Mobile money services are exploding in Nigeria, driven by the huge unbanked population across the country. Companies like ReadyCash allow individuals to leverage this opportunity by becoming mobile money agents.
In this guide, we\’ll explore how ReadyCash works, the requirements to become an agent, and how you can get set up with free POS devices or Pin Pads.
Overview of ReadyCash Mobile Money Platform
ReadyCash is a licensed mobile money operator owned by local software company Parkway Projects. The service has been around since 2010 but is less well known compared to competitors like OPay.
Using the ReadyCash app, customers can send money, pay bills, top up airtime, open bank accounts and more all from their mobile phone. As an agent, you handle the cash-in and cash-out aspects of facilitating these digital transactions.
Customers can visit your physical storefront to deposit and withdraw cash. You enable these transactions through the ReadyCash agent app and POS devices provided by the company.
Key Services Offered by ReadyCash
As a ReadyCash agent, you\’ll provide services like:
- Cash withdrawals – Customers can withdraw from their ReadyCash wallet via your agent POS device.
- Cash deposits – Customers can deposit cash with you that gets credited to their ReadyCash account.
- Airtime and data recharge – Customers can pay you cash to top up their mobile airtime and data.
- Bill payments – Payments for electricity, cable TV, phone bills etc can be paid via your POS.
- Bank account opening – You can help customers open bank accounts fully digitally through the ReadyCash platform.
- BVN registration – Another key service is biometric BVN enrollment for customers.
So in essence, you are providing basic banking and financial services in your community through the ReadyCash agent model.
Requirements to Become a ReadyCash Agent
The key requirements to become a certified ReadyCash agent include:
- Valid ID document like national ID card, driver\’s license, voters card or passport.
- Recent utility bill as address proof.
- Passport photo of yourself.
- Physical shop or outlet for operating the agency.
You\’ll need to fill the agent registration form on the ReadyCash app and submit your documents for approval. The verification process takes about 72 hours.
Major Benefits of Becoming a ReadyCash Agent
As a ReadyCash agent, you earn commissions and fees on every transaction done through your outlet. The revenue streams include:
- Account opening fees – You get N75 for each new bank account opened through ReadyCash.
- BVN registration fees – Earn N50 per customer enrolled for BVN via your agency.
- Withdrawal and deposit charges – ReadyCash pays 0.8% of the transaction amount. You keep the fees charged from customers.
- Inward money transfers – Commissions on receiving money into customer accounts.
Some other benefits include:
- Low N9 per transfer charge, less than competitors.
- Very stable network connectivity reported by agents.
- Dedicated customer support for agents.
- Potential to grow earning over time as business scales.
Options for Getting Free POS or Pin Pad
To operate as a ReadyCash agent, you need a POS device or Pin Pad to facilitate transactions. Here are the options:
ReadyCash POS Device
To get a free POS machine:
- Pay one-time refundable guarantee fee of N10,000.
- Meet minimum monthly transaction volume of N2 million for 6 months.
- The fee is refunded once target volume is met consistently.
- If not met, the N10,000 is not refunded.
ReadyCash Pin Pad
If POS device minimum target is difficult, opt for a Pin Pad:
- One time cost of around N20,000 or more depending on location.
- Functions similar to a POS for withdrawals and deposits.
- Attractive commission structure – you earn N55 to N100 per transaction.
So with the Pin Pad you earn good commissions from day one instead of waiting to get free POS.
How to Fund Your ReadyCash Agent Account
To operate smoothly, you need to maintain adequate float in your ReadyCash agent account.
You can fund your agent account in three ways:
- Via PayZone – Transfer from bank account to ReadyCash wallet online.
- Agent Networks – Deposit cash at another ReadyCash agent outlet.
- ReadyCash App – Initiate bank transfer directly using ReadyCash business app.
Maintain sufficient float to meet daily customer withdrawal demand at your outlet. Aim to minimize cash-out scenarios.
Is ReadyCash a Viable Opportunity for New Agents?
ReadyCash offers a promising opportunity to earn as a mobile money agent, for several reasons:
- Low startup cost and capital required compared to traditional microfinance.
- Commissions on transactions, no required daily targets.
- Free POS device on meeting reasonable criteria.
- Growing market for mobile money services across Nigeria.
- Opportunity to scale up earnings as your agency business expands.
If you operate in a location with decent customer foot traffic, ReadyCash provides a solid platform to start your mobile money agency business.
Conclusion
ReadyCash allows entrepreneurs to leverage the expanding mobile money industry in Nigeria. By becoming an agent, you can earn commissions on transactions like withdrawals, deposits, funds transfer, airtime recharge and bill payments.
Agents can get started with minimal investment by using a ReadyCash Pin Pad. You can also obtain a free POS device by meeting monthly volume criteria over 6 months.
Overall, ReadyCash offers a promising way to earn as a mobile money agent with low charges, stable connectivity and good support.