How To Start Mobile Money Agent Business

HOW TO START MOBILE MONEY AGENT BUSINESS IN NIGERIA

 

What is Mobile money?

Mobile money is an electronic wallet services that enables its users carry out financial transactions and also make payments for goods and services with their mobile phones.  

 

It is used to pay for goods and services and also make bank transactions instead of using cash or cheque. Mobile money services works on both smartphones and basic feature phones.

 

Mobile money also known as mobile payment is a very safe and flexible way of making payments. It solves the problem of going about with cash. Carrying cash is very risky as a person can be easily robbed of his money. According to Wikipedia, Mobile money started globally in the year 2008.

 

In Nigeria, mobile money has finally recorded good success after some years of failed attempts. Now, financial institutions and telecom operators in Nigeria can boast of a striking number of patronages and acceptance of mobile payments in Nigeria.

So far in Nigeria, there are two types of mobile money implementations. They are the Operator branded and the Provider branded.

 

Operator branded is a value added service by telecoms operators to enable their customers pay conveniently for goods and services.  An example is Glo mobile money.

 

Provider branded are mobile money services that are offered by companies. These companies must have obtained license from the CBN. These mobile money services are not owned by ant telecom operator. 

 

Examples include Quickteller, Ready cash, VTNetwork, Cellulant, Eazy money, Quickteller, Eco bank mobile money, Monetize, Paga, Pocket Moni, First Monie, GT mobile money, Diamond Yello account are some of the available mobile payments platforms in Nigeria.

 

Mobile money payments in Nigeria allows users to

·        Recharge airtime

·     Make bill payments (electricity bill, water bill, waste bill, DStv, GOtv, Startimes, taxes etc.)

·       Funds transfer (sending money and receiving money to and from anyone in Nigeria)

·        Open bank accounts

·        Payments for insurance premiums, airline tickets, embassies etc.

·        Deposits of funds

·        Withdraw money

·        Pay into bet accounts (nairabet, merrybet, 9ja predict etc.)

 

 

Mobile money is also a profitable business opportunity in Nigeria. As an agent, whether for operator branded mobile money service or provider branded mobile money service, you see yourself as a mini and mobile bank. You also earn commission from every transaction you make for people. With this, you’ll make stress free cash!

 

With mobile money, you can improve your already existing business. Whatever business you have, you can include mobile money to it; this will bring more people to your already existing business.

 

So, if you are looking for a lucrative business, especially one with little capital to start and attractive profit, mobile money is what you need. Below are some steps to help you set up a mobile money business in Nigeria.   

 

-        Decide on which of the mobile money companies you want to be an agent for.

-        Get a work tool/device (Smartphones that run on Android 4.4 OS)

-       Complete and submit the registration form which you must have obtained from        your preferred mobile money company.

-         Provide the minimum operating capital requirement.

-         Receive validation and set up details.

-         Be enlisted for training.

-         Receive starter pack and branding material.

For more information, contact your preferred mobile money company.

 

Individuals, small to medium scale businesses, institutions etc. can be a mobile money agent. People that have already existing businesses have added advantage when setting up mobile money business in Nigeria.

So, get up! Take this opportunity to make cool cash and alleviate poverty!