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First Monie POS Charges: How to Start a POS Business With First Bank

FirstBank POS business is more or less like an extension of the banking hall. Instead of customers visiting the banking hall to carry out transactions, the POS terminals across the nation allow such transactions to be done easily and in a secure way. 

First Bank POS serves many localities which have poor electricity and power to regions or communities with no bank at all.

First Bank also has a program that allows individuals to become an ambassador for First Monie POS. Each Ambassador can recruit people as Frist Bank POS Agents and earn a share directly from completed transactions made by the agents under him/her.

First monie pos charges: how to start a pos business with first bank - ng job alerts

The First Bank (fFirstMonie pos) was introduced by First Bank in other to ensure that the rural communities are not left out, traders and merchants can have instant answers to the transaction needs in a fast, secure, and effective way. Also, the First Monie POS provides Job opportunities for the people of Nigeria – both old and young.

Benefits of First Bank POS Machine

  • Fast
  • Reliable
  • Secured
  • Verve, Visa and MasterCard acceptance 
  • Elimination of Cash theft and fake currency.
  • 24/7 access and secured transactions.
  • Ability to track sales and collections.
  • Cheaper means of transaction for both individual and corporate.
  • It encourages spontaneous buying by cardholders.

Read: How to start a POS business in Nigeria

Read Also: 11 best POS Machines for small business in Nigeria.

Services Offered By Firstbank POS Agents

  • Open a FirstBank Nigeria account
  • Deposit money into your bank account
  • Withdraw money from any bank of your choice
  • Transfer money to any bank in Nigeria
  • Pay bills
  • Purchase airtime
  • BVN enrolment

How Much Does it Cost to Get First Bank (First Monie) POS Terminal

While there are many POS Vendors that will charge you before they can issue a POS for you, First Bank POS is among the few POS that you can get at no cost.

There are basic requirements by the First Bank of Nigeria and once anyone meets the requirements, the financial institution will give out a free POS terminal to you.

First Bank POS Requirements for Agent

If you are interested in the POS business, First Bank (First Monie) POS is one you should consider applying for. Application is easy. Here are steps to take:

  • An existing business
  • A business location that is visible and accessible
  • A valid ID card (voter’s card, national ID card, driver’s license, international passport)
  • Biometric Verification Number (BVN)
  • 1-3 months old utility bill (Preferably PHCN Bill)
  • Corporate bodies must have their business registration documents

How to Become a Firstbank (First Monie) POS Agent

  • Follow the step-by-step guide below to become a FirstBank POS agent in Nigeria;
  • First, visit the FirstMonie agent banking page in the First Bank by following this link; https://www.firstbanknigeria.com/personal/ways-to-bank/firstmonie/agent-banking/
  • Here, you will see the FirstMonie agent onboarding form;
  • Fill the form correctly;
  • Check the box below it to agree to the terms and conditions of the service;
  • And hit the “Send” button to send your request to FirstBank to become a Point of sale terminal agent.

For a quick process, visit any nearest branch of FirstBank Nigeria to deliver your request with the documents mentioned above.

Read Also: Which bank is good for POS business?

Benefits of Becoming a Firstmonie First Bank POS Agent in Nigeria

  • Self-registration within minutes.
  • Free POS terminal when you onboard as a Firstmonie Agent.
  • Instant credit and settlement for transactions processed on your First Monie POS.
  • Quick access to working capital support.
  • Comprehensive insurance for you as a First Monie POS Agent and your workers; priced at the cheapest rate.
  • Opportunity to join the largest First Bank POS Agent network in Nigeria.

How Transaction Works on First Bank (First Monie) POS Terminal

  • Transactions at Agent locations -POS Terminals are real-time and impact the sender/ beneficiary’s account instantly.
  • First Bank instantly debited the agent’s account for every transaction processed successfully.
  • Customers are charged a convenience fee for transactions except for Airtime Recharge.

How Much is First Bank (First Monie) POS Charges?

The table below illustrates the First Monie – First Bank POS Charges:

1Deposit (FirstBank account only)
1 – 5,000N50
>5,000 – 30,000N100
>30,000 – 100,000N150
2Transfer to FirstBank account
1 – 30,000N100
>30,000 – 100,000N150
3Transfer to Other Banks
1 – 20,000N100
>20,000 – 100,000N200
4Cash Withdrawal
1 – 10,000N100
>10,000 – 100,000N200
5Bill PaymentN100 flat
6Airtime RechargeFree
7Account OpeningFree
8BVN EnrolmentFree

Bonus: How to Become Firstmonie Ambassador

With First Bank Nigeria, you have an opportunity to become an ambassador who mobilizes and recruits Agents to join the Firstmonie (First Bank POS) network.

As an ambassador, you will earn income from the transactions made by the FirstMonie Agents under you (i.e., Agents that you recruited into the system) This initiative is a First Bank Means of helping the people of Nigeria, especially the youths to create income flow and alleviate poverty among Nigerians.

Who can be a Firstmonie Ambassador?

  • Existing Firstmonie Agents
  • Business Owners
  • Individuals/ Corporate entities
  • Societal groups (e.g. Co-operative societies)
  • Any other viable partner

Learn more about First Monie Ambassador here.

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Oladoyin Falana

Oladoyin Falana, a graduate of OAU, is an SEO Specialist, and IT business developer. He is the owner and content editor of ngjobalerts.com, a platform that focuses on providing information on career, recruitment updates, exams, and admission updates, including general (How-to) information.
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