The first question we need to ask is “what is a mobile money agent?” Some people believe it’s that person down the street sitting under an umbrella and holding onto a POS terminal.
In reality, a mobile money agent is an essential member of any community they are located. They make banking easier, safer, and more accessible to people who live in areas where most banks wouldn’t even consider putting a branch. They help people keep the lights on in their homes and help them make sure their essential bills are paid. Not only that, but if they perform at their best, mobile money agents can make millions of naira every month!
Your ear don open when you hear that one abi? We completely understand that man must chop and that’s why we’re showing you how you too can make millions monthly. You just need to understand the principles in these 5 simple steps.
Choosing the right partner
Like getting married, choosing a partner for your mobile money business requires both your mind and your heart. You need someone that would make you happy and not give you stress. Today, there are several options to choose from. From digital and physical banks to fintech and telecommunication companies, you aren’t short of places that offer you the chance to become a mobile money agent.
To make the best the best decision with all those choices, you need to focus on three things.
- What are their charges?
Do they take most of the money when completing a transaction or are they interested in your financial gain? This is very important to take into consideration.
- What are their criteria for approval?
To be a mobile money agent in some places, you need to bring them twenty tubers of yam and a goat that has never seen the sun before they accept you. Becoming a mobile money agent never hard like that na. Find a company that gives you a chance at succeeding without too much work.
- How much capital do you need?
The last but also the most important factor to make your decision is you need to know how much it costs to start this business. At Moniepoint for example, you don’t need more than N21,500 for everything you need. Why is it so affordable? Because we believe that every business should be easy to start and not leave you questioning whether it’s worth spending money on.
Once you’ve decided on these three things, picking a partner should be easy.
Before you get too excited after seeing the benefits your financial partner has to offer, you need to know that mobile money is just like any other job, it needs work. If you want to work smart instead of working hard, you need to focus on these three things.
Finding a strategic location
Whether you make 1 million in a month or if someone dashes you 100 naira out of pity depends on where you decide to set up your business. The best location for a mobile money business is a place where no ATM or bank is available and the people within the area have one business or the other that they run each day. This makes it easy for them to trust you and depend on you to help them solve their financial problems as well as help you generate a lot of transactions. In simple English, the more people need you, the more money you make.
What services do you want to offer?
Mobile money like any other profession requires that you specialize. This simply means that you must become perfect at providing a particular service quickly and easily for your customers. As a mobile money agent, you can choose whether you want to provide financial services such as transferring money, helping them buy airtime, or lastly, helping them pay their bills. We suggest you provide all the services you feel comfortable with until you find what brings in the most customers and the most money.
How do you get customers?
Last on your list is spreading the word about your business. There is a reason why some mobile money agents sit in branded kiosks or under an umbrella with their business name on it. It’s so people can spot you from far away and rush to use your services. Remember to put out banners, posters, and anything else you can think of to get more customers aware that you exist
How to grow your business
Like every good business that starts with one person, growth means having employees and offices. To grow as a mobile money agent, you need to be in multiple places at once. How do you do this? By having multiple agents that report to you and pay you a part of their commission as payment for you providing them with a business opportunity.
You might wonder, “why don’t they just open their own business?” The reason is that at this point you have become a local champion and in this case, it is a good thing. People now trust and patronize your business. This means whoever you get to handle the POS will make money without the initial struggle of finding customers.
You can get here by building strong relationships with the people in your community. You must also be able to provide them with quick and easy service without delays. You need to make sure that when they come to you, they are met with a POS machine that does not give them headache. If you chose Moniepoint as your partner, you can expect zero delays on all transactions and a banking network that never fails.
With hard work and dedication, you will be earning millions monthly in no time and living the life of your dreams.
What do you think? Is being a mobile money agent something you might be interested in?
Why not take the first step to become your own oga and create wealth for yourself with Moniepoint? Become a Moniepoint agent today and enjoy the lowest charges on each transaction, instant settlements, and a banking network you can depend on.
Get started today by clicking here!
Reach out to us on firstname.lastname@example.org for any questions.