Curious about the price of a FirstMonie POS machine? Here’s a full look at how much it costs, how to get one, and how to become a FirstMonie Agent with FirstBank.
FirstMonie is part of FirstBank’s effort to bring banking services closer to communities where regular branches and ATMs are limited. Through the FirstMonie Agent Banking network, customers in unbanked or underbanked areas can open accounts, send and receive money, and handle other financial transactions easily.
A registered FirstMonie Agent is easy to identify. Look out for the blue and gold colors of FirstBank, the FirstMonie Agent Certificate, banners, and signage at the location. These signs indicate that the outlet is approved and authorized by FirstBank to provide financial services.
Before applying to become a FirstMonie Agent, it helps to know the kind of services you’ll be offering. Agents handle everyday financial transactions like opening FirstBank accounts, depositing and withdrawing cash, sending money to any bank, paying bills, buying airtime, and enrolling customers for BVN.
Across Nigeria, more than 155,000 registered FirstMonie Agents are serving in 772 out of the country’s 774 local government areas, including the FCT. Every day, they attend to over a million customers, contributing to job creation and financial inclusion. FirstBank reports that more than 300,000 indirect jobs have been generated through the FirstMonie Agent network over the past four years.
Benefits of FirstMonie Agent Services
Customers save travel time and avoid long queues usually found at bank branches or ATMs. The service offers quick access to what people often call “human ATMs,” providing convenience to both banked and unbanked customers.
For the agents themselves, it’s a chance to earn commissions on every transaction. It also draws more customers to their existing businesses, boosting income. On a broader scale, the program helps reduce unemployment and poverty rates across the country.
How Transactions Work
Every transaction carried out at a FirstMonie Agent point reflects instantly in both the sender and receiver’s bank accounts. The agent’s account is automatically credited or debited in real-time for each transaction.
Customers pay a small convenience fee, except for airtime purchases, which are free. Transactions depend on the availability of funds at the agent’s location, and no operations can be processed if the FirstBank network is temporarily down. Customers should always protect their PINs, present valid identification for withdrawals, sign the transaction logbook, and collect receipts after every transaction.
If a transaction fails, it’s best to contact your bank directly for resolution.
Transaction Charges and Commissions
Deposits into FirstBank accounts cost:
- ₦1–₦5,000 → ₦50
- ₦5,000–₦30,000 → ₦100
- ₦30,000–₦100,000 → ₦150
- Above ₦100,000 → ₦200
Transfers to FirstBank accounts cost:
- ₦1–₦30,000 → ₦100
- ₦30,000–₦100,000 → ₦150
- Above ₦100,000 → ₦200
Transfers to other banks cost:
- ₦1–₦20,000 → ₦100
- ₦20,000–₦100,000 → ₦200
- Above ₦100,000 → ₦250
Cash withdrawal cost:
- ₦1–₦10,000 → ₦100
- ₦10,000–₦100,000 → ₦200
- Above ₦100,000 → ₦300
Bill payments cost ₦100 flat, while airtime recharges, account openings, and BVN enrolments are free.
Requirements to Become a FirstMonie Agent
To register, you need:
– An existing business
– A visible, accessible business location
– A valid means of identification (Voter’s Card, National ID, Driver’s License, or International Passport)
– BVN
– Utility bill (not older than three months)
– Business registration documents if applying as a corporate entity
Reasons to Join the Network
Registration is quick and can be completed in minutes. Agents receive a free POS terminal upon successful onboarding. Transactions are settled instantly, making liquidity management smooth. FirstBank also provides access to credit, affordable insurance coverage for agents and their staff, and strong support from over 750 branches across Nigeria. Joining FirstMonie means becoming part of the country’s largest agent banking network.
Cost of the FirstMonie POS Machine
The FirstMonie POS machine is given free to qualified agents once they meet the required transaction targets. It’s designed to accept payments via debit cards, credit cards, and mobile wallets, providing a secure and convenient payment experience.
How to Get the POS Machine
You’ll need a FirstBank account and an active FirstMonie Agent profile. After registration, FirstBank monitors your transactions through the FirstMonie app. Meeting the set targets qualifies you to receive the POS machine without any cost.
Using the POS Machine
The POS terminal is portable, reliable, and easy to use. It supports multiple payment methods and provides quick, secure processing for both agents and customers.
Returning the POS Machine
If the machine is not in regular use, you may return it. However, doing so may affect your eligibility for future benefits or promotions from FirstBank.
Article updated 4 days ago ago. Content is written and modified by multiple authors.
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