The Mobile Money business has become very lucrative in Cameroon and beyond for many years. Mobile money has helped made it easier for customers to transfer and receive money, buy airtime (credit), borrow money, and pay bills, sometimes from the comfort of their homes.
It has also become a source of income for entrepreneurs and employees. You may want to start a mobile money business, wondering how to go about it, what steps to take, and some tips to go with it.
How To Start a Mobile Money Business in Cameroon?
Mobile Money Business Structure and Location
The first thing to consider before starting the business is a favorable location. An agent will inspect your site to ensure it is suitable for business.
Ensure you situate your business so that people will notice and patronize it. There should be some distance between you and your other business counterparts.
A concrete frame structure is considered suitable for this type of business because it is safe and enclosed.
Containers and poly kiosks can also be used. Umbrellas are not acceptable since it is unsafe and insecure.
Get a Merchant Sim
The next step is to apply to get a merchant sim. Technology has made it easier to initiate registration through your phone.
After registration, a telecom agent will be sent to inspect your location, as stated above, to ensure it is suitable and at a reasonable distance from the following mobile money agent.
You will then be given forms to fill out to continue registration.
You will be given merchant recruitment forms and account handler forms. You will then be required to answer 10 authenticating questions and review the merchant terms and conditions.
Read Also: Coffins In Cameroon: Types, Prices, and Where to Buy Them.
Educate Yourself
You will be taught how to do your business, but it is essential to make your inquiry. How much do you need to start the business? What is the demand? Do the people in your vicinity prefer to withdraw or send money? If so, how do you balance your physical and e-cash?
You can make so much money if you are hardworking and business-minded. You will earn three different commissions at the end of the month. The one your network provider (Mtn, Orange, or Camtel) sends you at the end of the month, your cash-out commission and cash-in commission.
Preferably, you boost your business by adding credit transfer sales with MTN, Camtel, and, Nexttel and Orange. Usually, many people already own a limited company before adding the mobile money business to help them manage their losses.
Business Risks
Losses will come. That should not stop you from doing your business. Many things can threaten your business to failure.
There are fraudsters; they can pose to be telecom agents, you can be hypnotized into giving out all your money, and inventory and overpayment can lead you to make losses as well.
How Profitable is Mobile Money in Cameroon?
You only need a little to start this business. With as little as 50,000 FCFA (50K), you can make from 75000 FCFA to 100,000 FCFA a month, depending on your location, how long you can work, and how determined you are.
Do not wait any longer; grab a merchant Sim now and start your business.
Suggested: Small Business Ideas to Start With 100k, 200k, or 500k in Cameroon.