Agency banking in Nigeria began in 2013 when the Central Bank of Nigeria released its guideline on the operations and management of agent banking.

Agency banking, therefore, allows financial institutions the privilege to use agents for carrying out small banking services such as loans applications, deposits withdrawals, and bill payments to customers, especially the unbanked or underbanked.

In a layman's words, an agreement exists between a financial institution and a third party. The third party then provides financial services to the public on behalf of the bank or the financial institution. The aim of agency banking is financial inclusion.

Who are the agents?

Remember we mentioned earlier that an agreement exists between a financial institution and a third party? The third party we are referring to is the agents. We have over 300,000 of them in Nigeria and still counting. They are not hard to find as their banners and terminals disclose them to the public. He is also not an employee but a third party who provides banking services for an agreed commission.

How does agent banking work?

Schools in Nigeria get approved by the government, so likewise Agent banks. They get licensed by the Central Bank of Nigeria. To be in full swing, Agent banks must apply to banks to provide banking services on their behalf, which the bank and the Central Bank must approve. Once approved, the agency can then be functional.

Asides from approval on Agent bank, the CBN monitors the relationships of Agent banks/Agent to make sure they are complying with the laid down guidelines and regulations. However, the selection of Agents is dependent on the Financial institutions.

How do Agents get their pay?

Agents are tasked with meeting a certain amount of money each day depending on the Agent bank they are registered with. After the targeted amount and due charges are deducted, the agent is credited with the remaining percentage. I was even told by our customer care representative that some agent makes more than #200k per day. Wow��. Shey I will not venture into this agent business bayii?���

In conclusion, Agency banking has played a significant factor in improving financial inclusion. It makes sure everyone who needs banking services gets them immediately and without stress.

Some have been asking how they can be an agent of Accelerex Network Limited. First, you need to open an account. Opening an Accelerex account is as easy as you can think. In this article, we would like to take you through the steps.

Steps to Opening an account

1. Go to any of our websites and place a call through to the customer service department telling them what you need.
2. Once that is done, we will send you a form. Fill it, scan it, and send it back. For this, you will need the following:
I. 2 passport photographs
ii. Means of identification (International ID card/Voters, ID/National, ID/ Driver’s license).
iii. Passport and 1 photocopy of valid ID for guarantor.
iv. 3 months bank statement.
v. Certificate of Business Incorporation.
vi. Utility bills.
3. An undertaken taken form will also be sent to you. Once the form is filled, we will check to prove it is genuine.

[b]Note: There will be a non-refundable fee for registration and onboarding for terminal deployment.
You can see that it is easy and stress-free indeed. You do not need to come down to our office for anything. For your POS, it will be delivered to your terminal by the aggregators.

Kindly reach out to our customer service team for more inquiries/information. Or drop your questions in the comment section.

It is no news that agency banking is quickly taking over the market as the numbers are rising daily. Agency banking allows financial institutions to use agents for carrying out small banking services such as loan applications, deposits, withdrawals, and bill payments.

Before the advent of agency banking, people always panic and were overwhelmed with the feeling of going to the bank to queue just because they want to withdraw. But that has reduced quite a lot due to our dedicated and committed agents and financial institutions.

Walking the streets of Lagos, these agents are not rare to find. Their banners are always giving them away. They are always ready to serve anytime.

A look into the agency banking industry shows agents and the customers are not the only ones benefitting from this wonderful initiative, but stores and supermarkets are likewise.

Imagine walking into a store and or a supermarket. After shopping, you give your card to the cashier or salesperson. Your pin is requested, you input your Card PIN, and you receive a debit alert. No stress experienced without cash.

For instance, I forgot to withdraw the day before. I had prepared to leave the house when I remembered that I do not have any money to go to work. I quickly stomped out of the house and heading toward the bank when I saw a large queue waiting to withdraw. I got discouraged immediately. Realizing the time was ticking against me, I hurriedly walked into a PoS kiosk. I greeted the lady I met in the booth and gave her my card. She asked for my pin. Before 2 minutes I got my money.

Imagine how long it would have taken if I got to queue. Agency life na the real deal abeg. I am sure I would have to gotten to work before some people’s turn���.

Even if stress is distributed free of charge, some will still not accept it. Can you imagine some people leaving their homes, walk to the bank to withdraw how much, for God’s sake? When you have an agent very close to your house?���. I don’t blame them. They are trying to be cautious.

This is the opportunity we at Accelerex Network Limited are offering. We not just offering our agents the opportunity to make money alone, but to help others experience convenience by giving them access to financial inclusion and other financial services.

Pls let's be careful out there oh. Thank you

It’s no news that scammers now leverage on PoS to defraud customers and the numbers are rising very fast.

Do you know that about 91% successful frauds have been carried and this led to Nigerian Financial services companies losing #5.2 billion between January and September 2020?

This challenge is not only faced by Nigerians alone, but other countries. However, Nigeria appeared to be the worst hit by wide margin according to a report by NIBSS.

Do you also know?

POS fraud increased by 173% and 215% YOY respectively. A total of 48, 767 unique financial subscribers were defrauded. Of this number, people over 40-years of age fell prey to fraudsters the most. Ages between 21–30 were the second most defrauded.

Despite the campaigns from different financial institutions, people are still falling victim into the hands of those who claim to be operators of PoS service or customers.
These fraudsters fabricate their stands so that clients won’t get to know what they are up to. They use the card details which include 16-digit number and authorization code to gain unlimited access to victim’ accounts and begin to withdraw cash, order things online and recharge phones with airtime, among other transactions.

Other methods are distributions of PoS machine by scammers. The machines stores customers’ information even after transactions are carried out and the card removed. It can also retain information for future use to defraud the original owners of the ATM card. Some even distract customers to quickly take pictures of their bank details.

Therefore, we at Accelerex Network Limited are focused on making sure that does not happen to any of our customers or agents.
Here are few steps to Protecting yourself

1. Make sure you find out if the agent is real or not
2. Check for any hidden cameras while the transaction is taking place.
3. If you notice anything suspicious, don’t patronize the agent or report to the bank immediately.
4. Check if the card slot is bigger than normal size or it is shaking. If it is, then don’t.
5. Cover the machine with your hands while typing your pin.
6. Do not allow anyone help/assist you insert your card into the ATM or POS terminal.
7. Don’t ever use the ATM or POS in a dark and isolated environment. It dangerous!!.
8. Make sure no one is watching from behind while inputting your card pin.
Pls let’s be careful out there�����. A lot is happening.

#Agencybanking #FinancialInclusion #ProtectyourselfagainstPOSfraud #POSAgent

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.
#Accelerexnetwork #Agencybanking #Financialinclusion #Agents