How to Start an Agency Banking with zero Naira and be getting N50,000 monthly


In a bid to implementing the Central Bank’s Cashless Policy, and in order to decongest commercial banks, the Central Bank rolled out the mobile money operation Policy Nigeria. The Policy was designed to bring or deliver key or essential financial services to customers at their nearest proximity.

What then is Agency Banking?

In this context, Agency Banking is the delivery of any essential financial services to customers through a third-party (the Agent) on behalf of a licensed financial institution.

The agent is onboarded on the agency platform of the financial institution to carryout limited services on behalf of the financial institution.

What services are agents permitted to do?

The financial institution which an agent stands to represent, spells out the services it may permit agents to do. Some of those services includes;

1. Account Opening

2. Card Issuance (Only for Zenith Agents)

3. Cash deposits

4. Cash withdrawals

5. Bill payment

6. BVN enrollment 

7. Airtime purchase

These are the essential financial services that are carried out by agents in Nigeria.

How can one become an agent?

Becoming an agent is very siple most especially if you choose Zenith Bank. It cost nothing to become an agent, infact, you can start with zero Naira. Let’s take Zenith Bank as an example, the Zenith agent account which is called “Till Account” is opened free of charge.


To become an agent most especially for Zenith Bank these documents are required and must be provided upon submission of the Agency Banking Application form;

1. Completed Agency Banking Application form.

2. Two recent Passports sized photograph.

3. Government issued means of identification.

4. Utility bill (proof of address).

5. No reference needed.

6. No initial deposit (zero deposit)

What is a Zenith “Till Account” ?

Like other banks, agent accounts are independent from individual accounts and are mostly current accounts. That’s why other banks like First Bank will require two reference signatories before the accounts are opened.

“Zenith Till Account” is an agent account usually linked to the POS that is issued to the agent

Before now, Zenith agents could collect Eazy Loans via a dedicated USSD code *966*11#, though, the bank has suspended this service recently. Now, this particular loan used to come through an autogenerated Loan account. 

The agent must have an account (Savings/Current) domiciled in the branch where his or her application forms are submitted. 

Now, Once the “Till Account” is opened, the agent is onboarded and at this point he or she can sign up on the Zmoney App. Once in the App you will notice that either three or two accounts are linked together in the App. The accounts may appear to be three if an agent has collected Eazy Loan before, if not then the accounts appears to be two but linked together in the App.

Benefits and Commissions

The purpose of anyone becoming an agent is for him or her to make some cool cash (remuneration). As a Zmoney agent, you have many benefits and Commissions paid at the end of the month. Here are some of the benefits;

1. When you Open Account and fund it N500 (Agent makes N300)

2. Withdrawal (1–5000/ Agent gets N50)

3. Withdrawal (5001-10,000/ agent gets N50)

To be updated

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