be demanding, Kudi is another option if you’re looking to tap into the benefits of being a financial institution’s agent without going through all the troubles. See the breakdown of the registration process below.


  • First thing first. Download the Kudi app on your app store
  • Launch and fill the registration form that shows up on the first page
  • Click on the “Continue” option
  • An OTP (One Time Password) will be sent to you by text message
  • Input the OTP in the field that says to so do
  • Yay! You are registered
  • Fund your wallet to start transacting as a Kudi agent


Note; while you are able to operate as an agent right on your mobile phone, Kudi will award you a POS system to help your business grow immediately they notice how frequently you’re being patronized by bank account holders who come to you. Alternatively, you can purchase a POS from Kudi by clicking on the “Purchase POS” option on the Kudi app.

How To Become A UBA Agent

UBA agent banking commission is quite impressive. And this slide-by-slide registration process will get you there in no time.

  • Download the GTBank agency banking form here
  • Fill the form to detail
  • Submit the filled form to any GTBank branch closest to you
  • Include your identification card (voter’s card or an international passport or a driver’s license)


Note, if the form download link shared previously doesn’t work, you might as well just get one from the nearest GTBank branch.


How To Become An Opay Agent

Every Nigerian knows Opay. While the business organization may seem to have folded up their Oride transportation business, the Opay system is still very much available. And below, I have stretched out the step-by-step on how to become an Opay agent in Nigeria and make money.


  • First thing, visit from your web browser or download the Opay app from your play store
  • Once on the first page, click on “Menu”
  • Click on the “Become an agent with Opay” option on the dropdown
  • Fill the form that is displayed after that
  • Click sign up


After that. You will have to wait for an Opay representative to contact you. The things that will be requested of you by the representative are; your utility bill not less than 3 months, one passport photograph of you, any card of identification as a citizen of Nigeria, and your BVN. so, get all that ready and you’ll be up and running after your interaction with the rep.


How To Become A SurePadi Agent

SurePadi is another option. It is a Polaris Bank-owned agency banky solution that you can be a part of. Just follow the walkthrough provided below.


  • Visit the closest Polaris bank’s branch
  • Tell the customer service representative to sign you up for SurePadi
  • Present the documents listed below
  • An utility bill that was paid not earlier than 3 month ago
  • One pieces of your most recent passport photograph
  • One valid means of identification (voter’s card, International passport, or driving license)


In the next session, I will give you the complete list of agency banking in Nigeria. Let’s dive in.


The Complete List Of Agency Banking In Nigeria

  • MTN Mobile Money
  • Paga
  • Opay agency banking
  • FirstMonie
  • Kudi agency banking
  • ChatPay
  • FCMB agency bank
  • 24/7Cash
  • Africamamaatm
  • Inlaks
  • Appzone
  • Amplify
  • Aella Credit
  • Access agency bank
  • Zenith bank agency
  • And more…


And that’s just all about it.



While the growth and the expansion of agency banking in Nigeria is surging rapidly, it has also drawn Nigerians closer to the digital landscape like never before. If you’re looking to tap into the opportunities in being a bank agency, I am sure this article was useful to you. But just in case you have more questions in mind about the same topic, use the comment box below.

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