8 Practical Steps on How to open agent banking business in Nigeria

To open an agent banking business in Nigeria, you will need to follow these steps:

1. Know everything about agent banking in Nigeria. Visit here! 

2. You are to research the regulatory requirements here by downloading the CBN document: Nigeria has regulations that govern the operation of agent banking businesses, and it is important to understand these regulations before starting the business. The Central Bank of Nigeria (CBN) is the regulatory authority for agent banking in Nigeria, and you can visit their website to learn about the regulations.

Tip:

- Download also guidelines document: CBN guidelines for regulating agent banking in Nigeria

3. Identify a partner bank of your choice: Agent banking requires a partnership with a bank that will provide the necessary support and infrastructure for the business. You will need to identify a bank that offers agent banking services and meet their requirements to become an agent.

Tip:

You can search CBN list of Banks types in Nigeria here:

- Fintech or Digital Banks, e.g  Opay, and Moniepoint

- Traditional or Conventional Banks, e g. GTBank, and UBA

4. Register your business: You will need to register your business with the Corporate Affairs Commission (CAC) and obtain the necessary licenses and permits to operate an agent banking business in Nigeria.

Tip:

Know what it takes to register a business name in Nigeria. Depending on the type of agent banking you want to established, so chose a business registration type such as sole proprietorship, partnership, or limited. liability. See CAC business registration guide here

5. Obtain training and certification: You will need to undergo training and obtain certification from the partner bank and the CBN to be able to operate an agent banking business.

Tip:

Gain knowledge of the required skills and experience. It will be part of your partnered bank responsibility to prescribe, guide and help you for such skill development. 

6  Set up your business: Once you have met all the regulatory requirements and obtained the necessary certifications, you can set up your agent banking business by establishing a physical presence in a location that is accessible to customers.

Tip:

Establish it in a place of less competition. 

7  Promote your business: You will need to promote your agent banking business to attract customers. This can be done through advertising, word-of-mouth, and partnerships with other businesses in the community.

Tip:

Do business name promotion both online or offline. 

8  Manage your business: You will need to manage your agent banking business effectively by maintaining accurate records, providing excellent customer service, and complying with all regulatory requirements.

Tip:

Have sufficient knowledge on how to manage such business. Ask those who are in the business for better tutorial. 

By following these steps, you can open an agent banking business in Nigeria and provide valuable financial services to the underserved communities in the country.