MoMo Agent is known as a mobile money agent. It is a mobile money service launched by MTN Nigeria for the purpose of providing safe and accessible money transfer services to persons not having a bank account (underbanked and unbanked) across Nigeria. It services goes beyond money transfer to include data and airtime purchase and payment f bills.
Basics of MoMo Agents
MoMo Agents are retail outlets in your neighbourhood just right next to you. They are agents rendering financial services to customers. MoMo Agents perform such services as opening accounts, withdrawal of cash, cash deposit, payments of the bill and money transfer that is, sending and receiving money across Nigeria (cash 2 cash transaction) and many more services.
MoMo Agent is so simple and easy to operate as it doesn’t require the internet and you get to work with just a basic mobile phone. It is so convenient and simpler alternative to the regular banking
To find or locate a MoMo agent simply dial *223# or text Agent to 64625 and follow the instructions promptly.
How it works. To send and receive money via MoMo Agent
The sender should go to an agent nearest to him to transfer money by handing over cash
The Agent will enter the receiver and sender’s phone numbers and then carry out the transaction
The sender will be sent a five-digit secret code. He is to share the code with the receiver for the redemption of the money transferred.
Also, the receiver would receive another different five-digit code which is going to be required at the point of redemption
So, the receiver is going to take both codes to the nearest MoMo Agent for cash redemption of the money transferred by the sender.
Basically, for a receiver to cash out money transferred to him he will need to take to the MoMo Agent both the five-digit code sent to his phone directly and the one sent to the sender which he shared with him.
Note that, you will be required to pay a token for receiving the money.
And the five-digit code expires after a span of 30 days if money is not cashed out by the receiver. And the sender may request a refund of his money by calling the MTN customer service desk on 180. And for any other help or support, you can call the number for directions.
MoMo Agent only operates locally and is not available for international transfers.
Also, note that you have to withdraw all the money transferred to you and cannot withdraw a portion of it.
How to become a MoMo Agent: requirements
You need to have an existing business or at least willing to invest in a business
And have a building or at least a brick immovable shop located somewhere you get customer’s patronage
You need to have a verifiable means of identification like a driver’s license, national identity card, voters card etc.
Be able to provide a passport photograph
And be capable of providing working capital of N20,000 or more
Then you will need to fill the MoMo authentication question form to apply. To do that, visit any MTN office closest to your location to pick up the form then fill it and submit.
If qualified to a MoMo Agent, you will be contacted by MTN
Note: the application process will take some time, about 15 to 20 days.
What you should know
Before an applicant is deemed qualified he or she would be put under scrutiny in order to confirm his adherence to the requirements.
You should be sincere and not present fake details as that will get your application being rejected
MTN’s mode of communication is through the applicant’s email and phone number
It would take some time to completely process applications