NigCareers

How to Start Firstmonie Business

Firstmonie pays! Do you know that a lot of Nigerians earn reasonable amount as extra income by being a Firstmonie Agent? Possibly, you have seen places where a small signpost are displayed that read “Withdraw and Send Money Here”. There is likelihood Firstmonie Agents are located there.

Becoming a Firstmonie Agent is actually a good business opportunity that is trending all over Nigeria now. How is it a good business opportunity? I will explain to you. Anywhere you see a problem, the problem is an opportunity in disguise. Have you ever seen a long queue at the bank or ATM? When you get to the bank or ATM and meet a long queue, do you feel happy or do you enjoy staying long there? Nobody want to spend their precious time on a queue. This is the problem that the Firstmonie Agents are here to solve.

Read Also: 17 Small Business Ideas for Students in University

Who Are Firstmonie Agents?

A Firstmonie Agent can be described as a walking, talking ATM. Firstmonie agents are not machines you are used to but humans like you. They help you can perform a majority of your banking transactions without you having to step into a banking hall or ATM.

The Firstmonie Agent is the FirstBank ‘Human ATM’. They are empowered to reduce the reliance on over-the counter transactions while providing convenient personalized banking and commercial services such as Account Opening, Withdrawals, Money Transfer, Cash Deposit, Bills Payment and Airtime Purchase. If you live within communities with limited or no banking penetration, you can make considerable extra income by becoming a Firstmonie Agent. Even, the business can still thrive in places with good banking penetration if you notice that there are always long queue at the banks or ATMs there.

How Do I Become Firstmonie Agent?

Before I start discussing about how you can become a Firstmonie Agent, I need to let you know that the business is purely a banking related business. Therefore, the Central Bank of Nigeria is very particular about the kind of individuals or entities that can be allowed to be Agents. The categories of entities that qualify to be an Agent are Limited Liability Companies, Sole Proprietorships, Cooperative Societies, and Unregistered SMEs (that is, individuals doing businesses but the businesses are not registered). For clarification, you need to know that Bureau De Change (DBCs), Faith Based Institutions (such as Churches and Mosques), and Educational Organizations (Not for Profit Organizations) are not eligible to be an Agent.

If you are eligible to be an Agent, then we can then proceed to how you can become Firstmonie Agent. There are certain conditions you need to meet and these include the following:

1. You must have carried on commercial activities for a period not less than 12 months
2. You must have a shop where you operate a business. This must be a permanent structure that is owned or rented by you.
3. You must be willing to offer financial services as defined by the bank.
4. You need a minimum working capital of N50,000 as individuals or N250,000 if you are a registered business.

For you to register for the Firstmonie scheme, you will also need to provide some documentations and these include the following:

• Valid means of identification: This can be International passport, National ID card, Driver’s license or Voter’s card.
• Biometric Verification Number (BVN)
• Two current account references
• For registered business, you need to provide the evidence of business registration. That is, CAC Registration Form)
• Tax Identification Number, if you are a registered business.
• Credit Bureau Report to confirm that you are not a non-performing borrower.

When you are registered, certain branding are expected so that people can easily identify you as a Firstmonie Agent. These branding include Firstmonie Agent Banner and Firstmonie Agent Dangler. Your outdoor painting should reflect that of FirstBank’s colours which are Blue and Gold. Then, you are expected to display the Firstmonie Agent Certificate at your shop.

Services Rendered by Firstmonie Agents

Now that you have become a Firstmonie Agent, you will be expected to carry out certain functions. Customers should be able to carry out the under-listed banking and commercial activities at your location.

• Open a FirstBank account
• Deposit Money
• Withdraw money from any Bank
• Send money to any Bank
• Pay bills
• Buy airtime
• Enroll for BVN

Benefits of Firstmonie Business

Firstmonie Business is not only beneficial to the Agents, it is beneficial to the customer and the nation at large. Below are some of the benefits:

• It saves customer time. The time they would have spent going to the bank and stay on queue can be used for other productive activities.
• It provides banking products to the unbanked
• It serves all customer types. You don’t necessarily need to visit your bank
• It provides additional revenue to the agents
• It gives more trust and credibility to the agents
• It brings more traffic to the Agent business thereby increasing their sales
• It provides opportunity for the agents to expand their product or service offering
• It reduces unemployment and poverty.

Read Also: Good Business Ideas for Teens and College Students in 2020

Firstmonie Agents Near Me

First Bank Near Me

Are you searching for First Bank near me? You can use the map below to locate the nearest ones to your place.

Starting a Business