This is How to Start a Mobile Money Business in Cameroon? Cost and Types of Mobile Money Business in Cameroon. Lucrative Businesses in Cameroon. Starting a Mobile Money Business in Cameroon can be challenging if the right approach is not followed.
Over the years, the adoption of mobile money has been on a geometric rise. Cameroonians view it as a more convenient and accessible means of moving money or funds from one person to another.
The benefits or advantages of mobile money are many. Some of them include the accessibility it brings to rural areas, reduction in cash dependency, lower transaction costs, job opportunities to an unusually vast number of individuals who act as mobile money agents.
If correctly done, the mobile money business in Cameroon is one of the most lucrative small businesses any individual can make money from.
What are Mobile Money Agents?
Mobile money agents are the people who initiate and make these transactions on behalf of end-users. Typically, they are like the middlemen in the transaction process. They earn money by getting commissions on every transaction they carry out. Agent Commission rates differ per host platform.
This post covers how to be a mobile money agent on different popular mobile money platforms in Cameroon.
There exist two major types of Mobile Money Platforms in Cameroon viz:
- MTN Mobile Money Cameroon (MTN Momo)
- Orange Money
Requirements to start a Mobile Money Business in Cameroon
An individual or local or small business looking to start up a mobile money business must do the
following:-
- Have an existing business or willing to invest in the agency business
- Have a retail shop, e.g., Pharmacy, Restaurant in Cameroon, call box, a kiosk located in high foot
traffic, etc. - Valid means of identification (National ID, Driver’s License, International passport, or Voters card)
- Two passport-sized photographs.
- The capability to provide a minimum startup cost or working Capital of 50000 FCFA and above.
How to Start a Mobile Money Business in Cameroon?
To begin a mobile money business in Cameroon and make money, do the following:
- Choose your preferred mobile money company in Cameroon (MTN or Orange)
- Provide the required documents need to begin the business.
- Begin your mobile money or call-box business and start making money from the comfort of your business place.
How Much Does it Cost to Start a Mobile Money Business in Cameroon?
With as little as 25000 FCFA or 50000 FCFA, an individual can effectively start a viable mobile money business in Cameroon. Depending on future needs and the propensity to expand, more capital may be required to effectively generate more money or profit in the long term.
