PalmPay has become one of the leading mobile money platforms in Nigeria. Aside from sending and receiving money, PalmPay also gives individuals the chance to run a business by becoming an agent. As a PalmPay agent, you can offer cash deposits, withdrawals, bill payments, airtime sales, and more, while earning commissions.
If you want to open a PalmPay business account, here’s how to get started.
What is a PalmPay Business Account?
A PalmPay business account allows you to operate as a mobile money agent. You get a Point of Sale (POS) machine to carry out transactions for customers and earn income. The business account is different from the normal PalmPay personal wallet used for sending and receiving funds.
PalmPay agents help people perform everyday financial transactions, especially in areas where banks or ATMs are limited.
Requirements to Open a PalmPay Business Account
To become an agent, you must meet the following:
- You need a valid government-issued ID such as NIN slip, Voter’s Card, Driver’s License, or International Passport.
- A recent utility bill (electricity, water, or waste bill) that shows your current address. It should not be older than three months.
- Bank Verification Number (BVN) linked to your personal bank account.
- Active bank account for settlements.
- If you’re registering as a business, you’ll need CAC documents showing your business registration details.
- Passport photo and proof of your shop or business address.
These documents help PalmPay confirm your identity and verify your location.
Steps to Open Your PalmPay Business Account
The process is simple, and you can complete it within a few days:
Step 1: Download the PalmPay Agent App
Go to Google Play Store or Apple App Store and download the PalmPartner app (PalmPay Business). This is the official platform for agents.
Open the app, create an account with your phone number and email, then complete your profile.
Step 2: Complete Your KYC (Know Your Customer)
You will be asked to submit your BVN, valid ID, and other documents. Follow the instructions carefully to avoid errors.
Step 3: Apply for a POS Machine
After completing your KYC, click on the option to apply for a POS machine. PalmPay offers two types:
- Traditional POS Machine: You can rent it for ₦20,000 or buy it for ₦40,000.
- Android POS Machine: You can rent it for ₦30,000 or buy it for ₦60,000.
Choose the option that suits your budget and expected business volume.
Step 4: Await Approval and POS Delivery
PalmPay will review your application and documents. If everything is correct, your application will be approved, and your POS machine will be delivered to your address. This process usually takes about 3 to 7 working days.
Alternatively, you can visit any PalmPay office near you, especially the Lagos head office at 20 Opebi Road, Ikeja, to submit your documents in person.
Step 5: Set Up and Start Your Business
Once you receive your POS, follow the instructions to set it up. You can start offering services like:
- Cash withdrawals
- Cash deposits
- Airtime and data sales
- Bill payments (electricity, TV, internet, etc.)
- Fund transfers
For every transaction you complete, you earn a commission.
Charges and Commissions for PalmPay Agents
PalmPay charges are friendly for agents. Here are common examples:
- Withdrawal fee is around 0.5%, which means ₦5 for every ₦1,000 withdrawn.
- Deposits usually have a flat fee of ₦10 per transaction.
- Airtime, data, and bill payments come with attractive commissions for agents.
Your income depends on your daily transaction volume. The more transactions you process, the more you earn.
Meeting Transaction Targets
If you rent a POS device, you may be required to meet a daily target, often around ₦500,000 in transactions. If you buy the POS outright, targets are flexible, but higher volumes help you earn better commissions.
Why You Should Open a PalmPay Business Account
Many people in Nigeria use mobile money agents for their financial needs, especially in rural areas or places with few ATMs. By becoming an agent, you:
- Earn commissions daily
- Serve your community with banking services
- Get access to a reliable support team
- Enjoy cashback and bonuses for your customers
- Run a business with low startup capital
Conclusion
Opening a PalmPay business account is one of the easiest ways to start your own POS business in Nigeria. With the right documents and active participation, you can begin earning steady income within days.
If you follow the steps shared above, you can join the thousands of PalmPay agents across Nigeria helping people with everyday banking needs.
Need help getting started? Visit the PalmPay website or download the PalmPartner app today.
