Side Income

Side Income Ideas for Professionals in Banks and Other Financial Services

Reading Time: 6 minutes

In this post I highlight those side income ideas  suitable for people employed in the banking and finance industry.   I am talking about professionals and non-professionals who work in banks, investment firms, insurance companies, stockbroking, asset management and finance companies.

You see there used to be a myth that bankers are paid too much money that they do not need to engage in a side hustle.  Not any  more!

The high rate of unemployment is increasing the  number of people who depend on family members who have jobs.  Thus, irrespective of where you work or how much you get as monthly salary, engaging in a legitimate activity that gives you a side income is desirable.

Moreover, it may not be the way you see it after all.  With the increasing popularity of outsourcing, many who are employed in certain roles in the banks are outsourced staff.  As a result, they are not on the same payroll with regular bank staff, hence they may not be as well paid.

Here are some side hustle activities which you can engage in to make extra income.  

#1. Money Lending

Money lending is a lucrative business which you can start and completely done by the side.  And starting a side money lending hustle may well be step you need to establish a full finance business in no long time.

The banks and regular finance institutions are unable to meet the credit appetite of the society.  Individuals, household, small and medium businesses are always needing money to meet personal and business needs.  Become the solution provider.  With as small as N500,000 you can start an informal money lending business.  

Make sure you keep proper records and put measures that ensures you reduce delinquency rate.  Start small, lend small amount and grow steadily.  With time you take steps to obtaining a money lenders license and you are on your way to starting a stable business you can transit to from your regular job.

#2.  Fx Arbitrage

Bank workers, particularly those who interface with customers often come across people who need forex exchange to meet urgent business and personal needs.  At the same time, their work positions them to know customers who may have the fx but not know how to sell them.

You become a very useful link between those needing the fx and those who have to sell.  Bring together and make money from the spread.  The transaction is initiated and concluded through the regular bank channel, so it is not illegal.

Some smart bank workers and others who understand how it flows have become very successful through fx arbitrage.  If you are honest, trustworthy and reliable to always deliver you will soon become a rallying point when it comes to sourcing foreign exchange for small and micro businesses.

#3.  Online Forex Trading

Okay, you don’t want to get involved in forex arbitrage, no probs.  You can still make cool money by speculating on the price movement in the forex market.  As a banker you know that the foreign exchange market is a huge one.  Learn to trade online forex and make good money betting on the price movement.

Apart from forex, there are also a number of derivative instruments you can trade online.  This include commodity like gold, silver and oil; indices and cryptocurrencies.

All you need to start online trading of financial instruments is a little training, a mobile phone and registration with a reliable online broker.  Many people now make full time living by trading forex and other instruments online, you too can.

#4.  Agent Banking/Mobile Money

Agent Banking or POS business as it is now popular call has become a means by which many people are getting gainfully employed.  With this business, you are a mini bank.  You open account for customers, collect deposits, dispense cash and provide platforms for people to pay utility bills.

You can’t do it by yourself?  No problem, open a small outlet and employ one school leaver to man it for you.  You will not only be making good side income from the business but will also be helping to reduce the unemployment situation in Nigeria.

Read: Agent Banking in Nigeria: All You Need to Know and How to Start It for a more detailed explanation on how to start and run POS Business 

#5.  Online Business

The internet has not only made it easier to start and run businesses these days, it is even easier when it comes to earning side income online.  There are many opportunities provided by the internet for professionals of different background to earn side income.  

I will highlight a few here

Finance Blogging – start a blog and write to educate people about banking or personal finance.  You will be amazed at the number of people out there who don’t know the different types of accounts or services that banks offer.  Or even how to open an account.   The audience for finance blog is large.

Apart from being what you can use to exploit your passion, a blog can eventually become a huge source of side income if properly set up, run and monetized. 

Monetizing your blog can come in the form of accepting and publishing display adverts, writing product review for banks and financial services companies, as well as selling finance related tools and software, etc.

Drop shipping –  This is an online retail business model in which the retailer sells products directly from his online store without keeping a single inventory.  You simply set up an online store, install a drop shipping software, source products from big e-commerce stores like Aliexpress, list them on your store. 

Purchases made from your store are fulfilled by the manufacturer or wholesaler with whom you have drop shipping arrangements.

You can sell anything via drop shipping: cosmetics, fashion products, household equipment, electronics, mobile phones, etc.

Online Courses  –  Do you have a skill or can learn one?  Why not teach it online?  Or do you know something that people are willing to learn?  Teach it online.

Every day hundreds of millions of people go online to seek knowledge.  It could be how to write sales copies, or design a logo.  It could be how to keep simple business records or prepare tax returns.  Online learning is a big business.

And the best part is that there are free resources available to make it happen.  You can set up a website, record video or audio and sell.  Or structure the site as a membership site where people pay to access your premium content.  

You could also prepare the course in pdf or other formats and sell through platforms like Udemy.  The options are wide and the prospects of earning heavily in side income huge. 

#6.  Consultancy

Offering consultancy services can help you earn good side income while engaged in your regular job.  Consulting involves giving your expert advice to individuals, business owners and corporate organizations.  It  also involve helping them execute tasks which skills they may not easily have.

To have such expert skill comes from your background knowledge and experience.  Some of such areas you can render expert services as side hustle include book-keeping and record keeping, tax preparation, preparation of feasibility studies and business plans, etc.

You may start by setting up a website or listing your services on job sites to sell your services.  

#7.  Invest in Uber

In urban cities all over the world, transportation is big business. And cab hailing services are providing the opportunities for people to key into this ever growing sector.  Buy a car, get it registered with Uber or any of the car hailing services.  Get a driver and begin to enjoy weekly remittances.

some working class people do the driving themselves.  Work on weekends when you are not engaged in your 9-5 job or use slack time to make some cash early in the morning or after close of work.

#8. Web Design

Businesses are going online.  This means more websites.  And an expanded opportunity for people to make side income.

Learning website design is now easy.  Learn it and begin to render the service while still in your job.  Your clients are the many small businesses going online, individuals starting out on online businesses, bloggers and the growing number of internet marketers.

#9. Photography

Do you have the passion for pictures or loves creativity, you may want to take it beyond being a mere hubby.  Turn your passion to a business.  Photography is a big business.  If the demands of your job makes it a challenge to open a formal studio, start by starting a photography blog. 

Publish content on different aspects of photography, offer email courses, sell stock photos, books and photographic materials using your website.

Opportunities are bound in photography side hustles, explore them!

Final Words

These side hustle ideas highlighted here are not only suitable for people working the banks and related financial services sector.  It is suitable for any one irrespective of work or trade who is looking for how to make side income.  Websites like Upwork, Fiverr and Freelancer provide some of the best side income jobs anyone with relevant skill can do to augment his 9-5 earnings.

+ posts

Buchi provides small business owners with strategic, financial, and digital support to help them build strong, successful and profitable enterprises.

He is a Blogger at night and by day, Team Lead at Stalwart Investment Partners Ltd, a research, business and investment advisory firm.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Shares
error: Content is protected !!