MoMo Agent (everything you need to know)
28
- August
2021
Posted By : Tope1
MoMo Agent (everything you need to know)

Have you been looking for a way to sign up as a MoMo agent? 

For agents: In this article, I will show you how to become a MoMo agent and answer any important questions you might have including what commission you get as a MoMo agent, requirements for becoming a MoMo agent, some services you can render as a MoMo agent and other important topics about MoMo agent. 

For customers:  In this article, I will show you how to best use MoMo agent and answer any important questions you might have including the amount you get charged when you use a MoMo agent, how to perform transaction at a MoMo agent location, how to locate a MoMo agent, some services you can do at a MoMo agent outlet and other important topics about MoMo agent. 

What is a MoMo agent?

The full meaning of MoMo is Mobile Money. This is a product of MTN, a telecommunication company, A MoMo agent is someone who is duly registered by MTN to carry out financial transactions for customers. Agents can carry out services like cash transfers and cash withdrawal to people who do not have a bank account. In simple terms, a MoMo Agent carries out cash withdrawal for customers without an ATM card or POS machines.

Requirements for MoMo Agents

  • Have an existing business or are willing to invest in 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.
  • Working Capital of N20,000 and above.

How can I become a MoMo agent in Nigeria?

Here are the steps to become a MoMo agent in Nigeria:

Step 1: You must meet all the requirements as stated above

Step 2: if you meet the requirements, kindly visit the nearest MTN outlet to pick up the form & submit your details. Please make sure you hold your Valid ID card (National ID, Driver’s License, International passport or Voters card), 1 passport photo, i also advice you snap the picture of your existing shop as evidence so as to fast track your application. This can be the picture of a shop or kiosk

Step 3: Click HERE to download the application form

Step 4: their field staff will contact you for a planned visit to ascertain your suitability

What are the services i can do as a MoMo agent

  1. Withdrawal and deposit 
  2. Bills payment like GOTV, DSTV, NEPA BILL 
  3. Airtime recharge 
  4. Data subscription 
  5. C2C i.e customer to customer transfer 

What are the benefits of MoMo agent?

Here are some benefits Of Becoming A MoMo Agent

  • You can send and receive money for your customers irrespective of if they have a bank account or not 
  • No internet connection is required as you can use a small phone to access all features on MoMo
  • Very simple to use. The MoMo platform is designed in a simple way that any one with a mobile phone irrespective of the type can use the platform 
  • Fast transactions. Because the MoMo platform is designed to run on any network, it makes it faster to process transactions 

MoMo withdrawal commission for Agents

Below is a full breakdown of MoMo commission paid to agents. Note that MoMo will debit a certain amount from the customer and it is from this amount that they pay the agent commission. Here are the commissions MoMo pay to agents for withdrawal transactions 

That means if you withdraw as follow

N1000 agent commission is N25

N2000 agent commission is N25

N3000 agent commission is N25

N4000 agent commission is N25

N5000 agent commission is N25

N6000 agent commission is N50

N7000 agent commission is N50

N8000 agent commission is N50

N9000 agent commission is N50

N10,000 agent commission is N50

N11,000 agent commission is N50

N12,000 agent commission is N50

N13,000 agent commission is N50

N14,000 agent commission is N50

N15,000 agent commission is N50

N16,000 agent commission is N50

N17,000 agent commission is N50

N18,000 agent commission is N50

N19,000 agent commission is N50

N20,000 agent commission is N50

Any amount above N20,000 to N500,000 agent commission is N150 

MoMo Deposit commission for Agents

Below is a full breakdown of MoMo commission paid to agents. Note that MoMo will debit a certain amount from the customer and it is from this amount that they pay the agent commission. Here are the commissions MoMo pay to agents for deposit transactions 

That means if you deposit/send as follow

N1000 agent commission is N25

N2000 agent commission is N25

N3000 agent commission is N25

N4000 agent commission is N25

N5000 agent commission is N25

N6000 agent commission is N50

N7000 agent commission is N50

N8000 agent commission is N50

N9000 agent commission is N50

N10,000 agent commission is N50

N11,000 agent commission is N50

N12,000 agent commission is N50

N13,000 agent commission is N50

N14,000 agent commission is N50

N15,000 agent commission is N50

N16,000 agent commission is N50

N17,000 agent commission is N50

N18,000 agent commission is N50

N19,000 agent commission is N50

N20,000 agent commission is N50

Any amount above N20,000 to N500,000 agent commission is N150 

MoMo bills payment commission for Agents

MoMo commission paid to agents for bills payment is N50 for any amount of bills payment from N1 to N500,000. This means MoMo will pay you N50 for every bills payment you do while they will debit the customer N100 

Note that MoMo will debit a certain amount from the customer and it is from this amount that they pay the agent commission. 

How do i log bill payment and other complaints as a MoMo Agent? 

For MoMo bills payment issues and PIN reset requests please call 182 or chat MoMo support on WhatsApp on 08032003014 or 09030001782.

How do i fund my MoMo Agent wallet? 

To fund your MoMo Agent wallet, login to your bank mobile app (for any bank you use), and follow the steps below 

Step 1: select bank transfer 

Step 2: select bank as ACCESS YELLO ACCOUNT 

Step3 : Input your registered MoMo agent phone number as account number (without the first ‘0’ for example, if your number is 08101409501, your MoMo account number will be 8101409501 )

Step4: after inputting your number, it should display your name 

Step 5: confirm your name and input the amount you wish to fund your MoMo agent wallet

Step 6: enter your password and proceed to transfer funds 

Step7: funds will reflect in your MoMo account within few minutes 

How do I check my MoMo account balance? 

