The internet is the greatest source of wealth creation and is the driving force of the 21st century. But, it is alarming that majority of people in Nigeria are still struggling on how to make proficient use of the internet effectively in the area of bank transactions. Statistically, it has been proven that about 53.0% of Nigerians are underbanked. They either does not know how to make use of ATMs or make transactions electronically.
Now, have you been brainstorming on how to start a mobile money agent business in Nigeria? Do you wish to assist majority of underbanked in the country to effectively carry out transaction services electronically? Think no more. Here is a detailed guide on how to go about it. Read on.
Mobile money business is a lucrative business which is very profitable in the country. The profit you will get after setting up the business with the right organisation will prompt you to resign from your job and face the present business squarely. But, don’t quit your job yet, until you start seeing reasonable results from it.
I want you to meditate on what am about to state below…
- Have you thought of the stress, time and energy which those in the rural area and communities where there are scarcity of commercial banks and ATM points undergo in order to locate the nearest bank or ATM point to carry out transactions?
- Have you imagined if they finally gets to the nearest bank, after traveling some kilometers away from home, the kind of queue which will be found at the ATM point or inside the bank?
The solution you have been searching for, has been compiled in this short report. All you need to do is to settle down, read carefully to the end to understand the procedure needed to kickstart the business properly.
Now, there are various ways to begin mobile money business, but I will use Interswitch group company which came into existence to assist people like you to become mobile money Agents in order to bridge the challenges which the unbank are facing in the country and you will make large chunk of profit doing so.
You can also start the business with some commercial banks in Nigeria like Zenith bank, First bank, Guaranty Trust Bank, First City Monument bank, etc. But like I said earlier, I will be using Interswitch group of company to practically explain the business.
Who Is Eligible For The Business?
- Registered Businesses: Examples are Sole proprietorships, Cooperate societies, Limited Liability Companies, etc.
- Unregistered Businesses (Small To Medium Enterprises).
Why Do You Prefer Interstwitch group?
Interswitch Financial Inclusion Services is a company that is in control of mobile money agent business in Nigeria. They backed and licensed by Central Bank Of Nigeria to carry the services of Quickteller Paypoint.
Requirements Needed To Commence The Business Properly.
- Ensure you have an existing business with good patronage.
- Ensure you have a business location which can easily be found.
- If you don’t a business location yet, make sure to setup a good one like kiosk at the road side or shop which can be accessible.
- Make sure you have a functional smart phone device or tablet.
- Fill the registration form in interswitch website and submit
- Provide a valid means of identification, either your International Passport or Voters card or Drivers license.
- For registered businesses, you will also provide complete document of your business registration.
Ways to know a valid Agent.
- The person must have Interswitch Financial Inclusion (IFIS) identity card.
- Through Interswitch Financial Inclusion Services verification number. This is issued to everyone who successfully undergone the registration process.
Customers Benefits For Transacting With An Agent.
1. It will save you time on queuing in an ATM point.
2. It will save you stress and energy to travel some kilometers away from home in search of nearby commercial bank to carry out your transactions.
3. The transaction is easy and transparent.
4. It is risk free because you have your own PIN.
The Benefits Of Being An Agent.
1. It enables you to receive reasonable commissions for every service you render.
2. You will be influential in the community or area of your operation.
3. It saves you the cost of marketing because of traffic you will be getting on daily bases.
What Are The Services Of A Mobile Money Agent?
1. Airtime recharge.
2. Bill payments. Example; Water bill, Electric bill.
3. Cable subscriptions. Examples; GOTV, DSTV, Startimes, TSTV.
4. Cash In ( Receiving of money through electronic transfer).
5. Cash Out (Sending of money through electronic transfer).
6. Opening of bank account for all the commercial banks in the country.
7. Depositing of funds into ones account.
8. Withdrawal of funds from ones account.
Practical Procedures On How To Start As An Agent
STEP I: Open your chrome browser and search for www.interswitchgroup.com
STEPII: Click on “Financial Inclusion” on the menu bar of the website.
STEPIII: Click on “Become An Agent” at the left side of the website, fill out the form accordingly and submit.
STEPIV: After you have submitted the form, wait for some weeks, you receive a member of interswitch in the location you filled. The representative will give you an official form to fill and attach your passport to it and verifying your location to ascertain whether is easily accessible and checkmate other requirements.
STEPV: You will be required to make a payment of #10,000 as a minimum capital for the business. Note, the money does not belong to company, its your own money.
STEPVI: After 24 hours of making the payment, you will get a notification from the company. The content of the text will be your PIN in which you will use to start the business.
STEPVII: You will be trained and given all the necessary materials needed to startup your business effectively without much delay.
In conclusion, you have gotten the right information and the proper guidelines which I promised you earlier on how to start mobile money agent business in Nigeria. Therefore, go and implement it and make a lot of money doing so.
I hope you found this article helpful.