Taiwo Adedotun leaves banking job to build agent banking kiosks, grows to five shops

In November 2019, 23‑year‑old Taiwo Adedotun, earning $85 a month as a bank auditor in Lagos, raised $340 to open a one‑by‑two‑meter POS kiosk off the Idiroko‑Sango highway. He initially balanced the kiosk with his day job, processing about 25 transactions daily worth over $120.

By March 2020 he quit his banking job, opened a second shop and went full time. By 2021 he operated five outlets, employed four people on fixed salaries, and his monthly commission revenue regularly topped $1,200, illustrating the scalability of agent banking for individual entrepreneurs.

Built five shops outside Lagos, earned over $1,200 monthly in commissions, employed four staff, and expanded his agent banking network.

The low entry cost of a POS device and the ability to earn commissions on each transaction made agency banking an attractive income source.

Growing unemployment and limited bank branches in peri‑urban areas created a ready customer base for mobile financial services.

Support from the Central Bank’s Shared Agent Network Expansion Facility provided training and credibility that helped him scale.

Low‑barrier agent banking models enable entrepreneurs in underserved areas to create sustainable income by leveraging trust and transaction volume.

Adedotun’s success mirrors a broader trend in Nigeria where agent banking is rapidly expanding; major banks now report tens of thousands of agents and billions in transaction value, while fintechs like OPay and TeamApt continue to recruit agents to deepen financial inclusion.