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Home Idiot's guide

How to Become MTN MoMo Agent, How Much You Can Make And 5 Facts

by Jitte John
April 23, 2021
in Idiot's guide
MTN MoMo Agent
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The telecommunication company, MTN has developed an active and easy way of cashing out for their customers through the MTN MoMo agent service. Due to the stress of ATM and bank queues, the company saw the need to create a platform in which their customers would still enjoy their services without any stress or hitches.

The MTN MoMo agent has been tasked with the responsibility of allowing MTN customers to send and receive money from anywhere in Nigeria without going to the bank or even owning an account number.
The MTN MoMo service is a wallet provided by MTN that enables anyone to pay bills, recharge airtime, and other several things.

How to become a MoMo Agent

There are certain requirements for becoming an MTN MoMo agent. MTN has provided these requirements for people that are interested in becoming their money agents. Below are the steps has to follow to become a MoMo agent:

Step 1

  • The person interested must have an existing business or is willing to invest in an agency business
  • Must own a brick/mortar or immovable retail shop
  • A valid and viable means of identification like national ID, Driver’s License, International passport, or voter’s card
  • Capability to provide working capital of N20,000 and above
  • Readiness to provide 1 passport photograph

Step 2

The person interested should visit the nearest MTN outlet to get the form and submit his/her details. MTN will contact the person on what next to do.

The applicant should note that the only way MTN will communicate to them is via email or SMS. The process is said to be quite rigorous and only persons with the right requirements would be chosen. Presenting fake details or any form of documentation will disqualify such applicants.

The process might take up to 15 to 20 working days and all the successful applicants are informed of the status of their application after that.

How Much Can One Make from Being  MTN MoMo Agent?

MTN MoMo Agent
MTN MoMo Agent outlet (image source)

The major benefit of being an MTN MoMo agent is that the agent receives different commissions which will be a source of profit for the business. The commissions for transactions performed are received almost immediately. For every deposit or withdrawal from N1-5000, the fee is charged N50 and the agent owns 50% of it that is, N25. It applies to the other transaction values and fees. The agent must not wait till the end of the month before he/she gets paid. The commission is received almost immediately.

 Here are 5 Interesting Facts about the MTN MoMo Agent Service

1. The Word “MoMo” is an Acronym 

The word MoMo is an acronym for mobile money and it has services with quite a number of mind-blowing services. The kind of services the initiative renders makes people wonder if it’s real and tangible.

2. MoMo Agent Service was Launched in 2019

Nigeria’s largest telecom company had a successful award of a super-agent license, Y’ello Digital Financial Services (YDFS). It announced the launch of another super-agent network service and named it MoMo agent. The launch took place in Abuja in August 2019 during an event.

See Also: Sandile Shezi- Bio, Net Worth, How He Became A Millionaire- 7 Facts

3. It is Fast and Secure

An important benefit of the momo agent is that the whole process is usually fast and secure.

4. Money Can be Sent to Someone Using any Account Number

In other to use MoMo agent, it does not necessarily require owning a bank account. The MoMo agent service enables MTN customers to send and receive money from any part of Nigeria without owning an account number. The only thing the customer does is to first locate any MoMo agent close by, the gave his/her phone number, the cash, and also the receiver’s phone number to the MoMo agent.

The receiver will be given a five-digit control number which would be given to another MoMo agent to cash out the money that has been sent.

5. MTN Nigeria registered 108,000 momo agents in just four months

In barely four months, MTN Nigeria registered 108,000 agents across the country since the emerge of the super-agent service. In the first four-month of its operation, the network has been able to serve almost one million customers.

Aside from the MoMo agent service, MTN revealed they have planned to extend its agent network as the super-agent network progresses. They also added that the expanded service offerings will create a platform for them to roll out the payment service bank after their license has been given.

Jitte John

Jitte John

A keen and dynamic writer, my interest ranges from entertainment to sports gist. I have over 4 years’ experience in using different research techniques and writing styles to keep readers glued to my pieces. When I am not writing or editing, you can find me arguing that the best Marvel superhero team is 'The Guardians of the Galaxy' and not 'The Avengers'.

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