Mobile money was introduced in 2009 and it has since generated a ton of business ideas for many Ugandans.
One of the ideas that were birthed out of the mobile money industry is that of mobile money agents.
A Mobile money agent is an individual or business that is contracted to facilitate transactions for users, register new users and also teach them how to use the mobile money service.
So below we shall you what you need to become a mobile money agent for MTN or Africell or Airtel.
Africell Money agent
To become an Africell money agent, you need to have a registered business with a trading license, valid National ID, LC1 Chairman’s introductory letter, 2 passport photos and capital worth Shs50,000.
Once you have all the above requirements, you can bring them to any of their service outlets/centers to be registered as Africell money agent
Become Mobile Money agent for MTN Uganda
To become a mobile money agent for MTN Uganda, you need start-up capital of Shs1,500,000 (Shs1.5 million).
You are required to be with a business entity which must be registered as a LIMITED company or a sole proprietorship and must have been in existence for a period of not less than one month.
MTN only accepts sole proprietorship applications from rural areas apart from the well-served areas.
You must also have physical permanent or semi-permanent premises from which to operate the business, counter layout.
To this, you are required to attach a Photocopy of Certificate of Incorporation or sole proprietorship registration documentation and certificate of registration if the name on the trading license is a business name.
In addition, a photocopy of Certified Memorandum and Articles of Association; one-month Company Bank Statement/Bank statement if the trading license is in the names of the business owner; and photocopy of Valid IDs of all directors (making up at least 50%) shareholding are also a requirement.
You are also required to present an official email and phone contacts, letter of introduction from the local Council, an existing business turnover of at least Shs2 million per month, a map and photos of the agent premises, a receipt representing payment for a company search, and a registered board resolution to start the Mobile Money agency business – with a letter of introduction of appointed Handlers from the directors.
You are also required to make a minimum float deposit of Shs1,000,000, maintain a minimum Float balance of Shs500,000, and a minimum Cash balance of Shs500,000.
To this, you will attach a signed Exclusivity/compliance agreement.
Become an agent for Airtel Money
To become a mobile money agent for Airtel Uganda, you need the following;
– Initial/Startup Capital of minimum Shs2 million
-Filled subscriber registration Form as per UCC guidelines
-Certificate of Registration of Business Name
-A valid Passport (A must for foreigners) or National ID
-Proof of residence for instance; Tenancy/Lease Agreement, or L.C identity card
-Recommendation letter from village L.C Chairperson
-A Completed agent sub-agent application and registration form
-Trading Licence/Local receipt