Becoming a mobile money agent is accepting to venture into a Paper-Rock-Scissor business. Just like any other business, you will have to toughen up and read your fraudster awareness manual every morning. There are rules and roles to play before you join or become a mobile money agent in Uganda. A structured way set-up by the leading network service providers.
The mobile money business will constantly ask for your entrepreneurship skills, and it is no business for a regular. With the buzzer in mind, it is a sincere call to remind you that employment opportunities are relatively scarce. And, if you are thinking about employment, Mobile Money could be your life-saver. Let me prepare you before you put your savings to test.
What are Mobile Money Agent Requirements?
Mobile money agent requirements are the To-dos and Must-haves you need have in order to qualify to be a mobile money agent. Below are the requirements you need to become a mobile money agent in Uganda for MTN Mobile Money and Airtel Money.
Become an MTN mobile money agent
To become an MTN mobile money agent, you need to fulfill the following requirements;
- Startup capital of UGX 1,000,000 for master agents, and UGX 1,500,000 for those who want to be independent agents.
- You must have a registered board resolution with a letter of introduction of appointed Handlers from the directors.
- A map and photos of the agent premises.
- A letter of introduction from the local Council.
- Must be registered as a LIMITED company or a sole proprietorship that has existed for not less than one month. MTN only accepts sole proprietorship applications from rural areas apart from the well-served areas.
- Photocopies of Certified Memorandum and Articles of Association;
- Photocopy of Valid IDs of all directors (making up at least 50%) shareholding.
- Company Bank Statements
- Official email and phone contacts.
- Existing Business Turnover of at least UGX 2 Million per Month.
- A receipt showing payment for a company search.
- The minimum float deposit required is UGX 1,000,000. The minimum float balance and a Cash balance of UGX 500,000 are also necessary. After this, you attach a signed Exclusivity/compliance agreement.
Become an Airtel mobile money agent
Airtel Uganda agent requires you to meet the following;
- Prepare an initial capital of UGX 1,000,000 to be credited on the Sim-card as a float (please note that the fee may go up to 3 million depending on the location).
- Copy of Valid National ID for Ugandans and a valid Passport for foreigners.
- Two passport size photos
- Trading license(optional)
- Intended location of your outlet.
The other general requirements like the letter of introduction from the local council, proof of residence and filled subscriber registration form as per UCC guidelines can always come into play.
The mobile agent requirements of MTN and Airtel are quite similar. Factors like agent commissions, taxes, target audience based on your preferred location, convenience, should help you make a clear decision on whether you need one or both.
Share with us your mobile money experiences, and which telecom company has made it easier for you.