As 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.
Transactions that can be carried out
The following services are available at any mobile money agent location
-Airtime recharge (all networks)
-Bills payment/settlement (electricity bill, water bill, Waste bill, DStv, GOtv, Startimes, actv, local and state government levies/taxes, estate permits, etc.)
-Funds transfer (sending money to, and receiving money from any person nationwide)
-Account opening with any bank
-Payments – for insurance premiums, airline tickets, embassies, etc.
-Deposit of funds (cash-in) into own or a third- party account
-Withdrawal of funds (cash-out) from own account.
Who can use the services?
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.
Who can be mobile money agent?
Individuals, small to mid-size businesses, institutions etc can become mobile money agents upon registration and submission of requisite documentations.
The requirements are based on the class of agent applied for e.g. classic, standard and prestige.
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.
Having an existing business which attracts reasonable footfall is a basic requirement. In addition, one must have a physical location that is easily accessible to people as well as an acceptable means of identification.
For corporate entities and institutions, business registration/incorporation documents will also be required.
What happens if my phone is missing or damaged?
Your money is safe as the funds in your electronic wallet is actually in the settlement bank and not on your phone.
However, you must ensure that your log-in details as an Agent are not compromised in any way.
Once you get another phone, you will have to undergo the set-up process after which your agent account details are synchronized with your new phone.
What are the benefits of becoming an agent?
Additional revenue from commissions and incentives; Increased sales from additional foot-traffic;
Differentiation from other businesses: being a Quickteller Paypoint Agent differentiates a business from others in its category/industry
Social relevance to the neighbourhood/ community where Agent operates.
How can I get started as an agent?
Ensure you have a work tool/device (Smart phones that run on Android);
Complete and submit the registration form;
Provide the required Know Your Customers (KYC) documents;
Provide the minimum operating capital requirement;
Receive validation and setup details;
Be enlisted for training;
Receive starter pack and branding materials;
Commence live transactions documents will also be required.
How do I get started as a customer?
Just walk into any mobile money agent location in your neighbourhood, communicate the service you need to the agent and you can be sure to get the service delivery in a timely manner.