Today’s vibrancy and competitiveness of the Nigerian agent banking sector are partly due to the operations of one of the key players in the industry – Opay. OPay POS business is a lucrative means to earn a living in Nigeria today. And in this article, I will be sharing with you all you need to know about the OPay agent banking business.
If you are a regular on this platform, you should have noticed that we have comprehensive content on how to start a POS business. Also, we researched the best POS banking agency platforms so that you will be spoilt for choice.
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The OPay company is a Chinese-backed Fintech outfit launched in Nigeria in 2018 and has since been making giant strides in its operations. OPay is more than a mobile payment company; it is a one-stop mobile platform for payment, transportation, food & grocery delivery, and other important services needed for everyday life.
The company is making financial services more efficient for millions of users who rely on OPay daily to send and receive money, pay bills, and order food and groceries.
OPay Core Values.
- Entrepreneurship: Ability to identify problems and collaboratively solve them to create opportunities for everyone.
- Diversity: OPay embraces interdependence as humans, rich cultures, and places people come from.
- Innovation: Partnership with people and technology to create an impact-first work environment.
- Community: OPay’s approach is simple. Great people and a vibrant community make a good company.
Is OPay POS Business Licensed By CBN?
OPay is licensed by the CBN as a mobile money operator (MMO) and has the approval to operate as an international money transfer agent facilitating remittances to B2B, B2P, and P2P in Nigeria. In addition, the OPay web platform is PCI DSS certified, ensuring that the security of your card data while transacting business on the site is securely protected.
Transactions You Can Perform With OPay POS.
- Cash withdrawal.
- Fund transfer.
- Instant settlement.
- Check customers’ account balances.
- Payment of utility bills.
How To Register As An OPay Agent.
If you are already an OPay app user and you want to become an agent, all you need to do is to upgrade your KYC level from KYC 1 to KYC 2. To do this, you need to provide your BVN, gender status, date of birth, and state of residence.
To upgrade from an OPay user to an agent via the app:
- Open the OPay app.
- Tap on Account and tap on your current KYC level just below where your name appears on the app.
- Then click on Upgrade to agent.
- Once successfully upgraded to the KYC2 level, you will become an OPay agent.
But if you are applying afresh to be an OPay agent, you can follow these steps.
- Go to the OPay website and click ” Merchants ” in the website title bar.
- Click on “Create an Online Merchant Account” if you want to signup as a regular online agent without a POS machine, or click on “Create a POS Merchant Account” if you want to get the POS machine.
- Fill out the forms for both categories of applications.
- Alternatively, you can go to Google Play and download the OPay app. Then, follow the instructions to register your account.
- After setting up your account, email email@example.com and request an OPay merchant registration form.
Documents Required To Get OPay POS Machine.
- Your Bank Verification Number (BVN).
- A utility or another bill dated no later than three months before merchant registration as proof of your address.
- Copy of your national ID card, driver’s license, or international passport.
- 1 passport photo.
How To Get OPay POS Machine.
Having upgraded to KYC level 2 earlier, you need to move to level 3 when applying for a POS device. follow these steps:
- Open your OPay app and go to “Me”.
- Click the picture icon (top left) to go to Account Details.
- Click Upgrade to Level 3.
- Upload your picture.
- Upload a valid Id card (Intl passport, voters card, national Id or driver’s license).
- Upload a recent utility bill.
- Upload your BVN.
- And Submit.
- The OPay team will review and approve your KYC upgrade within 24 to 72 hours. And you will get email and SMS notifications to that effect.
Now that you have successfully upgraded to KYC level 3, you can apply for a merchant POS terminal by following these steps:
- Log in to the OPay app on your device.
- Tap on the “Merchant Apply” icon.
- On the next page, enter all necessary information as requested.
- Upload your transaction history for the past 3 months.
- Upload a valid Id card.
- Take a snapshot of your business location and upload it to the portal.
- Submit for review.
- The OPay team will review your application, and if approved, you will receive your POS machine within 24 to 72 hours.
How Much Does OPay POS Machine Cost?
The OPay POS terminal application is free. However, you must retain at least a ₦20,000 caution fee in your OPay Wallet. Once your POS request is approved, the caution fee will be debited from your wallet and refunded only when you, as an agent return the POS terminal to the company.
OPay POS Business Charges And Commission Structure.
Cash Transaction Charges.
- For withdrawals below ₦20,000, OPay charges 0.5% of the transaction amount.
- For withdrawal above ₦20,000, there is a flat charge rate of ₦100.
- For deposits ₦5000 and below, there is a flat charge rate of ₦10.
- For deposits ₦5,001 to ₦10,000, OPay charges a flat rate of ₦20.
- For transfers above ₦10,000, OPay charges a flat rate of ₦30.
OPay POS Commission Structure For Data Top Up.
- MTN = 3% commission.
- Glo = 4% commission.
- 9Mobile = 4.5% commission.
- Airtel = 4% commission.
OPay POS Commission Structure For Utility Bills.
- DStv = 2% commission.
- GOtv = 2% commission.
- PHCN = 2% commission.
- StarTimes = 2% commission.
Benefits Of OPay POS Business.
Trusted and Reliable Service.
OPay is a CBN-licensed mobile money platform that offers low fees and a hassle-free way to carry out an array of services for your customers.
Instant Transaction Settlement.
- Receive funds into your wallet instantly and offer transfer services to your customers in real-time. No waiting for end-of-day reconciliation.
- Business Intelligence and Growth Insights
- OPay offers a powerful dashboard to view all your business transactions and helps you understand your business better.
Do you want to increase your sales lead? Find all you need and more in the comprehensive Sales and Marketing Plan Template.
Frequently Asked Questions on OPay POS Business.
Is there a limit on the maximum transaction amount for a merchant?
You can receive and send up to 5 million Naira daily as an OPay merchant.
What do I do when I receive an error on my POS?
The following errors are possible to occur on your POS:
- Communication error.
- SSL Connection failure.
- Wave lost. Try Again.
To troubleshoot these errors, please turn off the POS for about one minute, then turn it back on and try again. If you still have the same problem, please send a screenshot of the error message to the WhatsApp group created by the OPay Team for businesses. The appropriate team will reach out to you and provide help to solve the error.
What do I do when a transaction is made via the POS, but I do not see the funds credited in my wallet?
Please report this immediately in the Support tab in the OPay app. Remember to include the transaction number and a screenshot of the transaction receipt.
How long does it take for a reversal to happen with OPay?
Reversals on the system happen instantly to the cardholder’s account.
What do I do if my POS shows that the reversal is approved but the cardholder’s account is still debited?
Please request for the cardholder to resolve this with their bank. Also, ensure that the reversal process completes before pulling out the user’s card, as this could lead to the POS being unable to read the card or its associated account details.
Start your own POS business today with this detailed cost analysis guide here.
Finally, the OPay agent banking business has created many opportunities for people to make a living by starting their businesses as mobile money merchants under the OPay platform. You, too, can join them and start making a significant impact in your community as an ambassador of financial inclusion, serving both the unbanked and underbanked in your community.
Take that step and register as an OPay agent today!
Image credit: opayweb.com