Is Mobile Money 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 much does it cost to start MTN mobile 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 much is MTN agent line in Uganda?

MTN Mobile Money Agents can now get MTN Xtra Float worth UGX 50,000, 100,000 and 250,000 at a fee of UGX 300.

How do I start a mobile money business?

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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19.01.2021

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

Present a letter of introduction/recommendation from the Local Council. Have a deposit of UGX 80,000/= (Eighty Thousand Shillings) to purchase the kit. Fill in an application form. Have starting Float of UGX 2,000,000/= (Two Million shillings)

How do I become 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 do I activate my MTN Uganda mobile money?

Register On MoMo

  1. Using MTN Mobile Money.
  2. In store.
  3. Step 1: Visit your nearest authorized Mobile Money agent.
  4. Step 2:Upgrade your SIM to a Mobile Money-enabled card using a SIM swap.
  5. Step 3: The agent will take you through the registration process.

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.

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.

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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 does MoMo pay work?

HOW DOES MoMoPay WORK? Their purchase is paid for using funds stored in their MoMoPay wallet. Funds settle to the merchants directly, and transactions can be tracked by logging into the Merchant Access Portal (MAP).

How do you convert Uganda airtime to mobile?

For instance, *165*2*1*1*50000*50000# would top up airtime worth UGX 50,000 on your number if the code 50,000 is your Mobile money PIN.

Who invented mobile money in Uganda?

In 2008, a Ugandan software developer named Ronald Egesa of Mobitrix Uganda Ltd was reported by the leading newspapers to have developed the country’s first mobile phone bank that he called SmartCash It was reported to be a network independent service.

Who introduced mobile money in Uganda?

MTN Mobile Money, the first of the three to launch and arguably the biggest given MTN’s position in the market, reportedly has registered more than 1,000,000 customers, setup over 1,500 agents/outlets across the country and transferred more than UGX 590 billion (US$ 245 million) since its launch in March 2009 (MTN …

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