Mobile Money agents or MoMo generally refers to the authorized businesses or individuals that offer mobile money services, including sending and receiving money as well as paying bills across Nigeria. Becoming a MoMo agent is a fantastic way of making a stable and reliable income. If you are planning to become one, then you must understand the MoMo agent’s responsibilities, as well as their compensation structure.
|MoMo Agent (Mobile Money agent)
|Monthly Salary Range:
|₦ – ₦-
|Average Monthly Salary:
|The MoMo agent’s main responsibility is to make banking more convenient for Nigerians. It allows customers or users to withdraw their money without going to the bank.
|If you wish to become a MoMo agent in Nigeria, then you must have a physical storefront or a fixed retail shop in a high-traffic area. You must be a citizen of Nigeria with an acceptable form of identification, including a National ID, Driver’s License, Voter’s Card, or International Passport. Becoming a MoMo agent also requires investing ₦20,000.
In this guide, I will explore in detail the qualifications of becoming a MoMo agent and their salary structure. Therefore, keep reading to gain insight.
Overview of MoMo Agent Salary
Furthermore, ensure that your shop is at least 50-100 meters away from other MoMo agents. In addition, keep in mind that there is no basic salary for MoMo agents; instead, their earnings are based on commission.
MoMo agents are not entitled to receive any salary; their earnings are based on commission and the extra charges they charge their customers. Therefore, the more transactions you perform, the higher your commission will be. In Nigeria, there are multiple agents who earn an average of ₦2,000 per day.
Some MoMo agents earn more than ₦2,000 on specific days due to the high demand for financial services. The money you make as a MoMo agent depends all on your hard work, commitment, and dedication. Moreover, MoMo agents also receive bonuses depending on their performance.
Roles and Responsibility of MoMo Agent
MoMo agents offer different financial services to make it convenient for Nigerians to effortlessly withdraw their money and more. The following are the services offered by MoMo agents:
Withdrawal and Deposit
With the aid of MoMo agents, withdrawing money from banks has become much easier. You can send and receive money without personally visiting the bank. In addition, you can carry out the transaction process without any bank account.
Purchase of Data and Payments
MoMo agents offer customers the chance to buy airtime and mobile data in any amount. Moreover, you can walk to any MoMo center to pay your due bills instead of walking to different providers’ offices. Additionally, if you ever find yourself in a situation without any cash, you can visit any MoMo center near you and withdraw cash.
How does MoMo charge in Nigeria?
In Nigeria, MoMo POS charges about ₦50 for withdrawals between ₦1,000 and ₦5,000 and ₦100 for amounts between ₦6,000 and ₦20,000. For withdrawing money exceeding ₦20,000 up to ₦500,000, MoMo charges ₦300.
In conclusion, MoMo agents are responsible for offering financial services to Nigerians without any bank accounts. There are no specific salaries for MoMo agents; instead, they earn commissions and bonuses from daily transactions.
Article Modified on October 28, 2023. The data in this article is written and collected by multiple authors. Learn how we research on About Us.