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Get rich with mobile money businessThe Sun News

April 17, 2018 2:42 AM
43 0

the body of bank CEOs prepare to roll out 500,000 licensed super agents and mobile money operators through Shared Agent Network Programme, here are ways to key into the scheme and make a kill.

Mobile money agent, under the new initiative, is an outlet that has been registered by a mobile money operator to provide basic financial services, such as account opening, BVN enrolment, cash deposit, cash withdrawal, fund transfer, bills payment, airtime purchase and government disbursement.

Mobile Money Agent can also be referred to as the location where customer can go and get information and assistance on mobile money services.

The new project is a collaboration between the Central Bank of Nigeria (CBN), the Nigerian banks, licensed mobile money operators and super agents to accelerate financial inclusion in the country through a shared Agent Network programme and the introduction of new micro loans, savings, insurance and pension products for the benefit of unbanked, financially excluded and low income Nigerians.

Statistics have shown that 53 per cent of adults in the country are excluded from financial services and therefore, this is a potential market for mobile money business.

By becoming a mobile money agent, the agent stands to benefit from an increased customer traffic flow into their shops or outlets, extra income earned from mobile money transactions commissions and globally recognized brand association benefits.

-Bills payment/settlement (electricity bill, water bill, Waste bill, DStv, GOtv, Startimes, actv, local and state government levies/taxes, estate permits, etc.)

Everybody can access and use mobile money services, from students to artisans, traders, the self-employed, professionals and everyone who requires access to basic financial services.

Individuals, small to mid-size businesses, institutions etc can become mobile money agents upon registration and submission of requisite documentations.

Individuals and unregistered businesses (mass/umbrella agents) fall under classic category. MSMEs, mom-and-pop shops, salons, supermarkets, chemist shops, grocery stores, etc. fall under the standard category; while bigger businesses like petrol stations, pharmacy chains, Quick Service Restaurants (eateries), etc. fall under the Prestige category. Institutions with structures like MFBs also fall under the Prestige category.


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