To check your MoMo agent account balance, dial *502#. Then enter 5 to view balance. Enter your MoMo wallet PIN.

Your MoMo agent account balance will be displayed and it will also be sent to you via SMS.

How do I check my commission as a MoMo Agent? 

To check your commission as a MoMo agent, dial *502*8*3#.

  1. Account Number (NUBAN)
  2. Airtime Balance
  3. Float Balance
  4. Commission balance

This commission balance is the sum of commissions you earned from the 1st of each month till the time you check balance. 

Using MoMo agent as a customer; everything you need to know

How do I get a MoMo agent?

As a customer, to locate a MoMo Agent near you all you need is to dial *223# on your MTN sim then 

Select 1 to locate Agent. After that Enter the STATE. Then select LGA i.e the local government you are currently. The Address and Phone Number of the closest MoMo Agent is displayed. 

You can also use the agent locator feature on MoMo website HERE 

Note: make sure you select the address in line with where yu want to use the service. For example, if you stay in Lokoja but travel to lagos and you need to use a MoMo Agent for transaction, make sure you use the LAGOS address not your address in lokoja  

How to send money via a MoMo agent

Locate any MoMo Agents close to you by following the steps described above.

  1.  locates the MoMo agent closest to you
  2. Give your phone number, cash and the receiver’s phone number to the MoMo Agent
  3. A five-digit control number will be sent to you once the MoMo agent completes the transaction. Another five-digit number will be sent to the receiver of the money
  4. Send the five-digit control number to the receiver (the person the customer send the money to) of the money 

How do I withdraw money from my MoMo agent?

  1. Locate a MoMo agent close to you by dialing *223# after the sender informs you he has sent the money and you have received the 5 digits codes
  2. Take the five-digit control number sent by the sender plus the other five-digit that was sent to you to the MoMo agent in other to collect the money.
  3.  After confirmation of the codes, the MoMo agent will pay you the amount sent to you after removing the charges 

MoMo withdrawal charges for customers

Below is a full breakdown of MoMo charges that will be deducted from your transaction as a customer. 

That means if you withdraw as follow

N1000 charges is N50

N2000 charges is N50

N3000 charges is N50

N4000 charges is N50

N5000 charges is N50

N6000 charges is N100

N7000 charges is N100

N8000 charges is N100

N9000 charges is N100

N10,000 charges is N100

N11,000 charges is N100

N12,000 charges is N100

N13,000 charges is N100

N14,000 charges is N100

N15,000 charges is N100

N16,000 charges is N100

N17,000 charges is N100

N18,000 charges is N100

N19,000 charges is N100

N20,000 charges is N100

Any amount above N20,000 to N500,000 charges is N300 

MoMo deposit charges for customers

Below is a full breakdown of MoMo charges that will be deducted from your deposit transaction as a customer. 

That means if you send/deposit as follow

N1000 charges is N50

N2000 charges is N50

N3000 charges is N50

N4000 charges is N50

N5000 charges is N50

N6000 charges is N100

N7000 charges is N100

N8000 charges is N100

N9000 charges is N100

N10,000 charges is N100

N11,000 charges is N100

N12,000 charges is N100

N13,000 charges is N100

N14,000 charges is N100

N15,000 charges is N100

N16,000 charges is N100

N17,000 charges is N100

N18,000 charges is N100

N19,000 charges is N100

N20,000 charges is N100

Any amount above N20,000 to N500,000 charges is N300 

MoMo bills payment charges for customers

MoMo charges N100 for any amount of bills payment from N1 to N500,000. This means MoMo will charge you N100 for every bills payment you do.

Does generated 6-digit MoMo secret code expire?

If you fail to redeem your money by using the 6 digits code sent to you on MoMo within 30 days, the code will expire and the only way to retrieve the code is to call 180 to request for a refund 

How do i retrieve a lost 6 digits withdrawal code on MoMo

To retrieve a lost withdrawal code on MoMo, you need to call 180 and they will guide you on how to retrieve the lost code.

What if a MoMo customer loses his phone with the active 6-digit secret code in it?

The customer don’t need to be scared as he or she is the only one that can redeem the code. Funds cannot be redeemed with only your 6-digit secret code. To redeem the cash, the receiver will have to get the customer’s 6-digit secret code (i.e PASSWORD or PIN) and his 6-digit secret code (which was sent by the system directly to his/her phone). However, the customer will need to visit an MTN shop for welcome back and get his/her sim replaced.

Can a customer withdraw a portion of the money sent to him/her on MoMo?

A customer can only withdraw the entire amount sent to him or her at ones. 

Does MoMo have a mobile app in Nigeria? 

Yes MoMo have a mobile app that you can download on playstore. But to use this app, you have to be registered as a MoMo agent by following the steps above 

How do I contact MoMo customer care if i have any issue

To contactYou can call 182 or chat MoMo support on WhatsApp on 08032003014 or 09030001782.

How secure is MoMo agent?

MoMo is licensed by the central bank of Nigeria (CBN), which authorises them to carry out mobile money services and they are owned by MTN which is a reputable company

CONCLUSIONS

MoMo agent is a very good way to send and receive money if you are a customer. 

For agents, MoMo agent can help you boost your business as it requires a low start up capital of N20,000 or more. Though MoMo agent commission might not be the most attractive for you as there are other options like Opay, moniepoint or kudi that pays better commission in the market. These platforms also have a fully functioning POS machine, which is what most customers want. If you will like to check those platforms out kindly check my in depth article below. 

Here are some other alternatives to MoMo

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