Maybe you’ve got a perfect location to establish mobile money business but don’t know the processes to go through. Then in this guide, we are going to help you with information on how to start an MTN Mobile Money business in Ghana.
Have you realized the relief that comes with the use of mobile banking after the introduction of mobile money by MTN?
Mobile money is a form of mobile banking that allows subscribers to send and receive payment, buy airtime and data bundles, pay bills, and request loans.
MTN mobile money is one of the successful institutions in the mobile banking business, having 14.7 million active mobile money accounts.
The figure of active accounts shows how the Ghanaian public has accepted MTN mobile money for their good services.
Things To Consider When Starting Mobile Money Business In Ghana
Below is a list of things to consider before starting a mobile money business in Ghana:
1. Good location
2. Good business structure like a permanent brick and mortar structure or a semi-permanent structure.
3. Register your business
How To Apply To Become An MTN Mobile Money Agent
If you want to become MTN Mobile money Agent in Ghana, follow these steps to apply:
1. Pick and fill the following forms at the MTN office:
a. Agents Recruitment Form
b. Agent Account Handler Form
c. Agent/Merchant Code Of Ethics
2. Attach your business certificate to the filled forms
3. Add a national photo ID to your documents.
The accepted national photo ID includes the following:
- Voter’s ID
- National ID
- NHIS ID
- Driver’s license
- SNNIT ID
4. Submit your filled forms with the document to the MTN office for processing.
5. Check on the end of processing date issued to you for approval to start a business
After a successful approval to be an agent, you’ll need an MTN merchant sim to commence with business operation.
How To Apply To Be An MTN Mobile Money Merchant
If you want to become MTN Mobile Money Merchant in Ghana, follow these basic steps to apply:
1. Dial *5051#
2. Select register
3. Select region
4. An SMS with a reference number will be sent to your phone number
5. An MTN agent will be assigned to inspect your business location
6. After qualifying the inspection stage, pick and fill the following forms;
a. Merchant Recruitment Form
b. Merchant Account Handler Form
c. Merchant Agreement form
7. Submit your filled forms to the MTN office
8. Merchant sim will be ready in 72 hours if the details provided on the forms are accurate.
How Much Does It Cost To Start Mobile Money In Ghana
Currently, the minimum capital required to start a mobile money business in Ghana is 4,000 Ghana cedis.
Usually, it is not money you will be charged before you are registered, but MTN would want to ensure their agents start with enough capital.
Is Mobile Money Business Profitable
The mobile money agent gets a commission on every transaction he/she makes on behalf of an active account holder.
Therefore, the commissions made on transactions are as follows;
1. (1 – 50) cedis = 0.5%
2. 50+ cedis = 1%
Yes, the mobile money business is a lucrative business to consider investing in.
Best Areas To Start Mobile Money Business In Ghana
Below are the best areas to start mobile money in Ghana:
1. Market centers
2. Along busy roads
3. Commercial areas
4. Business centers
How To Run A Successful Mobile Money Business In Ghana
Below are the things to do to have a successful mobile money business in Ghana:
1. Good customer relationship must be ensured
2. Be fair and transparent to your clients to gain their trust
3. Stay reliable to your customers, don’t create a room for them to look elsewhere for services
4. Hard work is a key factor in making your mobile money business a successful one
5. Hire trusted staff for your business operation
Challenges The Mobile Money Business Face In Ghana
The list below are some of the challenges the mobile money business face in Ghana,
1. There have been several numbers of fraud complaints
2. Many mobile banking illiterates fall into the hands of bad agents who take advantage of them
3. High transaction charges
The Benefits Of Setting Up Mobile Money Business In Ghana
Below are some of the benefits of setting up a mobile money business in Ghana;
1. regular flow of financial income
2. Improved upon lives in the country
That is all you need to know about how to start MTN mobile money business in Ghana. In our next business guide episode, we shall deal with other business opportunities.