How to get a Momo Agent POS
The number of POS agents in Nigeria keeps increasing because the business is highly profitable. On average, POS agents make up to 3,000 Naira profit daily and about 100,000 Naira in a month. So many regular Nigerians currently depend on the POS business as a source of livelihood.
Fortunately, MTN has made it easy for its users to become POS agents. In this article, we’ll discuss in detail the process of becoming a Momo POS agent. Also, we’ll share details on how to get a Momo Agent POS to help you get started as an agent.
MoMo Agent: What does it mean?
A MoMo Agent is a neighbourhood convenience shop that Nigerians can visit to send and receive funds from anywhere in Nigeria. It is very safe, fast and convenient.
What services are available at a MoMo Agent?
Customers can perform Cash2Cash transactions at a MoMo Agent outlet. Cash2Cash is a MoMo Agent service that allows customers of MTN to send and receive money from any part of Nigeria. Customers don’t need to have a bank account to send or receive money. All that is required is a visit to a MoMo Agent near you to either send or receive money.
Important Uses of Momo
With MoMo, users can use their mobile money account in different ways. Some of the important uses of Momo include:
1. Receiving and storing money
As a Momo user, you are allowed to instantly receive and keep money in your account. So it functions just like a conventional bank account.
2. Sending money to any MTN mobile phone user
Momo also allows you to send money to any other MTN mobile phone user. This process is quick and direct.
3. Sending funds to mobile phone users on other Nigerian networks
With Momo, users of other local networks are included. You can also send money to the mobile phones of users of other Nigerian networks.
4. Withdrawing money instantly at any authorised MTN mobile money service agent
As a Momo user, you are free to withdraw money instantly from any authorised MTN mobile money service agent at any time.
5. Top-up MTN airtime and pay bills
If you would like to top up MTN airtime and pay bills from the comfort of your home, then you need to subscribe to the Momo network.
Lastly, Momo lets you buy and pay for insurance, purchase airline tickets, pay school fees, pay your employee salaries, as well as pay for other regular goods and services.
Is Momo Profitable?
Yes, Momo is profitable. However, since the service is still relatively new, some agents have complained of difficulty in finding users. Here are some reviews from Momo agents gotten during an interview with TechCablal:
“People are not using the wallets, it is not common here. There is only one lady that makes use of her MoMo wallet and I fund her.” Eniola Alatise, an agent who operates both the MoMo and conventional POS service in Ikeja tells TechCabal.
Another agent on the Momo network located in Magboro, Ogun state, Temitope Bukola, agrees that usage is generally lower than that of the regular POS. “Very few people use it. Most of the main users are agents that use it for transfers and selling of recharge cards. People use it, but not like the regular POS,” she explained.
Another Momo agent, Afariogun Michael, who operates a conventional POS business alongside the mobile money service, in Oshodi, also told TechCabal that “for the MoMo service, the customer figure is an average of 30 customers on a daily basis”.
What are the Requirements for MoMo Agents?
Here are the non-negotiable requirements for all MoMo Agents:
• Should own an existing business or be willing to invest in a POS agency business.
• Viable and legal means of identification (International passport, National ID, Driver’s License, or Voter’s card).
• You would need to submit one passport photograph.
• Should be capable of providing a Working Capital of N20,000 and above.
How to Become a Momo POS Agent
There are primarily two ways you can become a Momo agent. If you want to learn how to become a Momo POS agent the regular way, follow the steps below:
Step 1: Check to confirm if you meet the necessary requirements listed above.
Step 2: Visit the closest MTN outlet to get the Momo agent form, then fill it out and submit your details. Alternatively, you can visit the Momo agent website to download the application form
Step 3: Wait for one of Momo’s field staff to contact you for a deliberate visit to confirm your suitability.
Alternatively, you can become a MoMo Agent by Self Onboarding. We’ve highlighted the steps to take if you prefer self-onboarding below.
