According to World Bank research report on financial inclusion in Africa, less than one adult out of four on the continent (about 25 percent) has access to an account at a formal financial institutions (like bank, for example). In other words, over 500 million African still do not have a bank account today. Sadly this people are excluded from the financial service industry. If this segment of the market could be captured, it would increase investment and support more businesses.
In Nigeria alone, the Central Bank of Nigeria (CBN) reports that there are about 60 million financially excluded people in the country. To reduce this number, the CBN, deposit money banks, licensed mobile money operators and Super Agents launched the Shared Agent Network Expansion Facilities (SANEF), a new initiative designed to extend financial services to these financially excluded Nigerians by the end of 2020.
With the introduction of SANEF as well as its Multipurpose POS terminals, SANEF agents across Nigeria can perform all banking operations generally carried out by a standard ATM.
SANEF is a unique way of banking that helps eliminate the long waiting-time and long ques that characterizes most commercial banks and ATM centres in Nigeria.
If you have never liked wasting your time at the ATM centres to perform transactions, then you will understand that a business that provides a solution to eliminate the time and hassle suffered in the process will thrive well in Nigeria.
With the help of a SANEF agents, customers can perform basic financial services like bank account opening, cash deposits, cash withdrawals, funds transfers and bills payments – irrespective of the bank the customer banks with.
To be able to earn a reasonable amount of money monthly using a Point Of Sale machine, you must be a registered SANEF agent in Nigeria and have at least a N100,000 (one hundred thousand naira) as your startup deposit capital.
To be a SANEF agent, you must be appointed by a licensed Super Agent to provide Agency Banking & Financial Services to customers. Once you are registered, you will have an Agent Deposit Account and be able to purchase the Multipurpose Point Of Sale Machine from your Super Agent. Here is How to Get Registered as a SANEF Agent in Nigeria.
Note that the only way to start a POS business in Nigeria is by becoming a SANEF Agent, and to be a SANEF Agent, you must be registered under a licensed Super Agent. Don’t waste your time visiting commercial banks because the process might not be successful. A Super Agent will train you and give you all the materials needed to start this business.
The CBN’s registered Super Agents and MMOs includes Paga, Cellulant, eTranzact, Interswitch, Capricorn, Innovectives, Inlaks, Unified Payments and Xpress Payment. The easiest way to get registered under any of these Super Agents is to call their Customer Care Number to get full details about registration procedures as well as basic requirements of an Agent.
Here is a detail list of All Licensed SANEF Super Agent’s Customer Care numbers.
As an agent, you will get paid each time a transaction is completed. The commission you earn depends on the type of transaction you make. As an agent, you are expected to have a shop where all your transactions will be made. Every transaction carried out can earn you between N50 to N100. So, here are 7 common transaction that can be carried out using a POS machine and can earn you money after each transaction.
Customer can now pay almost all government approved taxes with ease via a SANEF agent. They can also pay their Cable TV Bills using the same agent.
Pick ATM Cards
Bank customers can get a Naira Debit Card (ATM card) at a SANEF kiosk. Thanks to technology, the agents get a commission after the new ATM card have been collected.
Pay Electricity Bills
With SANEF, customer’s electricity supply will never go out! They can pay their Electricity Bills with ease at the nearest SANEF Agent’s shop.
Withdraw cash via POS
Most of us queueing up outside bank ATMs are unaware of another option to withdraw cash — via these multipurpose POS terminal. Not only can customers swipe their ATM cards to make purchases they can also use the same POS to withdraw cash.
With SANEF, customers can now transfer funds urgently even if they do not have cash? You can do that by visiting a SANEF agent to make online transfers.
Enroll for BVN
Do you have a Bank Verification Number (BVN)? If not, you can enroll for your BVN at the nearest SANEF agent. BVN helps secure and protect your bank account from unauthorized access.
Eliminate Bank Queues
Goodbye to long bank queues. With SANEF, customers can make cash deposits at the nearest SANEF agent.
Currently, this POS business is one of the most lucrative businesses in Nigeria. Providing banking service as a SANEF agent can create jobs for thousands of Nigerians especially the youths.
From time to time, CBN and all its licensed Super Agents will be adding other financial services to the list of already exiting services. For example, paying of tuition fees, buying examination forms and opening bank accounts is coming soon. The more the services added, the more commission the agent will earn.