M-pesa has turned out to be the world’s largest mobile money network. The platform has enabled millions of people across the world to gain access to safe and secure mobile banking and money transfer solutions. The recent entry of the mobile money transfer system to neighboring countries presents such a giant opportunity for any prudent business person to make money from the trade.
The M-Pesa model was a pioneering innovation for the African continent and is now used as a model for many other mobile money transfer systems around the world. It’s is a product that makes Safaricom stand out and continue growing every day as other financial sectors report perpetual losses.
To run an MPesa shop, you will be required to get a few things done. First, you need to seek approval to run the business. Safaricom will ask for a few legal requirements.
- Register a limited company: To operate an MPESA shop (some say to be an MPesa agent), you need to first register a limited company.
- Establish 3 outlets: Safaricom requires that there are at least 3 outlets ready to offer MPESA under the company names. The company also MUST have existed (and possibly traded) for a minimum period of 6 months. This becomes a hurdle to someone intending to start up the M-Pesa shop immediately. There are options though
- Business Permits required: You will then need to provide the following permits: ✓ Business permits for each of the MPesa outlets ✓ VAT & tax compliance certificates ✓ Identity Cards ✓ Banking license from a reputable financial institution ✓ Police clearance certificate
Safaricom has two ways you can run your MPESA outlet, either as a standard outlet or as a sub-dealer.
Aggregated lines were Safaricom’s solution to fraudulent super-agents who claimed extra commissions percentages other than the Safaricom’s recommended. Both existing and new Mpesa agents are eligible to get aggregated Mpesa lines.
- Kilimani, Off Argwings Kodhek Rd, Nairobi, Kenya