The mobile money transfer business in Kenya is here to stay, which means that mobile money shops like Airtel and Mpesa are also going to stick around for a long time. So is Kwa Jirani, KCB and Equity agents.
The mobile money transfer business in Kenya is a very hassle-free business to start. Just have money in your account, a good location with human traffic and rent a secure shop. You could start with Mpesa shop and then gradually move to other services as well.
Mpesa is the most lucrative mobile money shop you can start and venturing into this business, automatically makes you an agent for Safaricom which is the largest mobile money service provider in Kenya.
Requirements For Setting Up your Mobile Money Transfer business in Kenya Shop:
To become a Mpesa shop operator, you need to have a registered limited company for 6 months and 3 other outlets ready to offer Mpesa services. This can be quite difficult for startups without any background in the business, so you can just partner with an already established company.
The minimum investment for an outlet is Ksh.1000,000.
You will also need to provide Safaricom with business permits for each of your Mpesa outlets, VAT, and tax certificates, IDs, banking license from a financial institution, and police clearance.
Fill in both the Mpesa agent head office application form and Mpesa agent store application form.
Once you have submitted your forms and met all your requirements you’ll be given a till number that you will use.
Daily Business Management
You could either run your Mpesa shop by yourself or you can hire an employee with a KCSE certificate to do that for you. You also need to brand your outlet with Safaricom brand guidelines.
The day to day operation of a Mpesa outlet includes:
Deposit cash into the account of registered M Pesa customers
Process cash withdrawal for registered M Pesa customers
Register new M Pesa users
Abide by Safaricom rules and regulations
Choose Your Prefered Outlet
A Mpesa outlet can be run in two ways;
A standard outlet is the most recommended way since you have to go through the complete process above to become a registered agent.
As A Sub-Dealer
Operating as a sub-dealer is much affordable because you don’t need to get registered.
You can just work under a registered agent by buying their Mpesa line and paying them a commission for using it. This costs you afloat of Ksh,20,000-40,000.