Since its inception in 2009, the mobile money industry has grown to become one of the key employers in Uganda today. It is not just about the transfer of funds from one place to another, it has developed into a safe place to transact all kinds of business.
Leaving out the mobile money tax chaos, that almost left the economy buried in turmoil, the industry is run on two key factors – entrepreneurship and agency. This offers a high demand for mobile money agents, as well as other related employment opportunities.
You won’t become a mobile money agent with just a finger’s snap, no. You have to follow a set of guidelines laid out by telecom companies – which have primarily taken on the industry on their own.
In Uganda, the clientelle mainly lives within the proximity of MTN Mobile Money, Airtel Money, and of recent – Africell Money. And it is from these three that you can choose to be a part.
Requirements to become an MTN Uganda Mobile Money agent
For MTN Uganda, the start-up capital is 1,000,000/- for one who wishes to be attached to a master agent and 1,500,000/- for one who wishes to be an independent agent. A master agent acts more like a supervisor.
Your business entity must be registered as a LIMITED company or a sole proprietorship that has existed for a period not less than one month. MTN only accepts sole proprietorship applications from rural areas apart from the well served areas.
You must have physical permanent or semi-permanent premises from which to operate the business, counter layout. To this you are required to attach a Photocopy of Certificate of Incorporation or sole proprietorship registration documentation and certificate of registration if the name on the trading license is a business name.
In addition, a photocopy of Certified Memorandum and Articles of Association; one month Company Bank Statement/Bank statement if the trading license is in the names of the business owner; and photocopy of Valid IDs of all directors (making up at least 50%) shareholding are also a requirement.
You are also required to present an official email and phone contacts, letter of introduction from the local Council, an existing business turnover of at least Ugs 2 million per month, a map and photos of the agent premises, a receipt representing payment for a company search, and a registered board resolution to start the Mobile Money agency business – with a letter of Introduction of appointed Handlers from the directors.
You are also required to make a minimum float deposit of UGX 1,000,000, maintain a minimum Float balance of UGX 500,000, and a minimum Cash balance of UGX 500,000. To this you attach a signed Exclusivity/compliance agreement.
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.
You will also need a recommendation from village L.C Chairperson with photograph of Applicant; Certificate of Registration of Business Name; Trading Licence/Local receipt; Filled Subscriber Registration Form as per UCC guidelines; and an Initial/Startup Capital of minimum UGX 2 million/=
Requirements to become an Africell Money agent
You need to have a registered business with a trading licence, valid National ID, LC1 Chairman’s letter, 2 passport photos and capital worth at least 50,000/= and above to become an Africell Money Agent.
