Mobile Money is a service that allows customers use their mobile phone device to send and receive monetary value. It is the ability to transfer money electronically from one person to another using a mobile phone as mobile wallet.
Mobile Money is a service that uses ICT and non-bank channels to extend the delivery of financial services to clients who cannot be reached profitably with traditional branch-based financial services, and in sync also, Mobile Money Agents across the country help provide financial services to customers on behalf of licensed deposit taking financial institutions or Mobile Money Operators.
How Mobile Money Works
When a customer registers for a Mobile Money Account or Mobile Wallet, he/she can perform the following services on their mobile phone or device:
Exchange of physical cash into electronic cash (e-value of e-money) The purchase of e-money/e-value by offering cash to the seller.
Movement of the e-Value available in one’s Mobile Money Account to another Mobile Wallet. In another words, it is sending e-money to others by USSD short codes.
This involves the deposit of cash into mobile wallet or bank accounts.
I. Exchange of e-value into physical cash.
II. The sales of e-money in exchange for physical cash. It is the withdrawal of physical cash in exchange of e-value
Use of the e-money to pay for day-to-day services and products e.g. Cable TV, Utility bills, air-tickets among others.
These services are secure, PIN-protected, and supported with a 24/7 Customer service provided by the Mobile Network Operator. Therefore, people can rely on Mobile Money to perform all their daily financial transactions without the need to carry around cash.
Who is a Mobile Money Agent?
Mobile money agent is a shop that has been registered by a mobile money operator to offer mobile money services, mainly registration, cash-in, cash-out, airtime vending and bill payments.
Mobile Money Agent is the location where customer can go and get information and assistance on mobile money services.
Why become a Mobile Money Agent?
Statistics have shown that 53.0% of adults in Nigeria are excluded from financial services and therefore, this is a potential market for mobile money business.
How to become a Mobile Money Agent
It is very simple to become a Mobile Money Agent. You can become a Mobile Money Agent today by simply registering on this website.
To begin the process of becoming a Mobile Money Agent, please click the link below and fill out the pre-qualification form below and submit it.