How do I start a mobile money business in Uganda?

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.

Is mobile money business profitable in Uganda?

The mobile money business is a profitable business in Uganda. Besides, you can provide other income-generating services like selling sim cards, airtime, soft drinks, and sim card registration.

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.
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How do I start a mobile money business?

Airtel Mobile Money Agent Requirements in Zambia

  1. You will need to collect, fill and submit Airtel money agent application form.
  2. Provide certified business registration certificates. …
  3. Airtel money agents must ensure that they have at least one shop or booth but not more than 3 to carry out their operations.

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 do I register for MoMo online?

Send mobile money in Ghana

  1. Log on to MTN Mobile Money official website.
  2. Click on “Register”.
  3. Enter your username which is your phone number and preferred Mobile Money Pin.
  4. Enter the captcha displayed. …
  5. Enter the one-time password.
  6. Create your own password or keep the one generated for you.
  7. Click on “Continue”.

How much money do I need to start mobile money business in Uganda?

Requirements to become an MTN Mobile Money Agent in Uganda

You must have startup capital of UGX 1,500,000/- or UGX 1,000,000 if registering through a master agent or aggregator. Be registered as a limited company or sole proprietorship for period not less than one month.

What is the limit of MTN mobile money?

Monthly Limit: GHS 20,000 (The total amount of money that can be sent or received through your mobile money account in a month). Total Balance Limit: GHS 10,000 (The highest amount of money you can have in your Mobile Money account at any given time. )

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How many mobile money agents are there in Uganda?

In 2019, the total number of financial agents in Uganda exceeded 210 thousand.

Number of mobile money agents and bank agents in Uganda from 2016 to 2019.

Mobile money agents Bank agents
Jun 2019 200,857 9,370
Jun 2018 166,194 1,426

How can I be a MoMo agent?

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 can I convert my airtime to money?

All you need to do is register for an Aimtoget account on aimtoget , login, fund your aitmtoget wallet with airtime of any network then withdraw into any bank account of your choice in Nigeria, withdrawals are instant. Then confirm your transfer, your wallet will be credited in less than 5 minutes.

What is MoMo pay?

What is MoMo Pay? MoMo pay is a service that allows merchants receive payments and services using MTN Mobile Money. It is however not limited to merchants only as customers too, can use it to pay for the same goods and services whose payment is received by the merchants.

How do mobile money agents make profit?

Mobile Money agents make money mostly through commissions from transactions they do on a daily basis. These transactions include withdrawals made by subscribers and sending money to subscribers. Deposits however seem to attract no commissions.

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How do I register for MoMo pay?

Registration process

  1. Dial *5051#. ( …
  2. Select Register and send.
  3. Select your region in which you intend to operate and send.
  4. You will receive a reference number via SMS.
  5. Write the reference number received on the MoMo registration forms.
  6. MTN MoMo Agent will call and also visit your location for inspection.

What is 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.

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