A lot of new FinTech companies are springing up in Nigeria here and there and are making waves in Nigeria. One of such is Bankly. In this post, we will do a review of Bankly to learn more of what they are about, how to become a Bankly agent, the Bankly POS charges, and the commission rates.
Ready? Let’s dive in.
What is Bankly?
Bankly is a digital savings product that allows users to fund their wallet with tokens on Bankly vouchers across the country. This is very similar to our telecommunications system, where you can buy credit to recharge your line. Bankly, however, lets you recharge your account balance.
Bankly is available on Android and can be accessed via an ATM, mobile wallets, SMS, USSD or POS terminals. Customers can use the platform to pay bills, purchase airtime, transfer money between friends and family, or to cash out to agents.
Who are Bankly Founders?
Fredrick Adams and Tomilola Adejana founded Bankly in 2018. They are digitizing the informal thrift collection system, which has different names like ajo, akawo, or esusu in Nigeria. Their office is located at 1004 Housing Estate Eti-Osa Lagos.
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How to Become a Bankly Agent
You can become a Bankly agent for free. However, you will need startup capital.
Bankly agents can make more than 200,000 Naira per month. As an agent, you can earn Bankly commission starting with N5000. Bankly’s agent commission is earned through customers’ bill payments and deposits. Bankly charges a 2% commission for bill payments.
As a Bankly agent, you can get a free POS terminal. This means that Bankly can revoke the POS terminal if you don’t use it or do not meet the 30 transactions per day target (both withdrawals and deposits combined).
You can request to purchase a POS or register as an agent to get Bankly POS.
After downloading the Bankly App from the play store, register and contact your Bankly Aggregator. A Bankly Aggregator is an agent that manages at least 50 agents. An aggregator is paid for the transactions they make and a bonus if their agents reach Oga or Supa levels. Your aggregator (an independent employee of the company) will guide you on what to do next.
Download the Bankly Agent app to get your Bankly POS machine. Your business/personal name can be used. To map as an Aggregator, you will need to send your registered name and number.
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Requirements to get a Bankly POS.
Bankly POS registration requires a valid government ID Card, such as a voter’s card, national ID card or international passport. Your POS machine will be delivered to you within one to seven days.
Let me walk you through the steps to achieve it.
- Select POS from your agent dashboard and click on Request POS
- To accept the POS Terms and Conditions, please check your Notice.
- Continue reading to see the Daily POS Transaction Targets.
- To expedite your POS request, select the number of terminals you wish to use and upload an EOD.
- To confirm your POS (point-of-sale) request, enter your transaction PIN.
- Click Done.
These are the conditions and requirements to obtain the Bankly POS.
- An authenticated Identity card, such as an International Passport, National ID Card or Voters Card
- Utility Bill (NEPA Bill).
- Business license (Requires registration only)
- Valid BVN
- Number of Bank Account
- First name
- Last name
- gender
- Email address
- State
- Local government
- Telephone number
- Valid email address
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What are Bankly POS charges?
Bankly charges 0.3% for POS withdrawals, and a flat rate N35 for all transfers. These are the charges you will collect from Bankly customers as an agent. You will be charged 5 naira for every 1000 naira that you withdraw on behalf of a customer. N10 will be charged for any transfer between N100 and N2000. N20 will be charged for any transfer above N2000.
Let me explain.
- 1000naira to charge 5naira
- 2000naira to charge 10naira
- 3000naira to charge 15naira
- 4000naira to charge 20naira
- 5000naira to charge 25naira
- 6000naira to charge 30naira
- 7000naira to charge 35naira
- 8000naira to charge 40naira
- 9000naira to charge 45naira
- 10,000naira to charge 50naira
- 11,000naira to charge 55naira
- 12,000naira to charge 60naira
- 13,000naira to charge 65naira
- 14,000naira to charge 70naira
- 15,000naira to charge 75naira
- 16,000naira to charge 80naira
- 17,000naira to charge 85naira
- 18,000naira to charge 90naira
- 19,000naira to charge 95naira
- 20,000naira to charge 100naira
100 Naira is charged for any amount exceeding 20,000 naira
Bankly POS does not have a stamp duty. The federal government charges an additional 50 naira for any withdrawal or transfer above 10,000 naira. Bankly does not have to pay this amount.
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How Legitimate is Bankly?
Bankly operates legitimately in Nigeria. Through Bankly partner banks, your deposits are insured by the Nigerian Deposit Insurance Commission. Bankly has been in the agency banking industry for a long time and is licensed by the Central Bank of Nigeria (CBN).
Points for Bankly Agent
Bank agents earn points which can be used to gain financial and material advantages. A bank agent with 50,000 points can become an “Oga” and have access to loans up to 50,000 naira.
An agent who accumulates more than 300,000 points can become a “Supa.” This status allows them to access loans up to 300,000. Weekend overdraft is also available and the chance to win a phone.
A Chairman can have access to up to 500,000 Nigerian naira in loans and weekend overdrafts, as well as health insurance, if they have +500,000 points.
Downloading the Bankly application
The Bankly app can be downloaded from Google Play Store. It is only available for Android users at the moment. The application can also be downloaded from another website.
How to Fund Your Bankly account
Bank transfer is the first option. Bankly will provide you with a unique number that you can use to transfer money to your wallet.
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Bankly Agent Commission: More Ways To Earn
You can purchase airtime, TV subscriptions or electricity bills for yourself and your customers. Once you do that, you earn commissions. The following are the percentages you earn as commission on some services.
- 1.6% commission on mtn
- 2.8% Commission on Glo
- 2.8% commission on etisalat
- Airtel commission: 1.76%
- 1.2% to 1.4% commission for dstv
- 1.2% to 1.4% commission for gotv
- 1.2% commission on IKEDC
- 0.8% commission on IBEDC
- 2% commission on Enugu postpaid
- 0.96% commission on AEDC
Bankly system simplifies everything while maximizing your gains.
Register quickly and you can start earning.
