Are you looking to start an agent banking business, and not sure of the benefits? We will tell you in a bit.
Before we dive in, let’s discuss what agency banking is all about; agency banking lets financial institutions make use of Agents at stores, petrol stations, and other established business entities for carrying out small banking services such as deposits, withdrawals, bill payments and so much more. Agent banking is also referred to as POS business.
Here are some of the benefits of an Agent Banking Business:
You are your own boss
As the owner, you set the rules and answer to yourself. Of course, the fate of the business also falls on your shoulders. As an agency banker, you get to make all of the decisions that have to do with your POS business’s day-to-day operations and the larger issues as well. Remember that even if you are your own boss, you’re still accountable to your customers; and if you have employees, you’re accountable to them, too.
You enjoy Flexibility
You are the business mastermind and can have as many POS locations as possible. You can walk into any financial institution (like PayCentre) to register, pick up a POS and start running your business from any location that you feel best at the time. It can be a shop or even an umbrella setup. Most importantly, you don’t have to break the bank to start running your business POS business.
You can run more than one business at a time and create multiple sources of income
Because you are your own boss as an agent banker, you can run more than one business at a time. The agency banking business is one that allows you to have multiple sources of income, you can have a full or part-time job or several businesses alongside your POS business. These businesses include printing and photocopying, selling fresh snacks and soft drinks, phone accessories, and even organic drinks. You can also have several agent banking business outlets.
You can also check out this blog 5 Businesses that you can do with your POS Business
You Choose the People You Work With
When you work for someone else, you rarely get to choose whom you work with. That’s not the case when you own your own business, since you get to make the decisions about who to hire (and fire). Surround yourself with positive people who give you the confidence and optimism you need to keep moving forward.
You can build healthy relationships within your community
Being an agent banker (POS business owner) means that you are serving a need in your community, by providing financial access. This means you are helping your community carry out withdrawals, funds transfers, electricity bills, and so much more in an area with little or no access to financial institutions like banks, microfinance banks, etc.
This will help you meet and foster good relationships with people in your community.
1. A valid means of ID
2. Passport photographs
3. Your BVN
4. A recent utility bill and
5. A certificate of registration of business name if the business is registered. (The registered business name is not a must for new agents).