About Agent Banking
Agent banking is a channel used to bring financial services closer to the unbanked and underbanked segment of the society by empowering existing businesses within the communities to deliver these services.
About the Firstmonie Agent Network
The Firstmonie Agent network is a bespoke channel through which FirstBank expresses her passion and commitment to broadening the opportunities and access to financial services for every Nigerian and African; especially within the low-income segment (the unbanked and under-banked population).
How to identify a Firstmonie Agent
Branding features of a Firstmonie Agent location include.
- Outdoor paintings in FirstBanks’ colours (Blue and Gold)
- Firstmonie Agent Certificate
- Firstmonie Agent Banner
- Firstmonie Agent Dangler
Available Services at a Firstmonie Agent location
- Open a FirstBank account
- Deposit Money
- Withdraw money from any Bank
- Send money to any Bank
- Pay Bills
- Buy Airtime
- Enroll for BVN
Our Milestones
We are all over Nigeria! –
Over 85,000 Firstmonie Agent locations (and counting) are present in all accessible Local Government Areas across all States in Nigeria including the FCT.
We are empowering individuals! –
The Firstmonie Agent channel services over 1,000,000 unique customers daily. Creating easy access to financial services, our Agent network bridges the gap between high-tech services and low literacy clients.
We are empowering businesses! –
Firstmonie Agents are regarded as community heroes who are positively impacting the society, improving lives and eradicating poverty.
We are creating jobs! –
Through the Firstmonie Agent channel, we have created over 250,000 indirect jobs within the last 3 years.
To the Customer
- Saves customer travel and queue time (relative to alternatives such as the Branch and ATM point).
- Provides the target market access to custom/ relevant products that fit their needs.
- Provides quick access to “Human ATMs” which can serve all customer types – banked (customers of any bank) and unbanked.
The Agent
- Additional revenue from commissions earned per transaction processed.
- Improves Agent trust and credibility in their respective communities.
- Expansion of existing service offerings
- Increased demand for existing services/business offerings.
The Nation
- Tool for financial inclusion and literacy
- Reduction in the rate of poverty and unemployment.
- Channel for the deployment of National Social Intervention Programmes.
- Platform for partnership with international organizations to drive humanitarian programmes.
Transaction Dynamics
- All transactions processed at the Agent locations are real-time and impact sender/ beneficiary’s account instantly.
- Agent account is debited or credited instantly for every transaction processed.
- Customers are charged a convenience fee for transactions with the exemption of Airtime Recharge.
Customer Transaction Guide
- Services shall be provided subject to the availability of funds at the Agent location.
- If FirstBank systems are down, no transactions can be processed.
- Never disclose your PIN to anybody.
- When making a withdrawal, a valid identity card is required for identification.
- Ensure that you sign the transaction log book to confirm the information recorded about your transaction.
- Ensure that you get a transaction receipt for all transactions.
- In case of a failed transaction, please contact your bank for resolution.
- Prospective Agent must have been engaged in commercial activities for a minimum of 12 months.
- Prospective Agent must have a shop (a permanent structure – either rented or owned) from which he operates from.
- Prospective Agent must be willing to render financial services as defined by the bank.
- Willingness to commit a minimum working capital of N50,000 (if a non-registered business) and N250,000 (if a registered business).
Willingness to commit working capital to the business.
| Who can be an Agent? | Who can’t be an Agent? |
| The CBN is very particular about the kinds of business entities that qualify to be Agents.
The following entities are eligible to be an Agent o Limited liability companies o Sole proprietorships o Cooperative societies o Unregistered SMEs (Individuals)
|
The following entities are excluded from being an Agent.
• Bureau De Change (BDCs) • Non-Governmental Organizations [NGOs] • Faith Based Institutions • Educational Organizations –Not-for-profit Organizations. |
| S/N | Documents | Objective | Individual/Non-Registered Business | Registered Business |
| 1 | Valid means of identification (Driver’s license, National ID card, International passport or Voter’s card) | Proper identification | Yes | Yes |
| 2 | BVN | Proper identification | Yes | Yes |
| 3 | 2 current account references | Attestation to customer’s character | Yes | Yes |
| 4 | Evidence of Business Registration
(CAC Registration Form) |
CAC search to confirm corporate identity | N/A | Yes |
| 5 | Tax Identification Number (TIN) | Regulatory | N/A | Yes |
| 6 | *Credit Bureau Report | Confirmation that the Potential Agent is not a non-performing borrower | Yes | Yes |
Partnership with Firstmonie has lifted me from a nobody to somebody. Firstmonie created dichotomy between me and poverty…Ali Abubakar, FCT
God has brought liberation to my community. My people do not have to go and spend hours in the Bank when they can do the same transactions with a token within few minutes. Firstmonie charge is low compared to other platforms and l equally comply with the charges, so because of that they are happy and excited… Mojisola Iyabode, Ogun
My presence as a Firstmonie Agent in my community has saved members of my community money, energy and time. They can now do their basic financial transactions at a very affordable rate, without necessarily going to the bank, consequently eliminating time-wastage, conserving them energy, and saving them money. With Firstmonie, I now have the capacity to give the youth the opportunity to earn a living. I am now a job-creator, with 5 people under my employment. Nothing can be more satisfying! … Francis Friday, Abuja
Brief description:
Firstmonie Agent Credit is a digital lending solution designed to provide bridge finance to help our Agents to solve liquidity challenges resulting from depleted account balances, even when the Agents have physical cash at hand. The Agent can access this fund, pending cash lodgment at our nearest Branch.
