Are you interested in learning how to become an Opay POS agent in Nigeria? This comprehensive guide provides all the necessary information and steps to become an Opay POS agent in Nigeria.
In recent years, the Nigerian mobile money market has seen a surge in competition among various operators. Amidst this competition, Opay has emerged as a dominant player in the POS business.
Whether you're considering starting a POS venture or incorporating a POS machine into your existing business, Opay stands out as one of the prime POS service providers. It not only offers ample profit-making opportunities in the POS industry but also delivers top-notch services for seamless POS transactions.
Within this article, I will walk you through the process of becoming an Opay POS Agent in Nigeria, shedding light on the profitability of utilizing Opay POS for your business operations.
About Opay
Opay is a Chinese-owned fintech mobile money operation company with a license from the Central Bank of Nigeria (CBN). Established in 2018 in Nigeria, Opay has evolved beyond a conventional payment platform, now encompassing a wide range of mobile banking transactions. It is also officially registered as a microfinance banking institution.
Presently, Opay boasts a user base exceeding 5 million nationwide. Moreover, it is a certified POS service provider in Nigeria, boasting an extensive network of POS agents spanning the entire country who utilize Opay's POS for their business operations.
Services Offered By Opay
Having an Opay account, whether as an agent or an ordinary user, grants access to a diverse array of financial transactions, including:
- Cash withdrawals from ATMs using an Opay debit card
- Airtime and data purchase
- Money transfers to any bank
- Receipt of funds from any bank
- Utility bill payments (e.g., Ibedc, Eedc, Dstv, Gotv, etc.)
- Checking account balances
How To Open An Opay Account
To embark on your journey as an Opay POS agent, the initial step is to establish an account with Opay. Follow these steps to set up an Opay account:
1. Download the Opay app from either the Play Store or the App Store.
2. Sign up using your phone number.
3. Set up your login pin.
4. Sign in.
5. Begin transacting with your phone number, remembering to omit the first zero when entering your Opay account number (e.g., "7078544323").
How To Become An Opay POS Agent
Merely owning an Opay account is insufficient to become an Opay POS agent; you must also register as one. This involves upgrading your account to an Opay agent account. Follow these steps to become an Opay agent through the app:
1. Open your Opay account and sign in.
2. Access your KYC status on the dashboard.
3. Click to upgrade to agent. Upon successful completion, your KYC level will be promptly elevated.
4. Subsequently, send an email to support@opay-inc.com to request the merchant form and await their response.
Alternatively,
1. Navigate to the Opay website using your browser.
2. Select "Merchant" from the top corner.
3. Click to create a merchant account.
4. Complete the merchant form and await Opay's response.
Documents Needed To Obtain An Opay POS Machine:
Before Opay can process your application for a POS machine, you will need to provide the following documents:
- An active Opay account
- National identification (e.g., national passport or National Identification Number - NIN)
- A passport-sized photograph
- Bank Verification Number (BVN)
- A utility bill issued within the last three months.
How to Apply for Opay POS
Now that you've successfully upgraded to an Opay agent account, the next step is to acquire an Opay POS. This requires you to complete the necessary documentation to reach KYC Level 3. Follow the steps outlined below to facilitate your upgrade to KYC3, enabling you to apply for an Opay POS:
1. Access your Opay account and log in.
2. Tap the "me" icon.
3. Select the profile picture icon to access the details settings.
4. Opt to upgrade to KYC3.
5. Initiate the KYC3 procedure by uploading your photo.
6. Provide a clear image of your identification document (passport, voter card, or NIN).
7. Choose to upload your utility bill and provide a clear photo of your most recent one.
8. Enter your Bank Verification Number (BVN).
9. Click to complete the process and await Opay's response via SMS or email, typically within 72 hours or less.
Once your application has been reviewed and your account successfully upgraded to KYC3, the next step is to request an Opay POS machine. Follow the procedure below to obtain an Opay POS:
1. Launch your Opay app.
2. Click on "Apply Merchant" on the dashboard.
3. Input all the requested information on the page.
4. Upload transaction records from the last three months.
5. Select the ID document to upload (national passport, NIN, or any other valid ID).
6. Capture a photo of your business location and upload it.
7. Click to submit.
8. Now, await Opay's review.
If your application aligns with their requirements, you will receive instructions on how to have your POS machine delivered to you within three days.
Cost of Obtaining Opay POS:
Opay does not impose any charges on their agents for the POS machine, provided you've been actively transacting through your Opay account in the last three months.
Transaction Charges for Opay Agents:
For cash deposits:
- N5,000 and below: N10
- N5,001 to N10,000: N20
For cash transfers:
- N10,000 and above: N30
For cash withdrawals:
- Withdrawal below N20,000: 0.5%
- Withdrawal above N20,000: N100
Agent Commission for Utility Bills (Percentage):
- Startime: 2%
- Gotv: 2%
- Dstv: 2%
- Electricity bills: 2%
Agent Commission for Data or Airtime Purchase (Percentage):
- MTN: 3%
- GLO: 4%
- Airtel: 4%
- 9mobile: 4.5%
In Conclusion
Opay stands as a prominent name in the POS industry, renowned for providing top-notch services characterized by swift transactions, reliability, and exceptional customer support. Utilizing Opay POS for your point of sale operations or sales endeavors is a highly profitable venture. You'll benefit from reduced service charges, fewer network glitches, and excellent customer service.
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