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Making withdrawals from your mobile wallet successful requires keen understanding of the wallet withdrawal process. Here, you will let the key requirements and steps to cash in and cash out using your mobile wallet.

Wallet withdrawal and deposit are transactions tied to a specific wallet account. Unlike CICO which is generic and can be carried out at any agent location (since all accounts are tied to NIBSS), wallet withdrawal and deposit can only be carried out at agents location who are subscribed to the operator who manages that wallet. For example, if you want to withdraw or deposit into your paga wallet, you can't go to a quickteller agent to do that; you must find a paga agent. Any agent that isn't a registered paga agent might not be able to handle such a transaction. Whereas, if you had an account,almost any agent will attend to you - irrespective of the bank where that account is domiciled).

  • Wallet Deposit: The customer comes to the agent with cash to deposit money into a wallet.
  • Wallet Withdrawal: The customer wants to withdraw money from his/her wallet.

  • Wallet to wallet withdrawal(cash out): Customers transfer money from their wallet to the agent's wallet via Mobile app or USSD and the agent gives the customer cash.
  • Load Wallet (Cash-in) Scenario: Customer makes a cash payment or transfers money to the agent account (via POS, App Transfer or USSD Transfer) and the agent credits the customer’s wallet with the defined value.

Most existing users of any of the operator’s wallets need this service, and this includes a lot of people in the rural areas who had to open wallets because they couldn't meet the KYC requirements for opening a bank account. Also, people who need to do transactions to recipients who have only wallets.

  • A man who has cash needs to load his oPay wallet so he can use one of oPays services
  • A local barber wants to deposit the day's sales in his kudi wallet.
A son wants to transfer money to his grandmother in the village who doesn't have a bank account - just a wallet.
  • A woman in the rural area wants to withdraw money transferred to her wallet by her son or relative in one of the cities
  • Someone urgently needs cash from his/her wallet to make a small cash payment.

  • For Cash out: Agents are expected to issue out cash to the customer as soon as they transfer money to them from their wallet.
  • For Cash in: Agents are expected to make a transfer to the customer’s wallet as soon as the customer gives them cash or makes a transfer to their account.

  • The agent charges a service fee depending on commission and service charge rate of your operator
  • Some agents add extra fees for cash-in, depending on if the customer is giving cash or making a bank transfer.

Situate your business in an unbanked location where there are a lot of people who cannot meet the KYC requirements to open actual accounts. In this location, there will very likely be a lot of people with wallets who will need to do wallet withdrawals and deposits.

All licensed Mobile Money Operators and some deposit money banks that have wallet services.

This is actually dependent on the agent. You can do transactions until the amount you have as float. 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.  

  • 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 wallet withdrawal and deposit first and then extend your offerings to other services over time.

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