The MoMo Agent service is provided by yello digital financial services (YDFS). Furthermore, the YDFS is a subsidiary of MTN Nigeria, Africa’s largest provider of communications services.
MoMo PSB provides an easy way to transact, especially in a state where banking infrastructure and internet access are limited, allowing people to easily transfer money, pay for goods and services, and save money.
It is a widely accepted method of transacting in the countries where it is available, and it is quick and simple to use. This technology is likely to gain popularity and become the standard method of conducting transactions in the future.
MoMo Merchants/POS device
Merchants can use MTN MoMo POS to easily accept payments from customers using their mobile phones, as well as perform other financial transactions such as refunds, deposits, and bill payments. This can be done at the nearest MTN MoMo proprietary Point of Sale (POS). Customers can also pay by scanning a QR code or entering their mobile number.
This service assists MoMo merchants in increasing sales, attracting new customers, and improving cash flow, while also providing a convenient and secure way for customers to pay for goods and services.
It is widely used by small businesses such as street vendors, supermarkets, small shops, and retail shops that have difficulty obtaining approval for traditional payment methods due to requirements they cannot meet.
Read this article: 3 things you must know about telecom value added services.
How to open a MoMo Agent wallet
You must fulfill a number of standard conditions before being given the MoMo agent license to engage in all MoMo activities. Some of them are:
- possess a current firm or be eager to invest in the agency industry.
- Possess a brick-and-mortar or mobile retail space, such as a pharmacy pop-up shop, that is situated in a busy area.
- a valid form of identity (such as a passport, driver’s license, national ID, or voter card).
- A single passport photo.
- Have the ability to offer working capital of at least N20,000.
If the aforementioned conditions are satisfied, pick up a form from the closest MTN outlet and fill it out. The field staff will get in touch with you for a scheduled visit to determine your suitability.
How to open a MoMo agent wallet by yourself (Self Onboarding)
Even without fulfilling the aforementioned qualifications, you can still sign up as a MoMo agent by onboarding yourself. However, to obtain a MoMo POS device, though, the aforementioned conditions must be satisfied.
Steps to follow
- Dial *502#. MoMo wallet can’t be created with another Network type other than MTN.
- Next, Accept the standard network of N6.98. The charges will be included any time you make a transfer to a bank or PSB wallet other than MoMo.
- You will receive a prompt to approve your MTN SIM registration/NIN details to be used as your MoMo wallet ID KYC. What you actually need to do is to enter a 4 digit PIN to continue to wallet creation.
- Reconfirm your 4 digit PIN
Your new MoMo Agent wallet is created. You will get an SMS notifications confirming your new MoMo Agent wallet.
Why you should open a MoMo Agent/PSB wallet
A MoMo wallet has all the banking features you need to scale your business high, only that it does not grant loans and currency exchange.
With MoMo you can,
- Transfer and receive money from different MoMo wallets and banks.
- Save money for the future, it is very secured.
- Buy and sale data bundles and airtime for all Networks in Nigeria.
- Deposit and withdraw money by visiting any MoMo point of sale (POS) agent.
- Earn 3.75% as commission for each airtime sale.
- Refer and earn rewards for each new user you successfully register in the system.
As we all know, MTN is one of the largest communication service providers in Nigeria, with extensive network coverage. In that case, MoMo is available to assist in any location where traditional banking networks are unable to reach. One advantage of the MoMo PSB wallet is that even if you have a weak MTN network signal in your area, all transactions are still possible. Pp
How to Refer to earning rewards
All MoMo agents can refer MTN customers to the MoMo PSB account and earn some cash back doing so. To do this, just create a new wallet for the customer by,
- dialing *671# from the customer’s line.
- Follow the onscreen instructions to create a new MoMo PSB wallet for the customer.
- Fund the customer’s wallet using the cash-in/cash-out option.
- Make sure the newly recruit customer transacts e.g airtime recharge or data bundle purchase.
That’s all! You as the referrer earn N100 for each referee you bring into MoMo. However, you could earn up to N25,000 if you can get up to 100 customers registered to the system. (2x) of the money if you could make it 200 and so on.
MoMo Agent vs. MoMo PSB
There are two MoMo account available on the MoMo platform, MoMo agent and MoMo PSB. These two are similar MoMo wallet account that can perform all banking activities any payment service bank can do but actually differ from each other. MoMo agent is an agency account while MoMo PSB was created for customers. These two has their respective USSD code that help manage all transactions.
MoMo Agent: *502#
MoMo PSB: *671#
Conclusion
MoMo PSB is a nice mobile money payment service that includes all of the basic banking features you require. All MoMo banking services are accessible via the USSD codes *502# or *671#. Do not forget to create a MoMo agent wallet because MoMo can assist where your bank network fails!
