How to Get PayCentre POS in Nigeria

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PayCentre is a licensed mobile money operator enabling individuals to become agents providing cash-in/cash-out and financial services.

In this guide, we\’ll cover how PayCentre works, requirements to become an agent, available transaction services, and how to get free POS devices.

What is PayCentre?

PayCentre Africa is owned by E-Settlement Group and offers mobile money and agency banking services across Nigeria.

Using the PayCentre agent app and POS devices, you can facilitate services like:

  • Cash withdrawals and deposits
  • Airtime top-up
  • Funds transfer between bank accounts
  • Bill payments
  • Bank account opening
  • ATM card issuance

PayCentre handles the agent network and technology while agents earn commissions on transactions done.

Agent Services Offered via PayCentre Platform

As a PayCentre agent, you can provide these services to customers:

  • Cash withdrawal and deposits – Customers can deposit cash into their accounts and withdraw funds via your agency.
  • Airtime recharge – Recharge mobile airtime and data for various networks. Earn 2% commission.
  • Bill payments – Pay DSTV, Startimes, electricity bills and more. Get 1% commission.
  • Bank account opening – Help customers open new accounts completely online and digitally.
  • ATM card issuance – Provide debit cards to customers with new accounts opened through your agency.
  • Funds transfer – Instant interbank transfers and inward money receipts.

So you are providing key banking and financial services through the PayCentre model.

Requirements to Become a PayCentre Agent

To register as a certified PayCentre agent, you need:

  • Android smartphone
  • Valid ID document
  • Passport photograph
  • Utility bill as address proof
  • BVN number

Download the agent app, fill registration form and submit documents. Wait for approval in 1-3 days.

Key Benefits of Becoming a PayCentre Agent

As an agent, your revenue comes from:

  • Commissions on transactions – Get 40 to 100 NGN per withdrawal/deposit based on amount.
  • Account opening commissions – Earn per account opened through your agency.
  • Inward money transfer commissions.

Other benefits:

  • Access to business loans and advances
  • Dedicated support staff assigned to assist you
  • Potential to grow income as your agency scales

PayCentre Transaction Charges

PayCentre deducts charges from customer payments. They are:

  • Withdrawals: 0.5% to 0.75% of amount
  • Deposits and transfers: Flat N10.50 to N50 based on slab
  • Airtime/Data: Customer pays, you earn 2% commission
  • Bill Payments: Customer pays, you get 1% commission

So charges are reasonable compared to competitors. You earn commissions from customer payments.

How to Get Free POS Device or M-Pad

To provide services, you need a POS device or M-Pad from PayCentre. Here\’s how:

PayCentre POS Device

To get a free POS machine:

  • One time maintenance fee of N10,000
  • Meet set criteria for monthly transactions volume
  • Achieve minimum target consistently to earn free POS

PayCentre M-Pad

If free POS target is difficult initially:

  • Opt for M-Pad card reader
  • One time cost of N10,000 maintenance + N4,000 branding fee
  • Start services immediately with M-Pad

So choose whether to get free POS over time or start with M-Pad based on your capital and targets.

Responsibilities as a PayCentre Agent

As a PayCentre agent, you need to:

  • Maintain minimum liquidity of N100,000 – N50,000 cash at hand, N50,000 in bank.
  • Have an Android phone with data for app.
  • Adhere to KYC norms and transaction guidelines.
  • Provide excellent customer service at your centre.
  • Maintain proper accounts and documentation.

This ensures smooth functioning of your agency operations and compliance.

Is PayCentre a Viable Opportunity for New Agents?

PayCentre offers a promising opportunity to aspiring mobile money agents due to:

  • Relatively low startup capital required.
  • No prescribed daily targets – earn commission on transactions.
  • Free POS device on meeting reasonable criteria.
  • Growing demand for mobile banking and agency services in Nigeria.
  • Ability to scale up earnings as your agency expands.

For locations with decent walk-in traffic, PayCentre provides a solid entry point to start your agency banking business.

Conclusion

In summary, PayCentre enables entrepreneurs to leverage the mobile money wave sweeping Nigeria. You can earn commissions on vital financial services offered via their agent model and platform.

With low startup costs and the ability to get a free POS device, PayCentre offers a viable path to become a mobile money agent. Take advantage of this opportunity to build a profitable financial services agency today.

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