What are Moniepoint Agent Commission Rates? Moniepoint Agent Commission Rates are the earnings agents make when they offer various financial services like money transfers, bill payments or account funding through Moniepoint.
These commissions are paid for specific transactions or services offered to customers.
It’s an income source for agents who operate in local areas.
Moniepoint partners with these agents to expand its reach and make financial services available to people who don’t have access to traditional banks.
Through this commission structure, Moniepoint is creating jobs for individuals especially in rural or underserved areas.
This boosts the local economy as people earn money by offering essential services.
For agents, the more transactions they do, the more they can earn, making it a good option for those who want to start their own small business or increase their income.
It’s helpful because it allows people to start with low costs as they don’t need to own a bank branch or large infrastructure to get started.
It’s easy to earn if you are committed as it depends on your location, number of people needing services and the work you put in.
Not a get rich quick scheme but a manageable and sustainable way to earn income and serve your community’s financial needs.
What are Moniepoint Agent Commission Rates?
Moniepoint agents can earn commissions on airtime and data top-ups, bill payments and money transfers.
Each of these services has a different commission rate and your earnings will depend on the number of transactions you do and the services you offer. Let’s break down each of these services and their commission rates.
Airtime and Data Top-Up Commissions
Airtime and data top-ups are the most popular services Moniepoint agents offer. Many people rely on agents for easy way to top up their mobile phones so this service is a steady source of income for agents.
For airtime and data top-ups commission rates, Moniepoint agents can earn between 2% to 4.5% of the transaction value.
For example if a customer buys airtime worth N1,000 the agent can earn between N20 to N45 as commission. The commission amount depends on the network being topped up, each network has a slightly different rate.
Data top-ups are similar. As a Moniepoint agent you can help customers buy data for their phones. For data top-ups agents earn a commission rate between 2% to 4.5%.
So agents can make money by doing a high volume of small transactions. The individual commissions may be small but they add up over time if you do multiple transactions in a day.
Bill Payment Commissions
Another lucrative service for Moniepoint agents is bill payment. People always look for easy ways to pay their bills whether it’s electricity, water or other utilities.
Moniepoint makes it easy for agents to offer these services and you earn a commission every time a customer pays their bill through your POS machine.
For bill payments like PHCN electricity bills, water bills and other utility services, Moniepoint agents earn commissions ranging from 2% to 4.5%. Commission rate varies by bill type.
Some bills may have higher commission rate than others but generally bill payments is a steady income for Moniepoint agents.
This is popular because many people need to pay their bills regularly so you can expect consistent commissions.
Money Transfer Commissions
Money transfer is another service Moniepoint agents can offer to their customers. Whether it’s sending money to family members or paying for goods and services, Moniepoint makes it easy for agents to help with domestic and international transfer.
The commission for money transfer is flat fee not percentage of the transaction amount.
For smaller transfer, agents can earn N20 to N100 per transaction depending on the transfer amount. For larger transfer (above N20,000) agents can earn N100 per transfer.
So if you facilitate large money transfer regularly, you can earn big commissions. Like bill payments and airtime top-ups, money transfer is done in bulk so you can earn money all day.
Commission on Other Services
Moniepoint also has other services where agents can earn commissions. For example agents can help customers pay for subscriptions like DSTV, GOTv or StarTimes.
These services also have commission rate ranging from 2% to 4.5% depending on the subscription amount.
Having multiple services is good for Moniepoint agents as it gives them more opportunities to earn.
By offering popular services like subscription payment you can attract more customers and increase the volume of transactions and earn more commissions.
POS Machine Usage Charge
In addition to commissions, Moniepoint agents should also know the transaction fee for using the POS machine. Although the fee is small, it’s important to consider it when calculating your profit.
Moniepoint charges a small fee for every transaction done on their POS machine. The fee is ranging from N6.2 to N20 depending on the transaction amount.
You should include this transaction fee when you calculate your total earnings. Although the fee is small, it can add up if you do a high volume of transactions.
