In the time past, only elites and educated people had and operated bank accounts. But today, with UBA Moni Agent Banking and other agent banking like Polaris SurePadi, First Bank Firstmonie and Ecobank Xpress Point, almost everyone now has access to banking services. Agent banking has really brought banking closer to people. The agents are everywhere. One good thing about agent banking is that, the agents speak the language that people understand. The fact that people can easily relate with them makes agent banking very popular in every community. It is actually banking in less informal way.
Also read: UBA Bureau De Change: What you must know
Having mentioned that there are other agent banking services being operated by other banks, you may want to know more about UBA. Don’t worry about that as we are going to throw light on the bank.
UBA is an acronyms for United Bank for Africa. The bank has been in existence since 1949. In those days, the bank operated as the British and French Bank Limited (BFB). But in 1961, UBA was registered as a limited liability company and acquired the assets and liabilities of the British and French Bank Limited. UBA became a public limited liability company in 1970. It was the first Nigeria Bank to be listed on the Nigeria Stock Exchange through an Initial Public Offering. In 2005, UBA and Standard Trust Bank (STB) merged to become the mega bank we know today.
The bank has branches across 20 sub-Saharan countries. The countries include Nigeria, Benin, Burkina Faso, Cameroon, Chad, Republic of the Congo, Democratic Republic of the Congo, Ivory Coast, Gabon, Ghana, and Republic of Guinea. Others include Kenya, Liberia, Mali, Mozambique, Senegal, Sierra Leone, Tanzania, Uganda, and Zambia. UBA also has presence in the United Kingdom, the United States of America, and France
There is no doubt that UBA is a recognized and reputable bank. Therefore, if you desire to become UBA Moni agent, you can be sure of the credibility of the bank. If you think that many people are already working as UBA Moni agents and that the market is already saturated, you may be wrong. UBA vision is to ensure that each street have a mini branch where people can open an account, send money, withdraw money or pay bills. With this, you can see that the opportunity is still open to interested people who want to work as UBA Moni agent.
Nevertheless, before enroll for UBA Moni Agent banking, it is important you know what will be your functions. This will help you decide whether you are ready for the business. Find below the functions of UBA Moni Agent Banking
Functions of UBA Moni Agent Banking
- Account Opening: If you know of anybody in your street that wants to open a bank account, such person can actually open the account through you. The benefits of opening a bank account through UBA Moni Agent is that, agents help the bank in achieving Know Your Customer (KYC) mandate from the Central Bank of Nigeria. Since the person lives in your community, you are sure of the person that is opening the account.
- Cash Deposit: People use more of Agent banking nowadays to deposit money into their account. The most important thing is the assurance that the money actually enter their bank account. Customers usually get alerts for their deposits. Even, if there is no alert, may be as a result of network issue, agents are well known within community where they operate. So, customers are confident that their monies are safe.
- Cash Withdrawal: Even though the economy is tending towards cashless, we still need cash to carry out some transactions. UBA Moni Agent banking is a quick point of call to withdraw money when people are out of cash. At time, people may want to pay through their card but the vendor’s POS may not function for one reason or the others. In such a situation, services of UBA Moni Agent banking may be required. Even, with the UBA Moni Agent banking, withdrawals outside normal bunking hours is possible.
- Funds Transfer: The same way customers can withdraw from their account through UBA Moni Agent banking, they can also make transfer as well either between two UBA bank accounts or across other banks.
- Bills Payment: Customers can pay their bills such as PHCN bills, LAWMA Bills, GoTV, DSTV, and Startimes.
- Airtime Recharge: As long as a customer has money in his account, he will be able to recharge his phone through you as an agent.
- BVN Enrolment: You can as well register for Bank Verification Number (BVN) so that customers can enrol for BVN at your outlet without visiting the bank.
Benefits of UBA Moni Agent Banking
You may want to know the benefits you will enjoy as an UBA Moni Agent Banker. Below are some of the benefits:
- Extra Income: Becoming UBA Moni Agent banking serves as an opportunity to earn extra income. If not for anything, you can use the extra income to offset your utility bills and much more like helping you to offset your rent
- Increased Sales: Apart from the extra income you will be making from the agent banking services, it also draft more traffic to your store. The fact that you are having more people coming to your outlet, there is tendency for some of these people to buy other things that you sell. This will definitely increase your sales
- Instant Payment Confirmation: All the transactions you carry out are real time. Customers also gets alerts for their deposits or withdrawals.
- Added Value: What a joy to know that you are adding value to your customers. So the benefits go beyond financial gains
- Improved Status: Working as UBA Moni Agent banking improves your credibility. The more people do businesses with you, the more you can their trust and confidence. This can even make them to recommend you for other engagements.
Apart from the benefits mentioned above, there are certain benefits that customers will also enjoy and these include the following:
- Security: Customers don’t need to carry cash in a long distance now. They don’t even need to store cash at home with the assurance that they can always get the cash they need per time from agent bankers.
- Accessibility: Agents are closers to customers and more accessible. They don’t need to travel far before they can enjoy banking services. This saves them time and money.
- Convenient: The dread of a long queue is one of the things that discourage people from visiting banks. The agent banking makes things easy and convenient for people.
- It accepts all banks: It works like ATMs. Customers can withdraw from any agent banker regardless of your bank
Requirements for Becoming UBA Moni Agent Banking
If you want to become UBA Moni Agent Banking, you will need to visit any of the UBA office. Request for Agent Banking Form from the Customer Service Unit. They will also give you necessary information you might need. Nevertheless, basic requirement for agent banking include the following:
- A shop owned or rented by you.
- An account with UBA
- A minimum working capital
- Valid means of identification such as International passport, Driver’s license, National ID card or Voter’s card.
- Biometric Verification Number (BVN)
- You can be a Limited Liability Companies, Sole Proprietorships, Cooperative Societies, and Unregistered SMEs.
Entities Exempted from Becoming UBA Moni Agent Banking
The entities that are exempted from becoming UBA Moni Agent Banking include the following:
- UBA Staff and Associates
- Faith Based Institutions
- Bureau De Change (BDCs)
- Not for Profit Organizations
- Non-Governmental Organizations (NGOs)
How to be Identify as UBA Moni Agent
You will have a UBA Moni Agent signage and other branding materials for identification.
Success Key: The main success key is for you to locate your outlet where there is a lot of human traffics or where they carry out a lot of cash transactions. Security of your outlet is also very important.