How To Start A POS Business With First Bank (Requirements)

In this article, we are going to be talking about how to start a POS business with First bank of Nigeria, including the requirements and start up capital. If you want to start up this business in 2020, then this step-by-step guide is for you.

One of the most lucrative business that you can think of starting up in Nigeria is POS business (2020), and the best bank to start it with is First bank of Nigeria.

With the things I will be sharing with us presently, you will know why I made that bold claim and encourage you to start a POS business with First bank of Nigeria.

first bank pos business

POS business has been thriving in Nigeria for many years now. And the reason for this is not far-fetched from the fact that the Nigerian banks performs extremely poor in meeting the needs of their numerous customers.

Also ReadHow To Start A POS Business With Access Bank (Requirements In 2020)

Hence, as a way of cushioning the effect of this sad narrative, POS agents emerged to provide those quick services which the traditional banks in Nigeria finds difficult to perform.

But before we dive right into how to become a first bank POS agent, let us first establish what we mean by POS business in Nigeria.

What Is POS Business In Nigeria?

You may want to understand exactly what we mean by POS business right? POS business can be said to be a system which is designed by the traditional banking system to bring financial services closer to the local people.

The essence of these financial services is to lessen the load of work that the banks do, by delegating most of these bank functions to private agents within the local communities.

The POS agent basically performs these functions as opening of bank accounts, transfer of funds, withdrawal of funds, payment of utility bills, etc for a little service fee.

In First bank of Nigeria, those engaged in POS business are called Firstmonie agents. How to become one of them is the main focus of this article.

Given the fact that Nigerian banks performs way below expectation, many Nigerians now rely on POS agents to settle all their banking needs, since its quite easy, fast and assessable anytime any day. This is why POS services has become a thriving business model in Nigeria.

Once you have learned how to start a POS business with first bank of Nigeria, just sit back, relax and watch as your fortune rise.

Requirements To Become A POS Agent With First Bank Of Nigeria

Your first need might be to know how to become a firstmonie agent. While this is important, a good deal of misinformation abound on the internet, hence the reason for this section.

To become a licensed first bank POS agent, you will need to meet the following requirements below:

  1. You must have at least N50,000 as a working capital for the POS business as a private individual. However, if you have a registered business name, you should have at least N250,000 as a working capital.
  2. You must have been able to maintain and keep your first bank account active for a minimum of one year before your application – receiving and sending of money regularly for a year in your first bank account.
  3. You should be able to have a space you can call your business outlet. It could be your shop or any empty space (whether rented or owned by you)
  4. You should demonstrate the ability to perform financial services to as many persons as possible in the course of doing the business.

Required Documents Needed To Register As Firstmonie Agent

Below are the list of documents you are required to present before applying to become a firstmonie agent in Nigeria:

  • You should have a recognized means of identifications, in terms of International Passport, Drivers licence, PVC and other legal means of identification by law.
  • Get your BVN ready. The importance of keeping your BVN ready in Nigeria today can never be over emphasized. Get it ready because you will be needing it.
  • Tax identification number and 2 recent passport photographs.
  • And lastly, obtain your credit bureau report from CBR. This report shows that you are not into any financial mess. To learn more about credit bureau report and how you can obtain one in Nigeria, you can visit their official site here

Once you have met with the above conditions and have gathered the above documents, then you are good to start your first bank POS business in Nigeria.

Also Read our master guide on How To Start Dropshipping Business In Nigeria 2020

You can then go to any first bank branch near you to request for the POS registration form to start your first money application process. Note that they will ask you for all the requirements discoursed above.

After filling and submitting the firstmonie application form, wait for a while until your application is approved, then follow the procedure below to begin the first bank POS business.

How To Start A POS Business With First Bank: Step By Step Guide

How do i become a POS agent with first bank of Nigeria? Below are the steps to become a firstmonie agent in Nigeria:

  1. Get a first bank POS machine
  2. Get a good location for the business
  3. Print your firstmonie agent banner
  4. Make your business known to people

This will be explained in details below

Get A First Bank POS Machine

Many Nigerians want to know about how to get first bank POS.

How much is First bank POS machine 2020? That small device that is called POS machine could be very expensive to buy, as it cost as much as 90,000 to acquire one.

Luckily for you, as a firstmonie agent who intends to start a POS business with First bank in Nigeria, first bank gives you their POS machine free of charge through your account officer, so that you can use it to meet the needs of their numerous customers in your chosen location.

Remember that before getting to this stage, you must have been accepted by first bank as an agent by meeting with the requirements we discussed earlier.

A Strategic Location

Another important thing to get before you start a POS business with first bank is that you should have a decent location where you will situate your first bank POS business. This is where your POS terminal will be.

A lot of persons online advocates going to the village where there is no bank nor ATM machines and situate your business there.

While that might be true to some extent, it doesn’t work in most cases. The Nigerian banks generally perform abysmally, hence the best place to situate your first bank POS business in Nigeria is just close to a first bank branch near you in the city or town where you live.

Also ReadHow To Become A Dstv Agent Or Distributor In Nigeria 2020

This is so because most of the time, bank ATM machines are usually over crowded, and more often than not, the ATM machines may not be dispensing cash. Hence, people naturally turns to you nearby to make quick withdrawals.

Hence, i strongly recommend starting your First bank POS business close to banks in the cities as opposed to going to the villages.

Make Your Business Known To People

No matter how efficient your business may be, if people don’t see you as a firstmonie agent, they will never patronize you. This is actually an important thing on how to start a POS business with first bank of Nigeria.

Hence, the first step is to get a very visible banner that clearly shows that you run a firstmonie financial services. This site post must be strategically placed in a good vantage point. Once all these are being taken care of, then congratulations on setting up your firstmonie business with ease.

Fees And Commission Structure Of Firstmonie Agents in 2020

Before we finish this guide on how to start a POS business with first bank of Nigeria, below are the official fees and their corresponding commissions which goes in as the profit of the firstmonie agent.

However, you should note that the firstmonie POS agent are not under any obligation to follow these official commissions from first bank.

the commission structure of firstmonie agents

On the contrary, he can charge you as much as he wants, which you can either accept or you simply walk away. Hence, the list includes:

S/NTransaction Amount BandFee paid by Customer
1Deposit (FirstBank account only) 
 1 – 5,000N50
 >5,000 – 30,000N100
 >30,000 – 100,000N150
 >100,000N200
2Transfer to FirstBank account 
 1 – 30,000N100
 >30,000 – 100,000N150
 >100,000N200
3Transfer to Other Banks 
 1 – 20,000N100
 >20,000 – 100,000N200
 >100,000N250
4Cash Withdrawal 
 1 – 10,000N100
 >10,000 – 100,000N200
 >100,000N300
5Bill PaymentN100 flat
6Airtime RechargeFree
7Account OpeningFree
8BVN EnrolmentFree
Source: Firstbanknigeria.com

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Eze Elekwachi

Hi, Eze Elekwachi holds an M.Sc. in Public Administration and a PhD in view. He is the brainchild behind Cyriltips.com. People see him as a programmer, web developer, content developer and a seasoned e-marketer probably because he's good at what he does...

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