However, the fees are relatively low compared to other payment providers, making Moniepoint a competitive option for businesses.
How Much Can You Make as a Moniepoint Agent?
Your earning as a Moniepoint agent depends on the volume of transactions you do, the services you offer and the commission rate for those services.
If you are processing a lot of airtime top-ups, bill payments and money transfers you can earn a steady income. The more services you offer and the more transactions you do the more you can make.
For example if you do 100 airtime top-ups per day with an average commission of N30 per transaction you can make N3,000. If you also do bill payments and money transfers your earnings will increase.
The earning potential for Moniepoint agent is high if you offer many services and build a strong customer base. By promoting your services and processing a lot of transactions you can make Moniepoint a profitable business.
Moniepoint Agent Requirements
To become a Moniepoint agent you need:
- A valid ID (national ID or passport)
- A business bank account to receive payment
- A smartphone with internet to process transactions
- A business location where your POS machine will be used
- An email and phone number for registration and communication
Moniepoint also requires agent to be 18 years and above and have a good financial standing. Once you meet these requirements you can apply to become a Moniepoint agent and start making commission.
Conclusion
In summary Moniepoint offers agent many ways to make money through commission. Whether you are processing airtime top-ups, bill payments or money transfers you can make commission from 2% to 4.5% per transaction.
The more services you offer and the higher the transaction volume the more you can make. With low transaction fee and many services Moniepoint is a good opportunity for anyone who want to start a business or increase their income.
By knowing Moniepoint agent commission rate and focus on high volume transaction you can build a profitable business.
Whether you are new to Moniepoint or already an agent, follow these tips and maximize your services you can make more commission and grow your business.
FAQs
What is Moniepoint?
Moniepoint is a Nigerian fintech company that provides payment solutions. It enables businesses and individuals to make deposits, withdrawals and bill payments through their agents, called Moniepoint agents. These agents help to expand the company’s reach and bring banking to the rural areas.
How do Moniepoint Agents earn commissions?
Moniepoint agents earn commissions by helping their customers to make transactions. These transactions could be cash deposits, withdrawals, money transfers and bill payments. Moniepoint pays agents commission for every transaction they do, which varies by service.
What are the commission rates for different Moniepoint transactions?
- Cash Deposits: Agents earn up to 1.5% of the cash deposit amount.
- Cash Withdrawals: Agents earn around 1% commission for withdrawals.
- Transfers: For transfers from one account to another, agents earn a fixed fee depending on the amount sent and type of transfer. For example, commission rates for bank transfers is between ₦50 to ₦250 per transaction.
- Bill Payments (Airtime, Cable, Utilities): Agents earn fixed amount for each bill payment. For airtime, they earn between ₦5 to ₦10, for utilities or TV subscriptions, they earn between ₦20 to ₦100.
Rates are subject to change.
Are Moniepoint Agent commission rates the same across the country?
While the commission structure is the same across Nigeria, there might be slight differences in some regions due to local policies, transaction volume and operational costs. Agents in urban areas might have more transaction volume and therefore earn more than those in rural areas but commission per transaction remains the same.
How are commissions paid to Moniepoint agents?
Commissions are credited to the agent’s Moniepoint account after each transaction. Payment is usually done on weekly basis but Moniepoint can adjust this if the agent has high transaction volume. Agents can withdraw their earnings at any time from their Moniepoint account to bank or mobile wallet.
Can Moniepoint agents make more money?
Yes, agents can earn more by processing more transactions. This can be by increasing their customer base, offering more services like loan disbursement or agent to agent transfer, or running promotional campaigns. Agents can also take advantage of bonus or incentive programs that Moniepoint may offer from time to time which can increase earnings during promotional periods.
Is there any qualification to become a Moniepoint agent?
To become a Moniepoint agent you need to meet the company’s eligibility requirements. These are:
- Nigerian resident
- Bank account
- Valid ID (National ID, Voter’s card, international passport)
- Smartphone or feature phone that can run Moniepoint app
After approval, agents can register to start offering Moniepoint services and earn commissions.
