As it is always said, the start of everything is not easy at the first instant, especially when you have no idea about the business. This guide will lay out the plan to start a MoMo business in Ghana, particularly how much you will need to start a MoMo business.
Sometimes our inability to estimate the capital needed to start a venture will be a factor of not knowing what the business structure entails. Being aware of the business plan can give you a fair estimate of the cost involved to start.
What Is Required In Starting A MoMo Business
Starting a MoMo business requires certain basic things like:
•Registration of Business
•Registration as MoMo Agent.
Who Can Start A MoMo Business
I think in your quest to start a Mobile money business, this should also be given considerable thought. You need to be aware if you start a MoMo business.
To be able to start a MoMo business, make sure you do not start of the requirements below:
•Should be 18 years and above
•Should have an improved bank statement
•A source of fund
How Much Do I Need To Start A MoMo Business
The capital requirement for starting an MTN MoMo business can be estimated to be around a minimum of Gh ¢3000.00-4000.00, allocated only for financial transactions.
An average amount of Gh ¢1500 for finding a place, registering, and other things you might need to start the business.
This means, on average, you need a capital of Gh¢3500 to Gh¢5000 to start your dream MoMo business.
What Is Business Registration
Every recognizable business needs to be first registered. The registration process involves the following:
•Finding a location: This means you need to find a space for situating your business. The nature of the MoMo business is such that it is always to be located in a busy environment to yield a marginal profit.
•Business Permit: You need to acquire a business permit from the local government representative where you want to establish your business.
To avoid any future casualties, I implore you to put this on top of your priority list when establishing a MoMo business.
Visit our local business registration department with things like a passport picture, nature of business, and an amount of Gh¢ 400.00 on average to acquire a permit to start your business.
How To Register With MTN Mobile Money
After satisfying all the business registration entails, you now move on to making the MTN mobile office aware of your intent to register as a MoMo agent.
The process of registering as a Mobile money agent with MTN mobile money office has been sectioned into three: phone registration, filling of business detail form and filling account handler form.
All of these three processes have been mentioned in other articles. I implore you to eventually have an overview of them all to assist you in registering with MTN Mobile Money.