You can get rich by registering as a Mobile Money Agent with the Central Bank of Nigeria (CBN) Shared Network Programmme where at least 500,000 licensed super agents and Mobile Money Opeators are being commissioned. You may register as an individual or business, depending on the business model you choose to adopt.
The new programme is a collaboration between the Central Bank of Nigeria (CBN), Nigerian banks, licensed Mobile Money Operators and super agents. The scheme will facilitate the introduction of new micro loans, savings, insurance and pension products for the benefit of unbanked, financially excluded and low income Nigerians.
Mobile Money is a form of electronic money service that enables phone owners send, receive and store money. The relative safety, ease of mobility and convenient nature of this service has endeared it to all sections of the society from the rich to the poor.
All you require to register as a Mobile Money Agent is own a smart phone that runs on Android, complete the registration form with a Mobile Money Operator and provide the minimum operating capital requirement (from N50,000) for the category suitable to your existing business. There are three classes of agents available, namely, Classic Agent ( individuals and unregistered businesses who can operate from a small shop or umbrella), the Standard (shops like salon, supermarket, chemist shops, grocery stores, and so on, and the Prestige category (bigger businesses like petrol stations, pharmacy chains, quick service restaurants (eateries) and so on.
As a mobile money agent, all you have to do is collect cash and credit the customer’s MM account (cash in) or pay out cash equivalent to a transfer the customer makes to the Agent’s MM line. This means that someone can work into your MM shop/stand and pay cash which you will instantly transfer to the provided MM account or the person can request for cash equivalent to an instant transfer to your MM account.
Mobile Money Agents will also be enabled to provide basic financial services such as account opening, BVN enrolment, cash deposit, cash withdrawal, fund transfer, bills payment, airtime purchase and government disbursements. The agent will also provide information and first level assistance on mobile money services.
In additional to earning extra income from mobile money transaction commissions, small businesses that register as agents have the opportunity of being identified with globally recognized brands and therefore attracting the goodwill and similar benefits of such association. The mobile money agent will also benefit from an increased customer traffic flow into their shops or outlets.
