FAQ: How To Become A Mobile Money Agent In Nigeria?

How can I become a MoMo agent in Nigeria?

Requirements for MoMo Agents

  1. Have an existing business or willing to invest in agency business.
  2. Have a Brick & Mortar/Immovable retail shop e.g. Pharmacy Pop & Mom Shop located in high foot traffic.
  3. Viable means of identification (National ID, Driver’s License, International passport or Voters card).

How do I become a MTN Mobile Money agent?

How to register MTN mobile money

  1. You must own a registered limited company or its equivalent.
  2. You must fill in and submit a form known as the Agent Recruitment Form.
  3. You must fill in and submit a form known as the Agent Account Handler Form.
  4. You must meet the minimum Merchant/ Agent code of ethics requirements.

How much do I need to start a mobile money business?

How much money do you need to start an MTN MoMo business? There is a minimum capital requirement that is expected from a prospective MTN Mobile Money Ghana agent. At GH¢ 4,000 is the required minimum amount of money you are required to have to become an agent.

How do I become a POS agent?

To get a POS machine, you have to go your bank, meet the customer care service, and request for the agency banking, which attracts a fee between N5,000 and N10,000. This money must be paid to get a pin. This form is where you will provide all the necessary information to qualify you to own a POS as an agent.

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How do I register with MoMo agent?

To Become An Agent You must be capable to provide a Working Capital of N20,000 and above. And as a requirement, you will fill the MOMO Authentication Question form. To apply, please visit the closest MTN office to your location to pick up the form, fill and then submit.

Who is a MoMo agent?

MoMo is an acronym for Mobile Money. MoMo services allow registered agents to perform transactions for customers. This service allows cash transfers to people who do not have a bank account. Simply put, Agents carry out cash withdrawal for customers without an ATM card or POS machines.

How are mobile money agents paid?

Agents are paid commissions, and the commissions depend on the master agents. Agents have to forego 10% of their income to the Uganda Revenue Authority. As an aggregator or master money agent, you are responsible for recruiting agents into your territory.

Is Mobile Money profitable?

With potential direct revenue from mobile money accounting for more than 20% of total business and cash flow margins of over 15%, mobile money can be a healthy cash generator for operators already investing heavy CAPEX in last generation data deployments, and can also help to maintain loyalty and efficiency on the

How can I convert my airtime to money?

You can convert airtime to cash online in Nigeria with vtu.ng. They payout either via your VTU.ng wallet or via your bank account when you sell airtime to them. They convert MTN, Airtel, Glo and 9mobile and pay you 80% while they take a 20% cut.

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Is POS profitable?

POS business is a legitimate way to make money in Nigeria. It’s more profitable in communities with no banks and places where ATMs are not enough to serve the financial needs of the community.

How do I get Bankly POS?

To get Bankly POS machine, download Bankly agent app and sign up as Bankly Agent. You can use your business/personal name. After your sign up you will send the name and phone number you registered with to for mapping as an Aggregator.

Which bank has the best POS in Nigeria?

First monie own by first bank of nigeria. They are number one trusted bank in nigeria, with high customer. To become first monie agent and get free POS machine, you have to follow this following requirements. Open First bank account.

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