Step by Step Guide on How to Become MTN MoMo Agent
Do you want to become MTN MoMo Agent? This article will educate you about what this mobile money agency banking is all about and how you can become an agent. What is MTN MoMo? It is simply an acronym for MTN Mobile Money, a platform launched by Y’ello Digital Financial Services (YDFS), which is a subsidiary of MTN Nigeria.
Y’ello Digital Financial Services (YDFS) is licensed under the Central Bank of Nigeria Super-Agent framework and agent banking guidelines to operate as a financial service provider in agency banking and super-agent operation.
Even though Y’ello Digital Financial Services is not a bank, the license empowers the telecommunication company to provide other services, agent network to serve financial institutions and Mobile Money operators in Nigeria. MTN is leveraging on the large number of subscribers it enjoys to deploy the Mobile Money (MoMo) agency banking.
What is MTN MoMo Agent?
MTN MoMo Agent is an individual or business through whom you can send and receive money anywhere in Nigeria using MTN platform. You can call them middlemen as they stand between you and the person or the company you want to carry out financial transaction with.
What services can you carry out at MTN MoMo Agent? Theirs services are similar to what Firstmonie agents, SurePadi agents or other agent banking being run by some banks in Nigeria. That is, with MTN MoMo Agent, you can send and receive money from any part of Nigeria. The main distinguishing feature of MoMo Agent is that, customers don’t need to have a bank account to send or receive money. What is important is for them to go to a nearby MTN MoMo Agent to conduct their transactions.
Functions of MTN MoMo Agent
Bulk Disbursement: Customers can disburse cash to large number of beneficiaries across the country. For example,with the bulk disbursement service, a company with a large number of marketing staff across the country can send thrir salaries to them via Momo Agents. All the beneficiaries will receive their money even if they don’t have bank account. All that is needed is MTN sim card in their phone.
Cash Deposits: Customers don’t necessarily need to get to the bank before you can deposit money into their account. Through the MTN Momo agency banking platform, customers can comfortably lodge money into their account. This means that they don’t need to take the risk of carrying a large amount of money to a far away bank location.
Cash Withdrawals: There are still some local areas that don’t have any bank presence. But there is no village where you won’t find people that are using MTN lines. Some customers travel to their village and find themselves in situations that require payment of cash. MTN Momo agents can come to their rescue in this type of situation. Customers will be able to withdraw money from their account through them.
Transfers: Whether the two parties involved in money transfer (that is, the sender and the receiver) have a bank account or not, transfers can be made through MTN Momo agents.
Airtime and Data: Customers can buy airtime and data with ease at any MTN MoMo Agent outlet. All they need to do is to give the agent their phone number and the cash for the value thay want to recharge their phone with.
Bill Payments: Customers can pay their utility bills such as PHCN bills, DSTV bills, Startime bills, and GoTV bills etc
Requirements for Becoming A MoMo Agent
There are guidelines and requirements that anybody that wants to become MoMo must meet and these are highlighted below:
- You must have any existing business or you are willing to invest in MTN MoMo Agency banking services
- You must have a Brick and Mortal/Immovable retail shop. Umbrella establishment kind of location does not qualify for the business. Examples of acceptable locations include Pharmacy store, Mom shop in a location with a very high human traffic.
- Valid means of identification such as International passport, Driver’s license, National ID card or Voter’s card.
- One passport photograph
- Minimum working capital of N20,000. You will need more working capital if you will be handling high volume of transactions.
- Completed MoMo Authentication Question form. You can get the form from any MTN office close to your location. You must fill the MoMo Authentication Question form correctly.
After the completion of the form, you will submit the form to the MTN office where you obtained the form. MTN will communicate you vial email or telephone number if your application is successful. The processing usually take between 15 and 20 days. If you don’t hear from them within this time frame, you may visit their office for follow up.
Benefits of Becoming MTN MoMo Agent
- It provides extra income
- You don’t need sophisticated mobile phone. You are good to go with any basic mobile phone
- It is much more accessible to customers
- It does not require internet. Therefore, you can work as MoMo Agent in remote rural location.