As the most popular service offered by mobile money and bank agents, it is important you understand the different ways you can make cash deposit and transfer as well as your role of the as an agent in making this kind of transaction.

This can also be referred to as Cash In/Cash out (CICO).

  • Cash in: The customer comes to the agent with cash to deposit money into an account.
  • Cash out: The customer wants to withdraw money from his/her account
This service is the most popular of all mobile money and agent banking services. As a matter of fact bulk of your customers will come in to do either a cash in or cash out.

Cash out Scenarios

  • POS withdrawal: Customer makes payment to your account with his/her card, through your POS and you give the customer cash. The customer must have his/her debit card to do this.
  • Account to account withdrawal: Customer transfer money to agents account via Mobile app or USSD and Agent gives customer cash.
  • Cardless withdrawal: The customer uses a PIN issued to him by his bank to withdraw money. This is not widely available yet.
  • QR code: Customer scans the barcode of the agent, inputs an amount to be deducted from his account, and agent accounts get credited. Then the agent gives the customer cash. It is also called scan to pay. This is only available with a few operators at the moment. The customer must have a smartphone to do this
Cash In Scenarios The customer brings cash to the agent, and the agent makes a transfer (via mobile App or USSD) of the value of the cash brought, from his account to the customer's account. Customer gets alert and leave.

Everyone needs this service because we daily have needs for cash, more so, Nigeria is still very much a cash dominant economy and there are a lot of scenarios where people will need cash - which will call for the services of a mobile money agent.  For example:

  • A market woman wants to deposit the days sales in her account and cant go to the bank
  • A man/woman in the rural area wants to collect money transferred to her by her son or relative in one of the cities
  • Someone urgently needs cash from his/her account to make a small cash payment

  • For Cash out: Agents are expected to issue out cash to the customer as soon as the transaction is successfully concluded.
  • For Cash in: Agents are expected to make a transfer to the customer’s accounts as soon as they get the cash.

The agent charges a service fee depending on commission and service charge rate of your operator/bank.

  • For POS withdrawal : You need A POS
  • For Account to account withdrawal: You can either use a POS or a phone/Tab/PC (depending on the operator)
  • For Cardless withdrawal: You need a phone/Tab/PC (depending on the operator)
  • For USSD shortcode withdrawal: You need a phone
  • For QR code withdrawal: You need A phone/Tab/PC (depending on the operator)

Situate your business in a location where high volume transactions takes place like motor parks, schools, business district, schools, etc.

All licensed Mobile Money Operators and deposit money banks offer this service.

This is actually dependent on the agent. The more money the agent has as a float, the more money the agent can turn over. For example, if you have a float of only N50,000, as soon as customers have withdrawn a total of N50,000 from you (and transferred the same value to your account), you will have to go to the bank to withdraw that cash again as a float. So the larger the amount you have, the larger the number of transactions you can handle.

To do POS withdrawals, most banks will require that the agent must have conducted a minimum number of transactions (without a POS) before they will issue you a POS.

  • If you do a lot of transactions, you can make a lot of money, as you charge customers per transaction.
  • Also, some agents can decide to charge higher fees for larger transactions.

Yes! you can start with Cash in, cash out first and then extend your offerings to other services over time.