My people, how do we make millions with this thing called Mobile Money?

It seems as if only the providers are positioned to enjoy this windfall or am i wrong?

Lets discuss abeg.

yes there are millions to be made from offering mobile money service as an agent with etranzact. U just hav to knw how it works and get an agent or aggregator to put u through. Regards

Wazoblog:

yes there are millions to be made from offering mobile money service as an agent with etranzact. U just hav to knw how it works and get an agent or aggregator to put u through. Regards

did the maths and it was like peanuts. Rather like the recharge card business.

Etranzact and other providers are the ones making the killing.

I think more money can be made in allied services eg


- educating people

- converting businesses to ebusinesses


those who plan to be agents alone are on a long thing, i think.

As an Agent, you can see yourself as a Mini Mobile e-Bank.

For each transactions you make for your users (deposit and Withdrawals), you can actually charge them  minimum N100, depending on the volume. If you go to the bank to deposit into your mobile money account, they'll charge you N100 too.

Now considering you have up to 20,000 users alone that you are managing per month.

You could possibly be making up to N100,000 monthly.

Let's embrace this initiative!


Hold free workshops and educate people about this program, make sure to register them and present to them their mwallet, you can also make money from this. Currently an end user with etranzact platform costs N700 only, but you may charge N1000. Get 500 Attendees and make your N150,000 profit.

The goal here is to be the early bird in the awareness program currently being introdued by the CBN, and maximize it.

Visit any mobile payment centre or etranzact office close to you or read more about it in my blog.

N100k monthly is not bad, but u'd need at least 1,000 monthly transactions or 50 daily daily to realise that.

If you can sign up 500 people in your area, you need only 10% of them to make daily transactions to realise your N150k upfront and N100k monthly recurring.

The challenges are:

1. How easy is it to get a 500 user base in your area?

2. Isnt N100/transaction too high, considering this is a micropayment platform?

Thats like 10% service charge on a N1k deposit, or 1% on N10k deposit or 0.1% on N100k deposit.

3. In order to reduce charges, people might want to deposit or withdraw money in bulk (N10K to N150k), leading to the problem of float management for you as the agent, and the attendant security implications.

Banks and eateries with their guards and cameras are still robbed, how much more an agent managing a N100k to N500k float in Ikorodu?

I think apart from the operators, it will also favor existing businesses like eateries, pharmacies, hotels, etc who decide to become cashpoints.

That will at least save them trips to the bank.

Where then, does that leave the one-man agent?

: O.Y.O!

limitbreka:

Which one be mobile money. Me na betonmarkets i dey ooo join me if u will www.limitbreakers.net/free.htm

If you do not know what mobile money is, why are you here?

Hope my post #4 comes out of the spambot soon.

Reposting it will only get me banned.

Those that know about mobile money, please contribute abeg.

Wazoblog:

As an Agent, you can see yourself as a Mini Mobile e-Bank.

For each transactions you make for your users (deposit and Withdrawals), you can actually charge them  minimum N100, depending on the volume. If you go to the bank to deposit into your mobile money account, they'll charge you N100 too.

Now considering you have up to 20,000 users alone that you are managing per month.

You could possibly be making up to N100,000 monthly.

Let's embrace this initiative!


Hold free workshops and educate people about this program, make sure to register them and present to them their mwallet, you can also make money from this. Currently an end user with etranzact platform costs N700 only, but you may charge N1000. Get 500 Attendees and make your N150,000 profit.

The goal here is to be the early bird in the awareness program currently being introdued by the CBN, and maximize it.

Visit any mobile payment centre or etranzact office close to you or read more about it in my blog.

whats the incentive if ou are going t be charging the same price as the banks,

It will work well for already established shops that have been agents/distributors of recharge cards with establish customer base or customer traffick

i only read a bit abut pagatech offer, very little information out there anyway

Dis Guy:

whats the incentive if you are going t be charging the same price as the banks,

guess market forces will set in eventually.

In fact, in places where banks are far from or have closed, some can increase their rates.

It will work well for already established shops that have been agents/distributors of recharge cards with establish customer base or customer traffick

it will be a no brainer for them. However, the existing dealers will prefer to operate at the Aggregator or Super Agent level. Thats where the money is anyways.

The established businesses with traffic like SLOT, NIPOST, Mr Biggs, etc will also smile to the bank.

Cant say same for Mr Mutiu in Ajegunle sha.

i only read a bit abut pagatech offer, very little information out there anyway

dont mind dem CBN and NCC. Their policies never favor the masses.

