Becoming an MPESA Agent is a popular trend happening in Kenya. Most entrepreneurs try to start Mpesa business without knowing the basics requirements of what it takes to start.
Why Start An Mpesa Business
You need to start by asking yourself “why am I starting an M-pesa business”. Most people tend to just start the business because they are told you can make money. Ofcourse am not denying that fact, but in business you need to have a strong mission in order to last in a competitive environment. At the moment, Safaricom has over 40,000 Agents. Now that is some competition that you just can’t ignore. You need to figure out many things before you start your business. For example the location of your outlet, will Mpesa be your only product or you have other things to offer.
Related Reading: Why Your Business Needs A Strong Mission
How To Start A Company
To become an M-pesa Agent, Safaricom requirements all prospective agent must be registered as a LIMITED company or equivalent with at least 3 outlets ready to offer M‐PESA under the company names. The company MUST have traded for a minimum period of 6 months.
The proposed outlets shall be audited prior to commencement of business and only applications for outlets in opportunity areas will be considered.
See Also: How To Register A Limited Company
How To Finance Your Mpesa Business
The biggest challenges most entrepreneurs face while starting their Mpesa business is the minimum investment required to operate that has been set by Safaricom.
According to Safaricom, an agent will be expected to invest the following amounts:
- Kshs 100,000 per outlet for float.
- Kshs 100,000 for SIMEX (SIM replacement cards).
- Kshs 100,000 per outlet for additional outlets for float.
In a previous article that I wrote, you will find that Banks are starting to support entrepreneurs by providing the finances to start Mpesa business. KCB Bank is one of the banks that offers Mpesa Agents Attractive Loans.
Agents will be required to deposit this money within one month of signing the contract, failure to which the contract shall be revoked.
How To Manage Your Mpesa Business
Safaricom recommends that the agent should preferably employ competent staff with minimum of KCSE to handle the service.
Some of the daily tasks that agents will be required to perform are as follows;
- Registration of M-PESA Customers
- Depositing cash into registered customers M-PESA accounts
- Processing cash withdrawals for registered M-PESA customers
- Processing cash withdrawals for non-registered M-PESA customers
- Customer Education
- Compliance with Safaricom AML & KYC Policy
- Compliance with Safaricom business practices
- Branding of their outlets as per provided guidelines
If you feel that you want to begin your entrepreneurs journey with Safaricom, you can visit Safaricom Website to download the relevant forms that you will need to fill and submit to them.
Are You Ready? Register Your Company Today!
We are excited that you want to register your limited company and we are happy to get everything started so you can start trading soon. Here are the step by step guide on how we will assist you to register your limited company;
Step 1: Pricing Plans
You will need to select which registration package you prefer;
Lite Plan – Ksh. 20,000 – Includes Company Name Search, Certificate of Incorporation, Memorandum, CR12 Letter only.
Premium Plan – Ksh. 40,000 – Includes Company Name Search, Certificate of Incorporation, Memorandum, CR12 Letter, Company KRA PIN, VAT Registration, Tax Compliance Certificate Registration, Lipa Na Mpesa Account Registration, Business Cash Advance Facility, Masterpass QR Registration, Website Design, SSL Certificate for Website, Domain Name (.COM or .CO.KE), Web Hosting (10GB Diskspace), Unlimited Company Email Accounts, Logo Design, Business Card Design, Letterhead Design and Business Consultancy.
Step 2: Requirement Form
Please download and fill this Requirement Form below with your information.
Click on this link to download the Company Registration Requirements Form [Word Version, 3 Pages, Size: 23KB]
Step 3: Registration Order
Once you complete your company requirement form, you will need to upload it on the registration order below and submit your order.
Here is to your Success!