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
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