Thats how call tariffs started at N50/min. Even the microfinance banks introduced by CBN are not living up to expectation.

Unless we critically analyze this cashless policy thing, we'll just discover say monkey dey work, baboon dey chop.

mobile money services also knwn as mobile payments, e-money, d idea is to discourage the huge cash carriage and embrace faster and easier way to conduct financial transactions using ur phone, internet banking, atm, pos, etc. With d facility on ur fone, you can recharge ur phone immediately ds is called 'top up' u can pay 4 bills, fares, send money to ur love ones, also withdraw 4rm it using d mwallet.

Wazoblog:

mobile money services also knwn as mobile payments, e-money, d idea is to discourage the huge cash carriage and embrace faster and easier way to conduct financial transactions using your phone, internet banking, atm, pos, etc. With d facility on your fone, you can recharge your phone immediately ds is called 'top up' u can pay 4 bills, fares, send money to your love ones, also withdraw 4rm it using d mwallet.

how does this put food on my table without exposing me to security risks?

Thats what we wanna talk about.

lol, Am just trying to explain 2 sumpple who do not knw wat mobile money is about. Are u an agent already?

Wazoblog:

lol,  Am just trying to explain 2 sumpple who do not knw wat mobile money is about. Are u an agent already?

dont worry, they can attend our seminars if they want to learn.

We'll charge them N1k instead of the N3k others are charging.

I believe thats a faster way of making millions than this N100/transaction of a thing.

Dont u agree?

the explanation we need is the agent side transaction, is there a limit or percentage they are allowed to charge upto

will there be special software or equipment needed, will there be a entry criteria for agents will they need a license?


Seems in Nigeria, people formulating policies never really give much thoughts to disseminating the information, they probably feel
talking about it amongst themselves is enough, or they just have this habit of releasing as few information as possible
later they wonder why people are opposed to their 'good ideas'

Cant say same for Mr Mutiu in Ajegunle sha

exactly, The Mutius will probably feel hard done by when they are not getting any support to key into the system

Post #4 is out now

Dis Guy:

the explanation we need is the agent side transaction, is there a limit or percentage they are allowed to charge upto

i think they chose N100 per dep/withdraw cos we are already used to paying that at the ATM or across the counter in some banks.

They forgot some banks are free.

I looked at the effects in post #4.

will there be special software or equipment needed,

some providers install a java app on your phone.

For some, u browse to their sites, login and transact.

For others, its sms, ssds or nsdt based.

The businesses will need a phone or POS, but i foresee a goldmine in creating tools/apps for businesses to interface with.

will there be a entry criteria for agents will they need a license?

na.

For the foot soldiers at the bottom of the pyramid, u just need N10k float and a phone.

For the Super Agents and aggregators: a phone, an office, N100k to N500k float, and 10 to 50 agents under your wing.

For the Mega Agents, verification, N1m float and above, like 50 Super Agents and 500 Agents under your wing.

Seems in Nigeria, people formulating policies never really give much thoughts to disseminating the information, they probably feel
talking about it amongst themselves is enough, or they just have this habit of releasing as few information as possible
later they wonder why people are opposed to their 'good ideas'

dem sef no understand the thing na.

How they go come explain am?

The only thing they understood when it was sold to them is that it can reduce the cost of managing cash, and thats what they keep repeating.

No one is talking about benefits to businesses and end users.

exactly, The Mutius will probably feel hard done by when they are not getting any support to key into the system

monkey go work, baboon go chop.

Any MobileMoney Agent(s)/Provider(s)/Enabler(s) in the house?

What has your experience been like?

What challenges do you face on the field?

Lets rub minds together.

Experts have said that the country requires over 50,000 agents, who will serve as human banks and engaging in cash-in and cash-out across the country for the over 60 million financially excluded Nigerians to significantly feel the impact of the mobile money revolution.



However, all the 11 mobile money operators combined have less than 1,000 agents nationwide.



In view of this, Okoegwale said while all providers were struggling to roll out their own agent networks to serve the subscribers, the challenge would be to develop a well connected and positioned agency network.

punch

If i'm a xyz agent can i also be an agent for zyx ltd?

it would seem like these guys are only informing their friends to become the early bird later they will have time ot educate the public about
this agent aspect

Dis Guy:

punch

If i'm a xyz agent can i also be an agent for zyx ltd?

sure.

Just as you can be an agent for MTN, GLO and Airtel at the same time.

it would seem like these guys are only informing their friends to become the early bird later they will have time to educate the public about
this agent aspect

ya.

Seems its spreading by word of mouth.

Secondly, a lot of people dont understand the concept.

