We are living in a fast growing world where physical cash will not be a order of the day. This is because different types and system of money transaction has been introduced and people are able to transfer, receive and send money using their phones or computer.
Virtual form of payment such as MTN MoMocard which allow people to pay online using their phone has also been intoduced and making transaction even more easier.
With all these development, you may be having an idea of opening up a Mobile Money business but you don’t know the procedures and the requirements needed to start the operation. If that is the case, relax and keep on reading because your are in the right place where we will show you everything you need to know and have in order to start a MTN Mobile Money business in Uganda.
See requirements needed to start MTN Mobile Money business in Uganda below;
- A prospective Agent must be registered as a LIMITED Company or a sole proprietorship (for rural based Agents) that has existed for a period not less than one month. At its own discretion, MTN will reject sole proprietorship applications from urban areas and well served rural areas.
- A prospective Agent must have physical permanent or semi-permanent premises from which to operate the business, counter layout.
- 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.
- 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.
- Photocopy of Valid IDs of all directors (making up at least 50%) shareholding.
- Official email and phone contacts.
- Letter of introduction from the local Council.
- Existing business turnover of at least UGX 2 million per month.
- Map and photos of the Agent’s premises.
- Receipt representing payment for a company search.
- Registered board resolution to start MM agency business/for sole proprietor (without certificate of registration) a letter from the business owner.
- Letter of Introduction of appointed Handlers from the directors.
- Minimum float deposit of UGX 1,000,000
- Minimum Float balance of UGX 500,000
- Minimum Cash balance of UGX 500,000
- Signed Exclusivity/compliance agreement.
In addition to the above requirements,
• MTN Field sales force will carry out trade audits periodically to ensure Agents adhere to compliance guidelines.
• Payment for the starter kit is UGX 350,000 and Commission depends on the transactions performed in a month.