Saturday, May 27, 2023

How To Start MTN Mobile Money Business. May 2023

MTN Mobile Money better known as MOMO has come to stay with us as it has become the number one source of carrying out business transactions with ease. Momo has overtaken the banks in terms of deposits and withdrawals as most of the population is in the informal sector and Mobile Money suits them better than the financial institutions.

In this article, we are taking a look at how to apply as a Mobile Money agent.   

MTN Mobile Money Agent Application

To become an MTN Mobile Money merchant, there are some set guidelines and requirements to follow.

You need to have a physical structural requirement fitting to be used for the mobile money business and the structure should be located about 50-100 meters away from the next agent.

You need to have the required capital i.e minimum capital of GH¢ 4,000.

Documents Needed To Apply As Agent

Prospective agent must have registered an existing company or business under the company name.

  1. Business Registration Certificate
  2. Provide a valid national photo ID (Voter’s ID/ National ID/ NHIS ID/ Driver’s License/ Passport/SSNIT ID).

Note: The business certificate you provide is what would be used in the naming of your merchant sim. For example, if you registered a company as John and Sons Enterprise, your merchant sim name would be John and Sons Enterprise.

Documents To Fill In Order To Become An Agent

  • You must fill in and submit a form known as the Agent Recruitment Form
  • You must fill in and submit a form known as the Agent Account Handler Form
  • You must meet the minimum Merchant/Agent code of ethics requirements
  •  You will also be required to fill the MOMO Authentication Questions form Documents

Account Handler Form

The following details are provided by the prospective agent.

  •  Full name
  • Place of birth
  • Date of birth
  • Nationality
  • Occupation
  • National ID number

 After the application, you need to bear in mind that the document processing will take some time before it is finally granted.

It is worthy to note that MTN only communicates with prospective applicants through the phone and email. The application is reviewed to see if the necessary conditions have been fulfilled.  MTN would contact you through an email or phone call. It takes approximately 23 working days for a successful application to be processed by MTN.

In the event of providing fake details or documentation, MTN would reject the application.

MTN Mobile Money Agent Commission Structure

MTN Mobile Money agents have some benefits accrued to their jobs.  The amount charged on deposits and withdrawals become the profits of the merchant. For any withdrawal of between GH¢ 1 to GH¢ 50 your MTN Merchant code, the customer is deducted GH¢ 0.50.

For any withdrawal above GH¢ 50, the client is deducted a fee of 1% of the money to be withdrawn. In the case of sending money, amounts in the region of GH¢ 1 to GH¢ 50, a charge of GH¢ 0.50  is deducted. For sending any amount larger than GH¢ 50, the client is deducted 1% of the money as fees.

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