The Mobile Money business has become one of the most lucrative and easy businesses to start in Nigeria as a youth or a well-advanced person. It is currently one of Nigeria’s top profitable businesses currently. That is the reason why a lot of people are aiming to become an approved mobile money agent in Nigeria for banks like FirstBank, Access Bank, UBA, Zenith, FCMB, Quickteller e.t.c.
One can over 5 mobile money standpoints in a state fully licensed and operational and making good money daily. This business is very profitable in market places and other busy areas where banks are not easily accessible.
What is Mobile Money?
Mobile money is a technology that allows people to receive, store and spend money in a secure electronic account. It’s sometimes referred to as a ‘mobile wallet’.
Benefits of Mobile Money
- It is multi-purposed
- Low Cost
Who is a Mobile Money Agent?
A Mobile Money Agent is someone who is simply the middleman in a transaction process. A mobile money agent in Nigeria serves as a link to aid your transaction between you and your bank or your bank and other banks.
I am glad to show you today, how mobile money works in Nigeria and how you can earn as a mobile money agent in Nigeria.
Benefits of Being a Mobile Money Agent in Nigeria
- You are your own boss.
- You do not need many facilities to start up the business.
- Ease in a change of location from one place to another.
- As a mobile money agent in Nigeria, you can make as much as 15,000 – 20,000 daily
How You Make Money as a Mobile Money Agent
As an agent, you make money from each transaction a n individual makes through you. You will be paid a commission when a person withdraws, transfers or deposit a perticular amount of money to their account through your outlet.
You also earn when people pay bills through you.
How to Be a Mobile Money Agent in Nigeria Easily
There are different mobile money platforms in Nigeria that operate an agent banking system. We cover some of them below:
How to Register to Be MTN Momo Agent
Follow the steps below to register as an MTN MoMo Agent.
- Check the requirements to affirm if you meet them.
Some of the requirements include that you must have an existing business or be willing to invest in the agency business; must have a brick and mortar immovable store; must provide a valid means of identification; provide a passport photograph and have a working capital of at least N20,000.
- Visit the nearest MTN outlet to pick up the form and fill in the details.
- Or you can download the application form online and submit.
- An MTN field staff will contact you to schedule a visit to ascertain your suitability.
How to Register as a Firstmonie Agent
The FirstMonie agent network is operated by First Bank. The activities you can do as a FirstMonie agent include opening a First bank account, deposit money, withdraw money from any bank, send money to any bank, pay bills and purchase airtime.
There are over 32,000 Firstmonie Agent locations in 754 Local Government Areas across all States in Nigeria including the FCT.
Follow the steps below to register as a FirstMonie Mobile Money Agent in Nigeria.
- First, check out the requirements to determine if you meet them.
Requirements: You must have been engaged in commercial activity for a minimum of 12 months; must have a physical shop (a permanent structure); must be willing to render financial services; and must have a minimum working capital of N50,000 (for unregistered business) and N250,000 (registered business).
- Visit any First Bank of Nigeria (FBN) branch to indicate your interest in being an agent. If you meet the above requirements, send an email to [email protected] or call any of the following numbers: 0700FIRSTMONIE (0700-34778-66643, 01-448550, 0708-062-500.
How to Register as a Kudi Mobile Money Agent
- Download the Kudi agent mobile app from the Google Play Store.
- Register on the Mobile App by adding your phone number and BVN.
- Tap on “Continue”.
- Verify your phone number by inputting an OTP that will be sent.
- Fill in your details as it is on your Bank Verification Number (BVN) data — first name, surname, date of birth, and gender.
- Verify your BVN by inputting a 4-digit code sent to the associated phone number.
- Fund your wallet and start transacting with the mobile app.
Become a UBA Moni Agent
UBA Mobile Money “Moni” agents can carry out the following services on the platform — Account opening, Cash Withdrawal, Cash Deposit, and Transfers.
- Visit the nearest UBA branch to speak to a representative on your interest in becoming a UBA Moni agent.
The above are some of the most popular mobile money platforms in Nigeria.
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