Agency banking started in Nigeria in 2013 when the CBN Bank released its guidelines on the operations and management of agent banking. Since then, many financial institutions have gotten many agents on board to help them drive their retail banking services.

The e-payment platform has continued to flourish even as the impact of the COVID-19 pandemic continues to ease across the nation. POS transactions in Nigeria recently hit over ₦3trillion in the first half of the year (2021) according to reports by Nairametrics.

This cannot be possible without the help of the agents. They play a big role by helping to dish out convenience and flexibility via fintech to customers. They serve as intermediaries between fintech and the customers/those who live in rural areas. Some ventured into the business due to lack of employment, some due to extra income/side hustle and some to leave their 9–5 jobs.

Their job is to provide banking services, including cash deposits and withdrawals, fund transfers, utility bill payments, airtime recharge, and other related services to the unbanked and underbanked.

A dive into their daily activities tells you that they are up for business and nothing more. They are always one of the few to open and almost among the last sets of people to pack up. People are always seeking their services.

Their work is stress-free. Imagine, walking into a store/kiosk with the banner of one of the popular banks. You give them your ATM, they ask for your pin, you input your Card PIN, and voila, your money is given to you. Some still prefer to go to the bank to queue just to get money (they like stressing themselves �).

The process is the same, the only difference is the STRESS you through and the bank charges. On each withdrawn, they charge up to a #100 or even more depending on the amount you are collecting.

Looking into their profit making, some make more than the targeted amount, which is almost twice their salary in their previous offices. This depends on the area in which the agent is located. For someone who stays at Berger junction, Oshodi market, and all these crowded places, massive profit is guaranteed. Customers are always looking for quick cash due to increase transport fare, or emergency buying amongst others.

Profit for some is below the target due what I call “bad weather”. Customers sometimes get more money than they can spend at once over the weekend (e.g. the omoluabis ��) or a day before. When I have enough, why then will I need to get more cash. The low income might also be due to area the agent is located. The customers might not be fully acquainted with the agent. This places the agent in a position to sell himself well.

Sometimes, it might be due to no service, wrong debit or no cash to withdraw from. This is so frustrating. I have experienced similar situation such as this. I wanted to withdraw from the bank but due to the long distance from my house, I had to go to a PoS agent very close. I got there, gave him my card and immediately he inserted my card, it kept writing service error. I was so angry, so was the agent. Out of frustration, he said “Elo ni mo ti pa lata ro gan ti PoS yi se bayii? (Meaning, “how much have I made since morning that this PoS is acting this way). I could literarily feel his pain���.

This does not happen all the time. The day was not just right. Don’t let this give you a bad impression about them. I’m sure as am talking to you now, you are thinking of withdrawing from that PoS agent very close to your house. Am I wrong or right��? (I know the answer is yes)
This leads us to documentation of the day’s work. Every agent has a book they document all their transactions, their inflow, outflow, and their third-party expenses. This gives them an overview of the business.

Above all, we cannot deny the convenience attached to agency banking. You just stay at the comfort of your home and enjoy unlimited financial services/inclusion.

Wondering who we are?

Accelerex Network Limited is an agency banking company, licensed by CBN with the mission to deepen financial inclusion in Nigeria by providing innovative, simple and accessible financial service solutions to the underserved through a network of most efficient agents.
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