1. Dial the USSD code, *502# with your active MTN phone number.
2. You will receive a prompt to authorize your MT SIM registration information to be automatically used as your MoMo wallet ID KYC
3. Thereafter, choose 1 Yes to accept the laid down T&C and to move to the next step.
4. Create your secret 4-digit PIN as prompted.
5. Reconfirm your secret 4-digit PIN
6. Your new and active MoMo Agent wallet is created
7. You will receive USSD and SMS notifications ascertaining your new MoMo Agent wallet and the details.
How Much are Momo POS Agents Paid?
MoMo agents generally earn commissions based on the total number of transactions they initiate, instead of receiving a fixed salary. Also, the commission rates and potential income can differ depending on factors like the kind of transaction, transaction volume, as well as the distinct commission structure agreed upon between you as the MoMo agent and Y’ello Digital Financial Services (YDFS) (or any other MoMo service provider).
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How are Momo POS Agents Paid?
As stated earlier, MoMo agent’s earnings are generally based on a commission structure instead of a fixed salary. The more financial transactions you execute as an agent, the greater your commission will be. This commission is acquired based on the financial transaction fees charged to clients for utilizing MoMo services. How are some ways Momo POS agents get paid:
• Transaction Commissions
As a MoMo agent, you gain a specific commission on each transaction you execute. This commission you gain is a percentage of the transaction cost charged to the client. The precise commission rates can differ and primarily depend on factors like the kind of financial transaction as well as the transaction amount.
• Value-Added Services
MoMo agents may also earn commissions on value-added services provided through the MoMo platform. This can include services such as bill payments, airtime top-ups, money transfers, and other financial transactions. Each completed transaction adds to the agent’s commission earnings.
• Cash-In and Cash-Out Services
MoMo agents usually gain higher commissions on cash-in (also known as deposit) and cash-out (also known as withdrawal) transactions. These are generally high-volume services, and Momo agents can gain a percentage of the transaction cost associated with these transactions.
What are the Commissions on Withdrawals for MoMo Agents?
Here is a list of the commission’s MoMo pay their agents for all withdrawal transactions:
1. N1000 – N5000 agent commission is N25
2. N6000 – N20,000 agent commission is just N50
3. For any amount above N20,000 – N500,000, the agent commission is just N150.
MoMo Deposit Commission for Agents
Here is a list of the commissions MoMo pay their agents for all deposit transactions:
1. N1000 – N5000 agent commission is just N25
2. N6000 – N20,000 agent commission is N50
3. For any amount above N20,000 to N500,000, the agent commission is just N150.
Bills payment Commission for MoMo Agents
MoMo pays its agents just N50 as a commission for any bill payment made by customers between the range of N1 to N500,000. This N50 will be obtained from the N100 that MoMo will bill the customer.
How Much Do I Need to Become a Momo POS Agent?
If you want to become a Momo POS agent, you need at least 20,000 Naira for a start. This is one of the basic requirements for agents. If you don’t have up to 20,000 Naira, you’re unsuitable to be an agent.
Benefits of being a Momo Pos Agent
Outlined below are some of the benefits of being a Momo POS agent:
1. You can easily send and receive money from anybody in Nigeria via their phone number
2. You can instantly pay bills for different services such as DSTV, electricity, Betting, etc.
3. You earn mouthwatering commissions by becoming a MOMO agent.
4. You can purchase airtime and data for yourself or other people at discounted rates.
5. Enjoy the full security and comfort of not needing bank cards or physical cash to make transactions.
6. You can gain instant access to other financial services such as insurance, savings, loans, etc.
Final Thoughts
MoMo agent “digital POS” is a very fast and convenient way for people to send and receive cash. Essentially, the aim of the MoMo agent is to assist people in growing their businesses while at the same time developing additional income prospects for Nigerian youths.
If you want to learn how to get a Momo Agent POS, go through the information above. Alternatively, you can visit the Momo agent website for more information.
