FirstMonie POS Charges 2023 — Latest Rates

FirstMonie POS Charges 2023 — Latest Rates

FirstMonie POS like its name suggests is a subsidiary of First Bank. It was created to ensure that rural communities are carried along and traders or business owners can easily access secure and effective transactions.  

FirstMonie POS stations or agents are easily identifiable because agents are mandated to brand their outlets in FirstBank’colors.

If you are looking to learn all about FirstMonie POS and what it offers, welcome to the right page!

About FirstMonie POS Machine & Charges

FirstMonie POS machines can easily be obtained. Once you meet the basic requirements of being an agent, the parent body (FirstBank) will issue a free POS machine or terminal to you.

All you need to make your application is to have:

All agents of Firstmonie POS are verified. This means that before a person qualifies to be called an agent, he must have been certified.  Also, like similar businesses FirstMonie POS allows customers to make withdrawals, deposits, pay bills, etc. However, much more than that, it allows customers to open a FirstBank account and enroll for BVN through its terminals.


1. An already existing business with a visible location
2. A valid ID card or Voters card or international passport
3. BVN
4. A recent utility bill between 1-3 months
5. For corporate bodies, their registration documents. 

FirstMonie POS Withdrawal Charges

FirstMonie POS charges are not uniform. It charges N100 naira for all transactions of N10,000 naira and below. It also charges N200 naira for transactions between N10,000 naira and N100,000 naira and N300 naira for all withdrawals above N100,000 naira.

FirstMonie POS Transaction Charges

For other transactions like BVN enrollment, account opening, and airtime recharge, FirstMonie POS charges nothing. It charges a flat rate of N100 naira for bill payments.

However, for transfers between FirstBank accounts, it charges N100 naira for transfers of N30,000 and below, N150 naira for transfers between N30,000 naira and N100,000 naira, and N200 naira for transfers above N100,000 naira.

For interbank transfers, it charges N100 naira for transfers of N20,000 naira and below, N200 naira for transfers between N20,000 naira and N100,000 naira, and N250 for any transfer above N100,000 naira.

FirstMonie POS Deposit Charges

For deposits, FirstMonie charges N50 naira for deposits of sums of N5,000 naira and below. It charges N100 naira for deposits between N5,000 naira and 30,000 naira, N150 naira for deposits between N30,000 naira and N100,000 naira, and N200 naira for all deposits above N100,000 naira.

It is important to note that all the above charges apply to deposits for FirstBank accounts only.

Read also: How to Convert Data To Cash (Money) In Nigeria – Swiftbills

Quick Comparison Table: Top POS Machine Charges

Withdrawals DepositsTransfersSubscriptions
FirstMonie1%1%0.5%N100 naira
Opay0.5%N10 nairaN10 naira 2%
Palmpay0.5%N10 nairaN10 naira2%
Paystack1.5%1.5%1.5%2%

Conclusion

FirstMonie is a subsidiary of FirstBank, its parent body, and is interested in providing an opportunity to individuals and businesses in rural or local communities to easily access secure and reliable financial transactions.

FirstMonie POS is free and can be obtained once you meet the requirements set out for being a FirstMonie POS agent by the parent body.

Read also: The Complete List of POS Charges In Nigeria – Swiftbills

FAQs on FirstMonie POS Machine & Charges

How much is FirstMonie POS price?

FirstMonie POS or Terminals are free of charge. Once you’ve met all the requirements, you will be issued a POS machine by the parent body, FirstBank.

What are the requirements to become a FirstMonie POS agent?

You must be verified to become a FirstMonie POS agent by being certified. All agents have a FirstMonie Agent certificate.

Is FirstMonie POS secure?

Yes, it is. It is a subsidiary of FirstBank and licensed by CBN.


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