Target Market:
- Agents, who have been Active on the Bank’s Agent Network for a minimum of three months.
Features
- Loan amount is 25% of average daily credit turnover for a period of three months subject to Maximum loan amount of N1Million.
- Tenor is 24hours during the Weekdays and maximum of 72hours or next working day during the Weekends and Public Holidays.
- Agent must have been in account relationship with FirstBank for a minimum of 3 months.
- Interest rate @ 0.3% flat on disbursed amount.
- Keyman Insurance of N1,000 per annum.
- Minimum loan amount is N20,000.
- Positive Credit Check.
- Satisfactory KYC Report.
Benefits to Agents
- Get up to N1Million to fund more Transactions.
- Access to fund before Cash lodgment at the Branch.
- Available for use every day, including Peak Periods (Weekdays, Weekend and Public Holiday).
- Business Expansion and Increase in Income.
How to Apply
- Apply through the Firstmonie App by clicking the link and follow the prompts.
FAQ
- What is Agent Credit?
- Agent Credit is a digital lending solution designed to solve immediate liquidity challenges.
- What is the maximum amount I can access?
- Customers can access up to N1Million subject to 25% of daily average credit turnover.
- What is the tenor of the loan?
- The maximum tenor for weekday loan is 24hours, while Weekend/Public Holiday is Maximum of 72hours or the next working day.
- What is the interest rate on this product?
- The interest rate is only 0.3% flat on the principal amount.
- Are there other fees when I access the service?
- Yes, Insurance fee of N1000 per annum which covers death and permanent disability.
- How long does it take for my account to be credited after applying?
- The loan will be disbursed to your account under one minute.
- How do I apply for the loan?
- You can apply using your Firstmonie App.
- How long can I be an Agent before I apply?
- You must have been an Active Agent for a minimum of three months to qualify for loan.
- Can the Attendant PIN be used to access the loan?
- No, it is only ADMIN Pin that can access loan.
- Can I apply for all my Stores at the same time?
- No, it is only one account per BVN at a time.
- What happens if I don’t pay my loan as at when due?
- Your other accounts linked to your BVN will be debited, you will be blacklisted from getting further loan and your Agent License will be withdrawn.
- How many times can I access the loan within 24hours?
- You can access the loan multiple times subject to your eligibility amount within 24hours for the selected Store.
- What are the Benefits of Agent Credit?
- Get up to N1Million to fund more Transactions.
- Access to fund before Cash lodgment at the Branch.
- Available for use every day including Peak Period (Weekdays, Weekend and Public Holiday).
- Business Expansion and Increase in Income.
- Can I get loan if my ID card is expired?
- No, you need to renew your ID card with the Bank before accessing loan.
- Can I access loan if my account balance is in debit?
- No, you can only access loan on a credit balance.
- Can I access loan if I have existing facilities?
- No, you cannot.
- Can I access loan on another Store if I have not fully paid my loan from the first store?
- No, you cannot access loan on any other stores if the first loan was not completely paid.
It is easy to reach us for any enquiries on the Firstmonie Agent Network.
- Send a mail to firstmonie@firstbanknigeria.com
- Call us on any of the following numbers:
- 0700FIRSTMONIE (0700-34778-66643)
- 01-4485500
- 0708-062-500
- Visit any FirstBank Branch
| S/N | Transaction Amount Band | Fee paid by Customer |
| 1 | Deposit (FirstBank account only) | |
| 1 – 5,000 | N50 | |
| >5,000 – 30,000 | N100 | |
| >30,000 – 100,000 | N150 | |
| >100,000 | N200 | |
| 2 | Transfer to FirstBank account | |
| 1 – 30,000 | N100 | |
| >30,000 – 100,000 | N150 | |
| >100,000 | N200 | |
| 3 | Transfer to Other Banks | |
| 1 – 20,000 | N100 | |
| >20,000 – 100,000 | N200 | |
| >100,000 | N250 | |
| 4 | Cash Withdrawal | |
| 1 – 10,000 | N100 | |
| >10,000 – 100,000 | N200 | |
| >100,000 | N300 | |
| 5 | Bill Payment | N100 flat |
| 6 | Airtime Recharge | Free |
| 7 | Account Opening | Free |
| 8 | BVN Enrolment | Free |
Please click here to view Agent lists/locations
