Mobile Money As A Side Hustle: Everything You Need To Know

File Photo

Mobile Money is one of the most reliable and widely used financial platforms in Ghana. And with millions of subscribers on the service, it’s also one of the most profitable services in the country. That fact is proven whenever you see MTN’s financial reports in the news. That’s why when you’re thinking of side hustles to bring you some extra cash, you can’t overlook Mobile Money. One of the most essential aspects of the Mobile Money infrastructure is Mobile Money agents. That’s where your side hustle, and extra income, comes in.

How Do Mobile Money Agents Make Money?

MTN logo

There are two main ways to make money as an MTN Mobile Money agent. The first is through commissions on withdrawals, and the second is through commissions when a customer is sending money to a subscriber. Customer deposits, however, do not seem to attract a commission. Now you’re probably wondering, how much exactly are these commissions.

  • For withdrawals, any amount from 1 GHS to 50 GHS generates a GHS 0.50 commission for the agent. Then, amounts above GHS 50 generate a commission that’s equal to 1% of the total withdrawal amount.
  • Customers sending money is where there’s some real cash to be made for agents. Amounts from 1 GHS to 50 GHS generate a GHS 2.50 commission for the agent, while amounts above GHS 50 generate a commission of 5% of the transaction value.

Although it’s an extreme example, if someone sends GHS 5000, you’ll make GHS 250 as the agent (from that one transaction).

How Do You Become A Mobile Money Agent?

You can click here to learn how to become an MTN Mobile Money Agent. However, there are some conditions that you have to meet. You can find a list of them below.

  1. You must own a permanent structure which is positioned at least 50 to 100 Metres away from the closest agent. The structure must neither be a wooden one nor an umbrella positioned outdoors.
  2. You must fill the agent recruitment form.
  3. You must fill the Agency Account Holder form.
  4. You must have a minimum capital of GHS 4,000

So that’s what you need to know about getting a Mobile Money side business. It goes without saying, but that business will also need to be manned. So if you have a day job, you have to get an employee to manage the Mobile Money side of things.

Source: Mfidie.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here