Mr Victor Aryatura, an agent operating in Namugongo, Wakiso District, says mobile money is no longer a very profitable venture for one to rely on independently nowadays due to the slashed commission fees. He says he has had to operate the business alongside selling other items to make ends meet.
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Is mobile money profitable?
Will it make money? Considering mobile money on its own as a source of revenue, about 70 percent of the managers who responded agree to a certain extent that this service will be a significant source of revenue for MNOs, making large profits over time.
How much does a mobile money business make?
With potential direct revenue from mobile money accounting for more than 20% of total business and cash flow margins of over 15%, mobile money can be a healthy cash generator for operators already investing heavy CAPEX in last generation data deployments, and can also help to maintain loyalty and efficiency on the
How much do I need to start MTN mobile money business in Uganda?
Present a letter of introduction/recommendation from the Local Council. Have a deposit of UGX 80,000/= (Eighty Thousand Shillings) to purchase the kit. Fill in an application form. Have starting Float of UGX 2,000,000/= (Two Million shillings)
How are mobile money agents paid?
The mobile money agent is the provider’s retail arm, supporting cash-in/cash-out transactions as well as person-to-person fund transfers, mobile phone airtime purchases, and bill payments.For each transaction, the provider pays the agent a commission, typically a percentage of the transaction amount.
How much is MTN mobile money line in Uganda?
MTN Mobile Money Agents can now get MTN Xtra Float worth UGX 50,000, 100,000 and 250,000 at a fee of UGX 300. MTN Xtra Float has to be paid back in 48 hours. MTN Mobile Money Agents have to pay back the money in time to avoid a penalty of 3,000shs charged against your commission.
Which business can I start with 100k in Uganda?
Our list includes the following:
- #1. Gardening business. Gardening is a low-cost home business any Ugandan can afford.
- #2. Hairdressing business. Hairdressing is a profitable low-cost home business in Uganda.
- #3. Fish farming.
- #4. Chicken rearing.
- #5. Winemaking.
- #6. Professional services.
- #7. Blogging.
- #8. Making crafts.
How does mobile money work in Uganda?
The mobile money wallet/mobile money account is an electronic money (e-money) account which receives electronic value either after the account holder deposits cash via an agent or receives a payment/remittance from elsewhere.
Is Agent banking profitable in Uganda?
Profits are high with 40 percent of agents making at least US $100 of profits a month. Although agents are generally happy with their financial gains, data shows they could be earning significantly higher profits.
What is commission in mobile money?
Since June 2019, a unilateral reduction in commissions relating to transactions via MTN mobile money has been observed. Commissions increased from 1 to 0.7% for deposits, i.e. 70 FCFA for a deposit of 10,000 FCFA and from 0.7 to 0.5% six months later, or 50 FCFA for a deposit of 10,000 FCFA.
How do I become a bank agent in Uganda?
How to apply to become a Bank agent
- Visit the bank branch close to your business location.
- Respond to questions from the Branch Manager as regards aspects of your business laid out in the Agent Banking minimum standards checklist.
- Fill the Agent Application form and attached the required business Documentation.
What is Airtel mobile money?
Airtel Money is a Mobile Commerce service from Airtel in partnership with Central Bank of Nigeria licenced operator that allows customers use their mobile number as an electronic wallet. This electronic wallet can be funded and used to make payments for goods and services.
How do I benefit from mobile money business?
The main benefit these entrepreneurs reported was increased efficiency from time saved and improved logistics. Most find mobile money much easier than banks: the locations are more accessible, customer service is better, transactions are faster, and it’s much easier to sign up for an account.
How do I become a MTN Mobile Money agent?
Registration process
- Dial *5051#. (
- Select Register and send.
- Select your region in which you intend to operate and send.
- You will receive a reference number via SMS.
- Write the reference number received on the MoMo registration forms.
- MTN MoMo Agent will call and also visit your location for inspection.
How do I register for MTN mobile money in Uganda?
Register On MoMo
- Using MTN Mobile Money.
- In store.
- Step 1: Visit your nearest authorized Mobile Money agent.
- Step 2:Upgrade your SIM to a Mobile Money-enabled card using a SIM swap.
- Step 3: The agent will take you through the registration process.
How do I register for mobile money?
Send mobile money in Ghana
- Log on to MTN Mobile Money official website.
- Click on “Register”.
- Enter your username which is your phone number and preferred Mobile Money Pin.
- Enter the captcha displayed.
- Enter the one-time password.
- Create your own password or keep the one generated for you.
- Click on “Continue”.
What is the Commission for MTN mobile money?
MTN mobile money charges
Between 1GHC and 50 GHC- 2.50% as the service fee. Amount exceeding 50 GHC – 5% commission fee.
How much commission do mobile money agents earn?
Agent Commissions
| | Deposit | |
|---|---|---|
| 500 – 2,500 | 5% of amount | 5% of amount |
| 2,501 – 5,000 | 125 | 125 |
| 5,001 – 15,000 | 150 | 175 |
| 15,001 – 30,000 | 200 | 225 |
How can I become a Airtel Money agent in Uganda?
Requirements to become an Airtel Money agent
For Airtel Uganda, you are required to present a valid Passport (Compulsory for foreigners) or National ID; a proof of residence such as a Utility Bill, Tenancy/Lease Agreement, or L.C ID; and a Completed agent sub-agent application and registration forms.
Which business is profitable in Uganda?
Tourism is one of the most profitable sectors in Uganda.
What are the most successful small businesses in Uganda?
List of Best 25 Business Ideas in Uganda
- IT Services. There is a high demand for IT services in Uganda.
- Computer Repair and Maintenance. The digital system of Uganda is in constant need of repairing services.
- Mobile Phone Repair.
- App Making.
- Web Designing.
- Digital Marketing.
- Computer and Accessories Shop.
- Mobile Money Transfer.
