FirstMonie POS, owned and managed by First Bank, is an agency of banking that is aimed at serving the underbanked and unbanked populace in Nigeria.
While the POS machine can be used to perform different financial transactions, First Bank charges different fees when agents use the machine to perform some transactions.
First Bank charges different fees when agents use their terminals for withdrawals, fund transfers, and cash deposits. So, if you want to use the FirstMonie POS machine for your business, it is best to know their charges to know whether it is okay for you.
Related: Bankly POS charges
However, the FirstMonie POS charges are relatively high when compared to other POS brands from financial technology companies. Hence, it is imperative to know their charges and compare them with those of other brands to determine which one is cost-effective.
In this article, we shall discuss all the fees that First Bank charges their agents when they use the POS terminal to perform transactions. Stay tuned to get the information you desire.
Is the FirstMonie POS charge high?
When compared with other popular POS brands from fintech companies like Opay, Moniepoint, etc., FirstMoni POS charges are relatively high. However, they claim that their transactions are always transparent, without hidden charges or ulterior motives.
So, it makes sense to compare their charges with others before making your decision, especially if you’re an intending POS agent.
FirstMonie POS Charges
FirstMonie, like other POS brands in Nigeria, charges different fees when agents use the POS terminal to perform certain transactions like cash withdrawals, transfers, and deposits. So, it is important for you to know their charges to be able to make your decision. In the subsequent sections, we will be discussing different FirstMonie POS charges. Let’s continue.
FirstMonie POS Withdrawal Charges
FirstMonie POS withdrawal charges are not fixed; they vary depending on the amount of money withdrawn. The higher the amount withdrawn, the higher the withdrawal charges, and vice-versa.
They charge ₦100 for all transactions that are equal to or less than ₦10,000. However, for cash withdrawals between ₦10,000 and ₦100,000, First Bank charges ₦200. Meanwhile, they also charge ₦300 for cash withdrawals that are above ₦100,000.
This FirstMonie withdrawal charge is among the highest in the country; hence, it makes sense to conduct due diligence before opting for it.
FirstMonie POS Transfer Charges
Whenever you carry out a fund transfer with the FirstMonie POS terminal, you will be charged a fee. It varies depending on the banks and the amount transferred.
For intra-bank transfers, that is, transfers from one First Bank to another, they charge ₦100 for an amount that is equal to ₦30,000 and below. They also charge ₦150 for amounts between ₦30,000 and ₦100,000. However, when the transfer amount from one First Bank account to another is above ₦100,000, they charge ₦200 fee for such a transaction.
On the other hand, for fund transfers from First Bank to any other bank, they charge ₦100 fee for an amount that is equal to or below ₦20,000. For amounts between ₦20,000 and ₦100,000, they charge ₦200 and ₦250 for transfers that are above ₦100.000.
FirstMonie POS Deposit Charges
When it comes to deposits, they charge different fees when you deposit money into your First Bank account. For deposits that are equal to ₦5,000 and below, they charge ₦50. For an amount between ₦5,000 and ₦30,000, they charge ₦100 fee, while they charge ₦150 fee when you deposit an amount between ₦30,000 and 100,000. Meanwhile, for amounts that are above ₦100,000, they charge ₦200 for them.
N/B: You can only deposit into your First Bank account using the FirstMonie POS machine and not at other banks.
FirstMonie POS Bill Payment Charges
First Bank charges a flat rate of ₦100 whenever agents use their POS terminal to pay for bills like airtime and data top-ups, light bills, etc. So, if you want to use the terminal for your bill payment, you will only be charged ₦100, irrespective of the bill amount you want to pay.