ReadyCash Review: Nigerian Mobile Banking Service Provider

ReadyCash provides agency banking services on behalf of Nigerian banks and mobile money operators such as depositing/sending/withdrawing money, paying bills, paying merchants and business owners, etc. If you are an entrepreneur, you can join ReadyCash as an agent to offer mobile money services. Most of ReadyCash agents earn above N100,000 monthly. In addition to the business side, its agents are recruited to help promote financial literacy in partnership with Adara Foundation.

ReadyCash is a secure mobile payment platform based in Nigeria and was founded in 2010. It was developed by Parkway Projects, a software solutions provider located in Nigeria. It has partnered with Adara Foundation to promote financial literacy among Nigerians.

What is ReadyCash?

ReadyCash is an agent network that offers banking services in Nigeria. It strives to avail financial services to underserved Nigerians living in rural areas and semi urban areas. Some of the financial services it offers include:

  • Money transfer
  • POS withdrawals from ReadyCash agents
  • Pay your bills through Pay bills without having to go out of your house
  • Recharge your phone airtime or buy data plans without stress
  • BVN activation without having to visit a bank
  • Open and manage a bank account using your smartphone
  • Paying merchants and business owners with your smartphone

While it is possible to open a bank account using the ReadyCash service, account opening is not available at the moment.

How ReadyCash Works

ReadyCash is a mobile banking app that has partnered with Nigeria Interbank Settlement System (NIBSS) to offer financial services and expand BVN database. It has agents across the country who register customers. As such, a customer can walk into an agent and open a bank account.

You can sign up on the platform in less than 48 hours. To sign up, you will get a call and then a field representative will be sent to verify your location. You can start transaction using ReadyCash immediately your account is active.

How to Get a POS from ReadyCash

When you become a ReadyCash agent, you are entitled to get a ReadyCash POS machine. You will be using the machine to run your mobile money shop. The POS is available for its agents. To get the machine, you need to pay a refundable N10,000 when you meet the N2,000,000 transaction volume. You also need to pay a ReadCash fee for delivery, which depends with your location. With that, you will receive the POS machine. The company has over 500,000 agents across the country.

How to Get ReadyCash Pin Pad

You can get the ReadyCash pin pad terminal for N20,000. It works almost the same way as the POS machine. You can use it to make deposits and cash withdrawals. Its charges are different from those of a POS machine.

Benefits of Becoming a ReadyCash Agent

When you become an agent with ReadyCash, you will enjoy the following benefits:

  • You are entitled to N50 for every BVN enrollment for any customer
  • You earn a commission for ever transaction you make through your agent account or from ReadyCash POS charges
  • You earn by charging customers N100 for every transfer while your will be charged N9, leaving you with N91 commission
  • You earn N75 for opening a bank account for a customer
  • Most of ReadyCash agents earn above N100,000 monthly

ReadyCash Charges

How much is ReadCash services? When you withdraw money using POS machine, ReadyCash POS charges will be 0.8% of the withdrawal amount. The agent will also charge you depending on the amount you have withdrawn. If you withdraw N10,000, the agent will be charged N80 while he can charge you N200.

ReadyCash Agent App

You can download ReadyCash app which can only be used by registered agents to process financial request. You can see the app to view monthly transactions on a single screen. The app gives one great user experience and it loads very fast. If you are an agent, you can signup using the app. It is a secure app for agents.

You can also easily upload validation documents to process your registration through the app. once your registration has been processed, you will get a detailed agent profile page.

What is ReadyCash in JazzCash?

JazzCash offers short term loan service for ReadyCash mobile account customers. ReadyCash avails loans directly to customer’s mobile accounts. You can access the loan trough your mobile phone. To apply for a JazzCash loan, follow this process:

  • Dial *786#
  • Select option 6 My Account
  • Select option 8 ReadyCash
  • Then select Apply for ReadyCash
  • Enter the amount
  • Enter your PIN and accept terms and conditions
  • You loan application will be processed

Is there a ReadyCash Card? ReadyCash does not issue any credit or debit card.

ReadyCash Customer Care

ReadyCash has 24/7 customer support through its agents spread across the country. You can also reach ReadyCash customer support through ReadyCash agent app.

Is ReadyCash Secure?

ReadyCash is a legit financial service company that has been around since 2010. It is a secure mobile transaction platform that allows cashless transactions. It aims at helping users have control over their accounts. You can change your password at anytime if you suspect that it has been hacked.

ReadyCash Alternatives

Other fintech in Nigeria that offer same or similar services are:

Final Word

ReadyCash is a convenient financial service platform for account opening, mobile money, money transfer and loans to its customers. The service is focusing on the under-served people in Nigeria and helping them access financial services. You can access this service and get empowered on how you can manage your finances through ReayCash financial literacy program.

Vincent is a writer and researcher with an interest in finance, banking, startups, and remittance. He holds a Bachelors degree in Applied Statistics with computing. He founded Nexin Startups, an online platform offering startup advice to investors and entrepreneurs. Read more about us and our authors.