If only people realised this was a way to 'own a banking license' without paying N25bn.

Anywayz, those that have questions are free to ask us here sha.

yamakuza:

sure.

Just as you can be an agent for MTN, GLO and Airtel at the same time.

ya.

Seems its spreading by word of mouth.

Secondly, a lot of people dont understand the concept.

If only people realised this was a way to 'own a banking license' without paying N25bn.

Anywayz, those that have questions are free to ask us here sha.

Gbam, At times like these i wish i had set up the shop I wanted to in Lagos

^ no worry. E go soon reach ya villa.

U fit go test run am for lagos sha, so you can be the early bird when it reaches ur village na?

If thats not convenient, you can import facilitators from lagos for seminars you organise in your township abi?

In view of this, Okoegwale said while all providers were struggling to roll out their own agent networks to serve the subscribers, the challenge would be to develop a well connected and positioned agency network.

Dis Guy:

punch

If i'm a xyz agent can i also be an agent for zyx ltd?

it would seem like these guys are only informing their friends to become the early bird later they will have time ot educate the public about
this agent aspect

In the early days of GSM usage in Nigeria, the companies adopted the exclusivity model. When such a service reaches maturity it is only natural for cross selling and interconnectivity to emerge but not in the early days.

The likes of Emmanuel Okoegwale are only making noise to serve their self interests. They set up a company called Paypoint and are currently recruiting agents under the guise of training. the problem for them is that the providers want exclusive agents so their model is becoming a complete waste of time as they might have to pool huge funds to become Mega agents or aggregators for each of the networks.

What he is doing is slowing down the pace of adoption of the service in Nigeria at the moment. There is money to be made in Mobile money especially for the early starters who would be registering customers and getting paid for it.

1stCitizen:

In the early days of GSM usage in Nigeria, the companies adopted the exclusivity model. When such a service reaches maturity it is only natural for cross selling and interconnectivity to emerge but not in the early days.

one would expect them to learn from hindsight.

Its a good thing one can xfer money seamlessly across networks, so this shouldnt really be an issue for the foot soldiers.

The likes of Emmanuel Okoegwale are only making noise to serve their self interests. They set up a company called Paypoint and are currently recruiting agents under the guise of training. the problem for them is that the providers want exclusive agents so their model is becoming a complete waste of time as they might have to pool huge funds to become Mega agents or aggregators for each of the networks.

eventually, it will all boil down to 4 to 6 serious contenders out of the 20+, so N6m to N30m should get them there, if need be?

What he is doing is slowing down the pace of adoption of the service in Nigeria at the moment.

how is mass education/recruitment slowing down the rate of adoption?

There is money to be made in Mobile money especially for the early starters who would be registering customers and getting paid for it.

ya.

The early birds/fattest worms.

I had a look at MTN's rates and shook my head.

Those rates will do more to kill the service than anything else!

Yet to see the rates of other coys, but i hope they wont be the same.

Secondly, with YelloMoney, u can only fund at GTB or MTN Friendship Centres.

Rather limiting, i think.

Time to scrap them from my top 4.

Wonder what eTranzact, Glo TextCash and maybe Zenith have to offer?

They just might get theirs right.

yamakuza:


how is mass education/recruitment slowing down the rate of adoption?

Thousands of agents have been trained by MobileMoneyAfrica for months now. If those agents were doing business at the moment we would have seen a serious rise in the adoption curve over the past few months.

Training is good, but you don't coerce agents to sign up under your company with the promise that they will enjoy the benefits of a shared agency when the situation is different. A lot of those agents came from PH and the east and the major problem in managing agent networks is cash/e-float management. This company does not have any in place, inertia has set in and many agents have become disillusioned already. The few brave ones have signed up on their own with their preferred networks.

If I sign up with say U-mo for example as a mega agent, do my marketing properly and get 100 agents under my wings, I could net up to 700k monthly if each of my agents does 20 transactions monthly i.e after expenses. This is minus the income i will get from my own office. just from agents alone.Now I become a valuable agent to UBA/Afri-pay and decide some of my customers need Etranzact pocket- moni. I sign on to pocket moni but leave U-mo branding in my office, do you think UBA/Afri-Pay will dare bat an eyelid?

Wait till the cashlite thing takes hold. The providers scrambling for licences are not fools. Just saw a video of a shop in Kenya(Mpesa) that does 1000 transaction daily. Those with wrong pricing models will naturally adjust as the market expands

1stCitizen:

Thousands of agents have been trained by MobileMoneyAfrica for months now. If those agents were doing business at the moment we would have seen a serious rise in the adoption curve over the past few months.

cant really blame the agents.

