No POS? No Problem! Check out 3 ways to maximize your profits as a mobile money agent without POS Terminal

No POS Agent

In a bid to curb the rising unemployment rate, support entrepreneurial processes, and foster financial inclusion for the unbanked across the nation, the Agency Banking (also known as Neighborhood Banking or Mobile Money) concept came to prominence in 2013, a move fully sanctioned by the Central Bank of Nigeria.

Agency banking has made digital financial transactions faster and easier, taking the crowds out of the conventional banks and putting them on their streets, transacting with their neighbors. Basic Financial services alluded to banking halls, such as Funds Transfer, Cash Withdrawals, Bill Payments, etc have conveniently left the banking halls over the years.

Look around you, you’ll see people in kiosks and former cyber cafes working as mobile money agents, performing transactions that were common only in banking halls some 10-15 years ago.

Read More – How to earn more money as a Tingg Agent

Many of these Agents use smartphones and POS terminals to perform these transactions seamlessly. Alas, there’s a growing trend that initiates the thought that agents without POS terminals don’t make as much money as Agents with terminals. Well, that is a big LIE!

Clearly, POS serves as an enabler for mobile money transactions. however, it is worthy to note that when the mobile money business started there were no POS terminals and most agents were smiling to banks weekly with a sizeable profit raking in regularly. Earning just as much as – and in other cases – more than white collar workers.

To make money as a mobile money agent, the most important tool you need is your Smartphone as all transactions can be done via the website, app, and even on WhatsApp.  It’s your responsibility as an agent to educate and inform your customers that you can perform all their transactions seamlessly with your phone.

To buttress this, here are 3 ways to maximize your profit and grow your business as a mobile money agent without any POS terminal.

1. No POS Charge

Every transaction carried out on a POS terminal is charged, i.e. you (The Agent) will pay a certain commission on all transactions carried out on the terminal. However, doing business and transacting with your phone via other channels such as the Website, App and Whatsapp is totally charge-free, unlike the POS terminals.

*Regular transaction charges apply though.

2. TTB Cost is on the sender/customer

According to a 2020 report, over 60% of transactions done on POS terminals are cash withdrawals. The customer pays an agent to use his/her ATM card to authenticate cash withdrawals on the POS terminal.

Agents can save themselves some stress by allowing customers to transfer cash to be withdrawn from their banks to the Agent’s Tingg wallet, upon confirmation of credit, the Agent pays the customer cash. That way, the agent is absolved of any charge and gets a commission for the transactions leaving the cost of bank charges to the customer while agents get maximum value on the said transaction.

3. Grow profits with Xpress bundle

Tingg agents can grow their profits astronomically by subscribing to the Tingg Agents Xpress Bundle where all subscribers can make transactions for a flat rate of NGN6. As against exorbitant rates in the market, Tingg Agents on the Xpress bundle have the opportunity to scale up and grow their profits every day by enjoying special offers, promo discounts, and more on the Xpress Bundle plan. Click here to subscribe to Xpress Bundle now

Read Also – Empowering the Nation and Solving The Unemployment Problem In Nigeria, One Youth At A Time

Tingg agents are not solely restricted to pure e-banking transactions. Agents can also perform other payments like airtime and data recharge for mobile networks, bills payment such as Electricity bills, waste bills, Cable TV ( Eg DSTV, GoTV, Startimes, etc), Micro Pensions, Federal Government Tax, Loans, Local Government levies and permits, and more

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Tingg Agents

Mobile Banking and how it enables financial Inclusion and creates jobs via its Agent Network

This trend also shows that some of these new models diversify the range, services rendered, and pricing of customer transactions that agents can facilitate, which provides them with extra sources of income.

2 thoughts on “No POS? No Problem! Check out 3 ways to maximize your profits as a mobile money agent without POS Terminal

  1. Give me step by step I can take to make withdrawals, when I don’t have POS. Somebody one day came to me to make withdrawals but he didn’t came with his ATM card, when he asked me if I can pay him without using his card, I told him not possible, he said it’s possible and after everything, he left. Please I need your guidance

    1. Hello Samuel,
      Agents without POS terminals can make withdrawals too.
      Please follow the step by step guide below to avoid a repletion of such occurrence.
      • Transfer to Agents Tingg Wallet via USSD or Bank App
      Step 1 – Customer initiates transfer protocol from USSD/Bank App
      Step 2 – Customer selects ‘’Other Banks’’
      Step 3 – Customer selects Cellulant/Tingg from Other Bank Options
      Step 4 – Customer enters Tingg Agent wallet number (minus the first zero i.e. 803 111 2222 instead of 0803 111 222) as destination account number
      Step 5 – Customer transfers amount to be withdrawn to Agent’s Tingg wallet/ Account Number
      Step 6 – Customer confirms receipt of said amount
      Step 7 – Agent proceeds to disburse amount to Customer

      Kindly follow these steps.

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