Mobile money is a policy supported by the government and private companies dealing in finances. It is an attempt to make financial transactions and services easier and accessible to people.
This mobile money agent business is one that penetrates even places where banks and related financial ventures involved in services related to mobile money operations can’t seem to reach.
Here are the five steps to take in becoming a successful mobile money agent:
1. Identify a Mobile Money Operator:
This first step is very essential in building your services. What mobile money operator would you like to work with? What are their criteria and are you comfortable with it? These are questions you would need to answer before progressing.
If answered it would allow you to make a choice on what operator you are going to work with. Mobile money operators include Banks, Fintechs and even telecommunications providers. This brand provides solutions that are needed for mobile money to be successful.
Is there any business without capital? Starting a mobile money business does not require much capital except you want to start on a very large scale. You would need money to sort things out and get the business started.
3. Strategic Location:
Many make wrong choices when picking a location. A good location can be picked on the need for mobile money operation around the area or it’s accessibility to a large amount of people. How visible is your location to people? Strategic places can include Markets, parks and where there is little or no financial institutions or banks’ presence.
4. What services would you offer:
There are various mobile money services or solutions to pick from. Choose the ones that is needed by people in that certain area. Common mobile money services include Bill payments and Money transfer. Others include opening bank accounts and airtime recharge top-up.
5. Business Equipments
Obtaining the needed equipment such as a POS machine, good internet connection and a stable power source is essential for your business running smoothly. Also, don’t forget to put out your publicity materials that announced your service and location around places close to where you operate.
These five steps are necessary to fulfil in order to become a successful mobile money agent.