MOMO AGENT POS (SERVICE, COMMISSION, AND CHARGES) 2022
Momo Agent is a subsidiary of telecom giants MTN. It is under the Y’ello Digital Financial Services. YDFS is a financial service provider in agency banking and super-agent operation under the CBN Super-Agent framework and agent banking guidelines to provide amongst other services, an agent network to serve financial institutions and Mobile, Money operators, in Nigeria. Momo agent pos aims to bring the banks closer to the people and ease the stress of many Nigerian bank account holders in terms of withdrawal and deposits as many subscribers need not set a foot in the bank to perform these transactions except, they have other pressing issues in the bank that they need to perform that does not concern deposit or withdrawal of funds.
Services MoMo Provides
- Funds withdrawal and deposit: With this, Momo has made it possible for people to send and receive money without setting foot in the bank. People can just walk into the nearest MoMo center and perform any transaction they want and they can get their cash immediately. It started the initiative as a means of helping small business owners operate their businesses while making some side cash too. Momo services are unlike the usual banking services in Nigeria, as MTN has designed Momo in such a way that you can withdraw and deposit money without a bank account. How does this work?
With cash in hand, walk over to any Momo agent near you (Text ‘Agent’ to 64625 or dial #2234# to locate the nearest MoMo Agent to you if you have no idea about the Momo center), and submit the receiver’s phone number to the agent. After the money is collected, the sender will be given a 5-digit code while the receiver will also be sent a 5-digit code after which the sender will send the 5-digit code he was given to the receiver which the receiver will submit along with his and the money will be given to him/her.
- Purchase of Data and airtime: The service centers sell airtime and mobile data of any amount to customers.
- Payment of Bills: Momo relieves the stress of having to walk to various providers’ offices to pay bills as you can just walk up to any center and pay your bills ranging from electricity, cable, utilities, etc.
WHAT DO MOMO AGENTS DO?
MoMo services allow registered agents to perform cardless transactions for customers. With Momo, anyone even can transfer cash even without a bank account or BVN. Thus, Momo agents are enabled to withdraw cash for customers without an ATM card or POS machines. If you find that you are stranded somewhere and without cash, you can easily approach a Momo retail agent and get funds. Momo makes transaction processes easy and without hassles. Below are the various functions a Momo agent can do:
Open Cash2cash accounts: A MoMo Agent is able to send and receive cash for MTN subscribers in any part of the country without the need to be physically present at a bank, owning an account number, or making use of codes or PIN. All you need to do is visit any MoMo Agent near you to either send or receive money. It is fast, secure, and problem-free.
How To Become a Momo Agent
How to become a MoMo Agent
Step 1: Check to affirm if you meet the requirements below.
Requirements for MoMo Agents
- Have an existing business or willing to invest in the agency business.
- Have a Brick & Mortar/Immovable retail shop e.g. Pharmacy Pop & Mom Shop located in high foot traffic.
- Viable means of identification (National ID, Driver’s License, International passport or Voters card).
- Readiness to provide 1 passport photograph.
- Capability to provide a Working Capital of N20,000 and above.
Step 2: Visit the nearest MTN outlet to pick up the form & submit your details
Step 3: Click here to download the application form
Step 4: their field staff will contact you.
How to become a MoMo Agent without visiting the physical office
- Dial *502# with your MTN phone number.
- You receive a prompt to approve your MTN SIM registration details to be used as your MoMo wallet ID KYC
- Select 1 Yes to accept the T&C and to continue to the next step.
- Create your 4 digit PIN as prompted.
- Reconfirm your 4 digit PIN
- Your new MoMo Agent wallet is created
- You get USSD and SMS notifications confirming your new MoMo Agent wallet