How to become an MTN mobile money agent in Ghana and earn commissions
MTN Mobile Money is a fast, simple, convenient, secure and affordable way of transferring money, making payments using your mobile phone. While this money transfer service has become an integral part of Ghana’s economy, the only way to benefit from it isn’t just to send a receive money. You can earn a living by registering as an MTN Mobile Money agent. This way, you will get commissions for every transaction made using your mobile money agent number.
To become a mobile money agent for MTN, you need to meet the set requirements. You will also need to have a business premise, which can neither be a wooden structure nor a temporary station under an umbrella. Upon review of your application, MTN will inform you whether you are successful or not. To improve your chances of getting accepted, you need to familiarize with the requirements. Besides, it is equally important to know of the rates to expect if you are accepted.
MTN Mobile Money agent application
To qualify as an MTN Mobile Money agent in Ghana, you need to make sure you have met the following requirements:
Possess all the required documentation.
You have to meet the location requirements and the structural requirements of the premises you wish to set up the agent.
You need to have the required capital You will also be required to fill the MOMO Authentication Questions form
You will need to fill and submit the following forms:
The Agent Recruitment form
The Agent Account Holder Form
The structural requirements
The EMI (E-Money Issuer) gives the guidelines on the structures that are not allowed to operate as an e-money agent station.
The following structures are not allowed:
Wooden buildings and the umbrella establishments(space2space) are not eligible to be e-money agent stations
Defined semi-permanent structures
The locations eligible for an MTN Mobile Money agent establishment is that these structures are to be strategically located about 50-100 meters away from each other.
How much money do you need to start an MTN MoMo business?
There is a minimum capital requirement that is expected from a prospective MTN Mobile Money Ghana agent. At GH¢ 4,000 is the required minimum amount of money you are required to have to become an agent.
What next after application?
After you have applied, please note that the document processing will take some time. However, this is what you need to keep in mind;
MTNs’ only mode of communication to applicants is through the phone and email
Applicants then shall be put under scrutiny. This process is to confirm the adherence of applicants to the rules regarding requirements
Presenting fake details or documentation will only lead to MTN rejecting your application.
If you have been successfully vetted and cleared, you will be informed of the status of your application via email or phone.
It will take roughly 23 working days for a successful application to be processed.
Successful applicants will be informed of the status of their application via email or phone.
MTN Mobile Money agent commission structure
Being an MTN Mobile Money agent comes with its benefits in terms of commissions. MTN Mobile Money agent interest rate acts as the source of profit for the agent.
For any withdrawal of between GH¢ 1 to GH¢ 50 using your MTN MoMo code, the client 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.
When sending any amount between GH¢ 1 to GH¢ 50, the sender is deducted GH¢ 2.50
For sending any amount larger than GH¢ 50, the client is deducted 5% of the money as fees.
How do I become an MTN Mobile Money agent?
To become an MTN Mobile Money agent, you need to fulfil the set requirements as described above. You will also be required to have a structure that is permanent and is a minimum of 50-100 meters away from other money agents.
How do I become an MTN MoMo agent?
MoMo is the short form for Mobile Money. Therefore, to become a MoMo agent, you need to follow the steps outlined above. Make sure to check the MTN MoMo interest rate card to know what you will expect once you are accepted to the program.
How do I start a mobile money business?
To start your business as an MTN Mobile Money agent, you need to have the required documentation and meet the structural and monetary requirements. This means that you should have a permanent space from which to operate and a minimum of GH¢ 4,000.
Can I receive MTN Mobile Money from abroad?
Yes. MTN has partnered with various companies including WordRemit and Western Union, to facilitate receiving money from abroad. The send money, the sender will need your number and should be located in any of the countries where the service is available. Make sure to check with the service you are using for the MTN Mobile Money limit.
Becoming an MTN Mobile Money agent is one of the best business opportunities at the moment as mobile money continues to drive the economy not only in Ghana, but also the African continent as a whole. When applying to become an MTN agent, ensure that you have all the documentation required, monetary requirements, as well as an acceptable premise to increase your chances of being accepted. Once you have been approved, you can now earn commissions for facilitation the deposit of cash and withdrawal from MTN Mobile Money wallet.