Mobile money is an electronic wallet service, a new age banking system that allows you to store, send, and receive money using their mobile phone. Which means your phone number serves as an account number.
In Nigeria where the account number is only 10-digits, this’s the reason the first digit of your phone number is removed (excluded) in order to achieve a mobile phone number with your phone number.
Once authorized to be an Agent, you will be allowed to carry out series of transactions like to fund betting accounts for customers, pay bills, pay school fees, and top-up mobile airtime, and more. Majorly Cash deposit, transfer and withdrawals.
However, services defer among the mobile money companies, some tend to have a limited service why others have lots for their Agent to explore and make more profit.
The POS business is indeed lucrative, but understand that it requires money to start up the business. Though you may spend more or less of estimation made on this page. So let’s jump into explaining the details you need to know about starting a Mobile Money Agent Service.
What are the requirements to start a Mobile Money Agent Service?
Your phone number, first. Then depending on the Mobile Money Service, you subscribe to. Some go extreme demanding exorbitant information before becoming a credible agent.
Generally, below are list of information required to enroll as an Agent;
- As said before, your Phone number to register for an account. And the Agent App to register for an agent account.
- Your bank statement for 3 to 1 month.
- Recent Utility bill document for proof of address
- A picture of your office or shop
- A deposit or cash for the POS terminal
- Your start-up capital
Paying for a POS Terminal:
Some Companies like OPay, Payvice, etc. – will be asking you to pay for a POS terminal. Although some are by-far cheaper than the other for example OPay – N20,000 or N10,000, whereas Payvive – N75,000 to N85,000. Yet, OPay’s POS is more advance then Payvive.
Please note that this is only an illustration, therefore, there may be other Mobile Money Service that offers even far cheaper and better POS when compare with OPay and Payvice.
Meanwhile, we recently made a review about Kudi Agent that you can start your Agent business without POS nor providing some of the information listed above.
How Much Needed to Start the POS Business
It depends! Some start with as little amount. It all depends on your location, some areas are busier that the others.
No matter what you start with, you need to dived it into TWO, one part to fund your wallet, and the other to hold at hand.
The only stress there will require you going to cash out money. That means whenever your cast at hand is low or finished, you transfer some to your bank for withdrawal.
How to Start Mobile Money Agent Service
You need to be smart here, you move depends on how you make more money. Even, some facts mentioned are included as part of the requirements to start or before some Mobile Money Agent Service will consider your proposal to become their Agent.
Get a Strategic Location(s)
This should be your first move. Because getting a good location to start your POS business will go far to expanding your income daily.
- Get a location where people move regularly,
- where there are few or no Bank around,
- Where there are few or no other POS agents around. In this case though, if your Mobile Money company is giving more discount than other, the game is yours – it won’t matter how many agents are there already because you have all it takes to capture all customers to you,
- Don’t be in the same area where you have the same Mobile Money companies. It is better to be a competition with other companies rather than the same company, bacsuee you won’t have much to offer to make you utstanding.
Subscribe to Become an Agent of a Profitable Mobile Money Service Companies
The more service to offer higher chances of making more money. No service rendared by an agent is free – all service attracts fees.
Some Mobile Money companies are limited to only Withdraw, Deposit and Transfer.
Whereas there are other companies that ensure adding more services like payment of bill (light bill, paid TV, etc), purchase of educational cards, payment of cinema tickets, buying of flight ticket, etc.
You should also consider their charges to enable you succeed in your location.
Consider their Networks and Mode of Operation
Some Mobile Money Service usually face network challenge almost every week. This is why you need to make deep esquires to know the ones to work it.
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