The thing "does not work" yet.

Like how many businesses are using POSes, not to talk of MM?

Until it becomes ubiquitous, i fear we still have a long way to go.

Businesses need to spearhead this drive, not individuals.

Training is good, but you don't coerce agents to sign up under your company with the promise that they will enjoy the benefits of a shared agency when the situation is different. A lot of those agents came from PH and the east and the major problem in managing agent networks is cash/e-float management. This company does not have any in place, inertia has set in and many agents have become disillusioned already. The few brave ones have signed up on their own with their preferred networks.

--
i can understand their business model/logic.

Looks/sounds good on paper but implementation is always the problem.

If I sign up with say U-mo for example as a mega agent, do my marketing properly and get 100 agents under my wings, I could net up to 700k monthly if each of my agents does 20 transactions monthly i.e after expenses. This is minus the income i will get from my own office. just from agents alone.Now I become a valuable agent to UBA/Afri-pay and decide some of my customers need Etranzact pocket- moni. I sign on to pocket moni but leave U-mo branding in my office, do you think UBA/Afri-Pay will dare bat an eyelid?

--
sounds like a solid strategy, but in a situation where none of the players are tried and tested, how do you know who to make your primary provider?

I can understand why some would tow the multi agency line, like the way we all carry 3 phones minimum.

With time, the top 3 will emerge and everything will fall into place.

Wait till the cashlite thing takes hold. The providers scrambling for licences are not fools. Just saw a video of a shop in Kenya(Mpesa) that does 1000 transaction daily. Those with wrong pricing models will naturally adjust as the market expands

cant wait for that too.

1 shop, 1000 transactions? N100k daily?

What a goldmine!

Cannot wait too. Just like someone pointed out earlier, CBN may have quietly given banking licences to people without regulation. By the time issues start coming up then there will be strict regulations and only those with company or business registration will be able to trade like they did in Kenya.

For now, I am only waiting for the time when going to the banking hall will become an expensive venture and when the "mama-put" down the street starts giving discounts for mobile money payments and charging extra for cash transactions.

My banking hall will be like the one in this shop with 1000 customers a day.


https://www.youtube.com/watch?v=lDtHai7fo-E&feature=related

Cant wait for March!

I wonder the low awareness about Mobile Money. It is the Future of PAYMENT in Nigeria. To gain in Agent Deal for now, find and docile a secluded Location, ask Your Operator for MARKETING Support and Start from there.

The oppourtunities in Mobile Money Industry is Huge depending on How Much you know about the Industry. I work in a Mobile Money Strategy Service Outfit, Nairami Nigeria. Do a Facebook Search of Nairami, you will see Nairami. The Bulk of the Business is in Agent Network Development and Management, Channel Development and Integrate, Adoption Strategy in Financial Inclusion and Support Services. Nairami Nigeria is currently developing Smart Products in Adoption within the Mobile Money Ecosystem. Nairami is a Service Partner and Agent to PAGA. the Nigeria Premium Mobile Money Service Provider. www.mypaga.com Nigeria is in a Payment Revolution Time.

The Industry will boom and the Return on Investment will be Huge. Telecoms are taking Position MTN, Glo, Etisalat. Bank FirstBank, GTB, Zenith, Ecobank, StanbicIBTC, UBA, Fidelity Bank, Independent Operation, PAGA, Monitise, Eartholeum, PayCom, e-Transact Pocket Moni, FETS, M-Kudi, Fortis. Nairami Nigeria engages in Strategy Development and Mobile Money Consultancy. Search Nairami on FaceboOk to Connect with Nairami Nigeria.

Omoadugbo:

The oppourtunities in Mobile Money Industry is Huge depending on How Much you know about the Industry.

I work in a Mobile Money Strategy Service Outfit, Nairami Nigeria. Do a Facebook Search of Nairami, you will see Nairami.

The Bulk of the Business is in:

- Agent Network Development and Management

- Channel Development and Integration

- Adoption Strategy in Financial Inclusion Institutions and

- Support Services.

Nairami Nigeria is currently developing Smart Products in Adoption within the Mobile Money Ecosystem.

Nairami is a Service Partner and Agent to PAGA: the Nigeria Premium Mobile Money Service Provider (www.mypaga.com)

Nigeria is in a Payment Revolution Time.

1. Can you tell us more about the UNIQUE features of Paga?

2. What led to your adopting them as your primary provider?

Thanks!

@Omoadugbo Is there any manual or ebook that you can share, ??